Introduction to Accounting

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Across
  1. 1. The nongovernmental entity that establishes GAAP.
  2. 3. An incorporated business that issues shares of stock as evidence of ownership.
  3. 5. Earned by selling goods or services to customers.
  4. 6. ____ Company. A company that sells shares of its stock privately and is not required to release its financial statements to the public.
  5. 10. A unincorporated business owned by two or more persons.
  6. 12. The amounts owed by the business
  7. 14. A system that collects and processes financial information about an organization and reports that information to decision makers.
  8. 17. The costs of business necessary to earn revenues.
  9. 18. ____ Entity. The financial reports of a business are assumed to include the results of only that business's activities.
  10. 19. The set of rules used by companies and understood by external users of financial statements..
Down
  1. 1. _____ Activities. Transactions with lenders (borrowing and repaying cash) and stockholders (selling company stock and paying dividends).
  2. 2. Concerns the values, rules, and justifications that govern one's way of life.
  3. 4. A feature of financial information that allows it to influence a decision.
  4. 7. ____ Representation. Financial information that depicts the economic substance of business activities.
  5. 8. _____ Activities. Activities directly related to running the business to earn a profit.
  6. 9. ____ Equity. The total amounts invested and reinvested in the business by its owners.
  7. 11. A company that has its stock bought and sold on stock exchanges and is required to publicly release its financial statements.
  8. 13. The resources owned by a company
  9. 15. _____ Activities. Buying and selling productive resources with long lives.
  10. 16. The federal agency that primarily regulates the sale of stocks and bonds.