Across
- 2. the standards for financial reporting in Canada for all publicly accountable entities (4 words)
- 5. properties or economic resources with an ability to provide future economic benefits to the business (1 word)
- 8. the transfer of an owner’s personal assets to the business (2 words)
- 9. the present obligations of a business that require future economic resources resulting from a past transaction (1 word)
- 10. the value of assets received or receivable as the result of selling goods or services (1 word)
- 12. the excess of revenues over expenses, also called income (1 word)
- 13. the GAAP principle that requires financial statements to reflect the assumption that the business will continue operating instead of being closed or sold, unless evidence shows that it will not continue (3 words)
- 14. the owner’s claim on the assets of a business that remain after deducting its liabilities. It increases with owner investments and profit and decrease with withdrawals and losses (1 word)
- 16. the GAAP principle that requires the benefits obtained from financial statement information to be justifiable based on costs incurred in financial reporting (2 words)
- 18. the products of accounting that report on the financial performance and condition of an organization including the income statement, statement of changes in equity, balance sheet, and statement of cash flows (2 words)
- 21. a system that identifies, measures, records, and communicates relevant information about a business that correctly represents an organization’s economic activities (1 word)
- 23. original documents that identify and describe transactions, like a receipt for supplies that were purchased (2 words)
- 25. procedures set up to protect assets ensure reliable accounting reports, promote efficiency, and ensure company policies are followed (2 words)
- 29. a corporation that doesn’t offer its shares for public sale (2 words)
- 30. a business owned by two or more people (1 word)
- 32. a business owned by one person (2 words)
- 33. a business that is a separate legal entity under provincial or federal laws with owners that are shareholders (1 word)
- 34. the financial statement that shows whether the business earned a profit by subtracting expenses from revenues (2 words)
- 35. a financial statement that describes the sources and uses of cash for a reporting period (4 words)
- 37. beliefs that enable us to differentiate right from wrong (1 word)
Down
- 1. the GAAP principle that requires every business to be accounted for separately from its owner or owners (3 words)
- 3. a corporation that sells its shares to the public (3 words)
- 4. a financial statement that reports the changes in equity over the reporting period (5 words)
- 6. the GAAP principle that states that revenue is recorded at the time it is earned regardless of whether cash or another asset has been exchanged (3 words)
- 7. the relationship between a company’s assets, liabilities, and equity (Assets = Liabilities + Equity) (3 words)
- 11. the excess of expenses over revenues for a period (1 word)
- 15. a liability expressed by a written promise to make future payment at a specific time (2 words)
- 17. the part of accounting that involves recording economic transactions electronically or manually (1 word)
- 19. a liability created by selling products or services on credit (2 words)
- 20. assets created by selling products or services on credit (2 words)
- 22. the GAAP principle that states that transactions are to be expressed in money units based on the main currency used in operations (CAD, USD, pesos, etc.) (1 word)
- 24. the GAAP principle that uses one of four methods to determine the dollar value of a recorded transaction (historical cost, current cost, fair value, and value in use/fulfillment value) (1 word)
- 26. an exchange of economic consideration between two parties that causes a change in assets, liabilities, or equity (2 words)
- 27. the distribution of cash or other assets from a proprietorship or partnership to its owner(s) (2 words)
- 28. the underlying concepts that make up acceptable accounting practices (acronym)
- 31. a financial statement that reports the financial position of a business at a point in time. It lists the types and dollar amounts of assets, liabilities, and equity as of a specific date (2 words)
- 36. decreases in assets or increases in liabilities resulting in decreases in equity other than distributions to owners (1 word)