Accounting - Ch 2 - Crossword Puzzle

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