Chapter 1: Starting a Proprietorship: Changes That Affect the Accounting Equation

Edit Answers
1234567891011121314151617181920
Across
  1. 4. An increase in equity resulting from the sale of goods or services.
  2. 8. The name given to an account.
  3. 9. An amount owed.
  4. 10. A formal written document that describes that nature of a business and how it will operate.
  5. 12. A record that summarizes all the transactions pertaining to a single item in the accounting equation.
  6. 14. A business owned by one person.
  7. 16. The process of planning, recording, analyzing, and interpreting financial information.
  8. 17. A person or business to whom a liability is owed.
  9. 19. The difference between assets and liabilities.
  10. 20. Anything of value that is owned.
Down
  1. 1. A business that performs an activity for a fee.
  2. 2. Any business activity that changes assets, liabilities, or owner’s equity.
  3. 3. An amount paid for the use of money for a period of time.
  4. 5. The difference between the increases and decreases in an amount.
  5. 6. Financial rights to the assets of a business.
  6. 7. The principles of right and wrong that guide an individual in making decisions.
  7. 11. Someone who owns, operates, and takes the risk of a business venture.
  8. 13. An account used to summarize the owner’s equity in a business.
  9. 15. Assets taken from the business for the owner’s personal use.
  10. 18. The cost of goods or services used to operate a business.