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