Across
- 1. statements, Financial reports that summarize the financial condition and operations of a business
- 3. balance, The difference between the increases and decreases in an account
- 4. A business owned by one person
- 5. Equation, An equation showing the relationship among assets, liabilities, and owner’s equity
- 10. Title,The name givin to an account
- 11. plan, A formal written document that describes the nature of a business and how it will operate
- 13. A person or business to whom a liability is owed
- 16. The principles of right and wrong that guide an individual in making decisions
- 18. anything of value that is owned
- 19. Generally accepted accounting principles. The standards and rules that accountants follow while recording and reporting financial activities.
- 20. net worth, The difference between personal assets and personal liabilities
- 22. An amount owed
- 23. The process of planning, recording, analyzing, and interpreting financial information
- 24. Ethics, The use of ethics in making business decisions
- 25. The difference between assets and liabilities
Down
- 2. system, A planned process designed to compile financial data and summarize the results in accounting records and reports
- 6. Any business activity that changes assets, liabilities, or owner’s equity
- 7. Equity, The amount remaining after the value of all liabilities is subtracted from the value of all assets
- 8. Account, An account used to summarize the owner’s equity in a business
- 9. An amount paid for the use of money for a period of time
- 12. worth statement, A formal report that shows what an individual owns, what an individual owes, and the difference between the two
- 14. Financial rights to the assets of a business.
- 15. business, A business that performs an activity for a fee
- 17. Interests, Interest paid on an original amount deposited in a bank plus any interest that has been paid
- 21. A record that summarizes all the transactions pertaining to a single item in the accounting equation