Across
- 3. A record that summarizes all the transactions pertaining to a single item in the accounting equation
- 5. The standard and rules that accountants follow whole recording and reporting financial activities are commonly refers to as generally accepted account principles
- 6. The amount of value of all liabilities is subtracted from the value of all assets
- 8. is the process of planning, recording, analyzing, and interpreting
- 11. The use of ethics in making business decisions
- 13. An account used to summarize the owners equity in a business
- 14. is a business owed by one person
- 15. The cost of goods or services used to operate a business
- 18. A person or business to whom a liability is owed
- 20. An increase in equity resulting from the sale of goos or services
- 21. Accountants call any business activity that changes assets, liabilities, or owners equity
- 22. The equation showing the relationship among assets, liabilities, and owners equity
- 23. Assets taken from the business for the owners personal use
- 25. Financial rights to the assets of a business
- 26. A sale which payment will be received at a later date
- 27. is a planned process designed to compile financial data and summarize the results in accounting records and reports
Down
- 1. An amount owed
- 2. The difference between the increase and decreases in an account
- 4. A formal report that shows what an individual owns, what an individual owes, and the difference between the two
- 7. The name given to an account
- 9. The principles of right and wrong that guide an individual in making decisions
- 10. The difference between personal assets and personal liabilities
- 12. a business that preforms an activity for a fee
- 16. is defined as the difference between assets and liabilities
- 17. financial reports that summarize the financial condition and operations of a business
- 19. is a formal written document that describes the nature of a business and how it will operate
- 24. Anything of value that is owned