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