Across
- 1. Accounting practices that deal with business and financial reporting across different countries.
- 8. Formal reports (like the income statement, balance sheet, and cash flow statement) that show a company’s financial performance and position.
- 9. A person or business that loans money or extends credit to another business.
- 10. Any organization or individual that is separate and distinct for accounting purposes.
- 11. Accountants who offer services (such as auditing, tax preparation, and consulting) to the general public or businesses.
- 13. A proposed accounting rule issued by the FASB for public comment before it becomes official.
- 14. (ASC)The official source where the Financial Accounting Standards Board (FASB) organizes all U.S. accounting standards.
- 16. A business owned by two or more people who share profits, losses, and responsibilities.
- 18. A business owned by one person who is personally responsible for all profits and debts.
- 19. The process of recording, summarizing, and interpreting financial information about a business.
- 21. The concept that a business’s financial activities are separate from its owner’s personal finances.
- 22. An organization (like a business or nonprofit) whose financial activities are kept separate from the personal finances of its owners.
- 23. The independent review and examination of financial statements to make sure they are accurate and follow accounting rules.
- 24. A formal opinion written by an auditor stating whether a company’s financial statements are fairly presented.
- 27. (ASU) Official updates issued by FASB that change or clarify accounting rules in the Codification.
- 28. An organization (such as a nonprofit, school, or hospital) that serves people and communities instead of making a profit.
- 29. A professional who has passed a national exam showing advanced bookkeeping skills.
- 30. Professional services that accountants provide to help managers make financial and business decisions.
Down
- 2. The field of accounting that focuses on keeping financial records and preparing reports for government agencies.
- 3. A share of ownership in a corporation.
- 4. (CPA) A licensed accountant who has met education, exam, and experience requirements to provide accounting and auditing services to the public.
- 5. (GAAP) The common set of rules and standards used in the U.S. to prepare financial statements.
- 6. Intentional deception or misrepresentation to gain money or property illegally.
- 7. (SFAS) Older official accounting rules issued by FASB (before the Codification was created).
- 12. Accounting that provides information to managers inside a business for decision-making and planning.
- 15. A business that is legally separate from its owners, with stockholders who share ownership.
- 17. A document issued by the FASB to gather feedback and opinions on a potential new accounting standard.
- 20. Accounting that focuses on preparing tax returns and planning for future tax obligations.
- 21. People or organizations who own shares of stock in a corporation.
- 25. A set of procedures and tools used to collect, record, and report financial data.
- 26. Policies and procedures within a business that help safeguard assets, ensure accuracy, and prevent fraud.