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Chapter 1

Across
An economic obligation (a debt) payable to an individual or and organization outside the business.
A business owned by stockholders
The most basic tool of accounting: Assets = Liabilities + Equity
A principle that states that assets should be recorded at their actual cost.
The assumption that an entity will remain in operation for the foreseeable future.
The claim of the owners of a business to the assets of the business. Also called capital, owners' equity stockholders' equity, or net assets.
Down
A business organization in which the business (not the owner) is liable for the company's debts
A business with a single owner
The branch of accounting that provides relevant and accurate information to people outside the firm
An economic r resource that is expected to be of benefit in the future.
An association of two or more persons who co-own a business for profit
An organization or a section of an organization that, for accounting purposes,stands apart from other organizations and individuals as a separate economic unit