Midterm vocab crossword puzzle

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Across
  1. 3. Accounting Firms: Firms that offer accounting services such as auditing, tax preparation, and consulting to businesses and individuals.
  2. 5. Business: A business that provides services (e.g., consulting, repairs) rather than selling physical goods.
  3. 9. An individual who starts and manages a business, taking on financial risks in the hope of making a profit.
  4. 11. Businesses: Companies that aim to make a profit by selling goods or services, which are distributed to owners or shareholders.
  5. 13. Balance: The typical side (debit or credit) of an account where increases are recorded. For assets, it's a debit; for liabilities and equity, it's a credit.
  6. 15. A book or system where all accounts are recorded, summarizing transactions in the chart of accounts.
  7. 17. Enterprise System: An economic system where businesses are privately owned and operate in a competitive environment with minimal government interference.
  8. 19. The financial gain achieved when revenues exceed expenses.
  9. 21. An examination and verification of a company’s financial records to ensure accuracy and compliance with regulations.
  10. 24. A business owned by two or more people who share profits, losses, and management responsibilities.
Down
  1. 1. Business: A company that produces goods from raw materials or components.
  2. 2. Clerk: A person who handles routine accounting tasks like data entry, invoicing, and reconciling accounts.
  3. 4. A legal entity that is separate from its owners, with its own rights and responsibilities, and typically offers limited liability to its shareholders.
  4. 6. of Accounts: A list of all the accounts used by a business in its accounting system, categorized by type (assets, liabilities, equity, revenue, expenses).
  5. 7. An entry on the left side of an account that increases assets or expenses or decreases liabilities or equity.
  6. 8. Businesses: Organizations that aim to provide services or benefits to the public or a specific group rather than to generate profit for owners or shareholders.
  7. 10. Entry Accounting: An accounting system where every transaction affects at least two accounts (debit and credit), ensuring the accounting equation stays balanced (Assets = Liabilities + Equity).
  8. 12. Account: A graphical representation of an account where the left side shows debits and the right side shows credits. It's used for tracking changes to individual accounts.
  9. 14. Proprietorship: A type of business owned and run by a single person, who is personally responsible for all liabilities.
  10. 16. Business: A business that buys and sells goods to make a profit.
  11. 18. The financial situation where expenses exceed revenues.
  12. 20. An entry on the right side of an account that increases liabilities or equity or decreases assets or expenses.
  13. 22. Money or assets invested in a business to fund its operations or expansion.
  14. 23. (Certified Public Accountant): A professional accountant who has passed the CPA exam and met other state licensing requirements.