Accounting 1/2 - Chapter 2 Vocabulary

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Across
  1. 3. A business owned by two or more persons, called partners, who agree to operate the business as co-owners.
  2. 6. A type of accounting system in which information is recorded by entering it into a computer, also known as an automated accounting system.
  3. 9. The period of time covered by an accounting report.
  4. 10. Documents that present summarized information about the financial status of a business.
  5. 11. A business that buys raw materials, transforms them into finished products by using labor and machinery, and sells the finished products to individuals or other businesses.
  6. 14. The legal permission, granted by a state, that gives a corporation certain rights and privileges and spells out the rules under which the corporation is to operate.
  7. 17. A business that buys finished goods and sells them to individuals or other businesses.
  8. 19. A business that provides a needed service for a fee.
  9. 22. A type of accounting system in which information is processed by hand.
  10. 23. The accounting assumption that a business exists independently of its owner's personal holding. The accounting records and reports are maintained separately and contain financial information related only to the business.
  11. 24. A business organization recognized by law to have a life of its own.
  12. 25. The set of rules that all accountants use to prepare financial reports, issued by the Financial Accounting Standards Board (FASB).
  13. 26. Particular, definite, or named individually.
  14. 27. The amount earned above the amount of expense incurred to keep the business operating.
Down
  1. 1. The accounting assumption that a business is expected to survive and operate indefinitely.
  2. 2. A system designed to collect, document, and report on business transactions.
  3. 4. A business owned by one person.
  4. 5. To bring upon oneself; to become liable or subject to.
  5. 7. A person who transforms ideas for products or services into real-world businesses.
  6. 8. Degree of loudness; intensity of a sound.
  7. 12. Enough or adequate.
  8. 13. Opinions and feelings about someone or something.
  9. 15. Basic and necessary.
  10. 16. The result when a business spends more money than it earns.
  11. 18. Money supplied by investors, banks, or owners of the business.
  12. 20. A system in which individuals are free to produce the goods and services they choose.
  13. 21. The type of accounting that focuses o reporting information to external users.
  14. 22. The type of accounting that focuses o reporting information to management; often referred to as accounting for internal users or accounting information.