ABM111 Summer 2020 :: Midterm Exam Part 1

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Across
  1. 5. This is the kind of information provided by accounting.
  2. 6. This element of the financial statements represents increases in the resources caused by selling products or providing service.
  3. 8. This is the left side of the accounting equation.
  4. 9. This financial statement shows us the financial position of a company at a certain point.
  5. 12. These are outflows of economic resources that result from making or selling products and providing services.
  6. 13. This principle means that an asset must be recorded at the price for which it was acquired.
  7. 14. It is a service activity, the function of which is to provide quantitative information, primarily financial in nature, about economic entities, that is intended to be useful in making economic decisions.
  8. 15. This represents the owner’s investment in the company.
  9. 17. These are external financial statement users who are concerned about the taxes to be paid by the business.
  10. 18. These are resources owned or controlled by the business.
  11. 19. This is a form of business organization that has two or more owners, who are called partners.
Down
  1. 1. These represent obligations that are to be paid by the company in the future.
  2. 2. This type of business purchases raw materials and then applies labor and overhead to transform the raw materials into finished goods.
  3. 3. This happens when the company's revenues are lesser than its expenses.
  4. 4. This is the right side of the accounting equation.
  5. 7. It is the result if the company’s expenses are equal to the revenues.
  6. 10. This statement presents the cash inflows and outflows of the business.
  7. 11. The primary motive of a person engaged in business.
  8. 16. These users are interested to know whether the company can pay for their obligations.