Accounting I Chapters 1 & 2

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Across
  1. 3. The set of rules that all accountants use to prepare financial reports
  2. 6. accounting system When accounting information is processed by recording it into a compute
  3. 8. period The specific period of time covered by an accounting report
  4. 10. accounting The type of accounting that focuses on reporting information to external, or outside, users
  5. 11. profit business A business that operates to earn money for its owners
  6. 12. the review of a company’s accounting systems and financial statements to confirm that they follow generally accepted accounting principles
  7. 14. accounting firm a business that provides a variety of accounting services including the independent audit
  8. 15. accounting The type of accounting that focuses on reporting information to management
Down
  1. 1. public accountant an accountant who has met education and experience requirements and passed a national test
  2. 2. accounting system When accounting information is processed by hand
  3. 4. concern The accounting assumption that a business is expected to operate indefinitely
  4. 5. reports Documents that present summarized information about the financial status of a business
  5. 7. system Designed to collect, document, and report on financial transactions affecting the business
  6. 9. for profit organization An organization that operates for purposes other than making a profit
  7. 13. entity The accounting assumption that a business exists independently of its owner’s personal holding