Accounting Puzzle

4. cash taken away from the funds of the business for personal use by the owner which therefore decreases proprietorship
6. he wrote the first accounting book
9. is something that can be recognized as having its own separate identity, such as individual, a town, a university, or a business
10. a characteristic that an accounting principle must have, that it results in information that is meaningful and useful to those who need to know something about a certain organization
11. the system of accounting commonly in use today.
12. financial reporting is only concerned with information that is significant enough to affect evaluations and decisions
14. ownership's rights in the property
16. accounting records and statements are based on the most reliable data available so that they will be as accurate and as useful as possible
17. the exchange of goods or services for a certain sum of money or its equivalent
19. are interested in information that enables them to determine whether their loans and the related interest will be paid when due
20. similar items are grouped or sorted under the same names/groups.

1. is obtained when the amount you receive, for goods and services sold, is more that the amount you paid for such goods or services
2. companies that buy raw materials, convert them into products and then sell the products to other companies or to final consumers
3. principal revenue of both merchandising and manufacturing concerns in selling goods to customers
5. property of the business
7. is a business owned and operated by two or more persons
8. deals with the writing on the books or records of the business transactions or events
13. equities of people other than the owners of the business
15. Pacioli- a Franciscan friar and a celebrated mathematician who wrote books describing double-entry bookkeeping
18. equivalents either on hand or deposited in the bank