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Accounting- Chapter One Vocabulary

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