Chapter 1 Study Guide Crossword Puzzle

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