Chapter 1: Terms Activity

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Across
  1. 1. A business entity owned by two or more people who carry on a business for profit and who are legally responsible for the debts and taxes of the business
  2. 5. Intentional or reckless acts that result in confiscation of a firm’s assets or the misrepresentation of the firm’s accounting data
  3. 6. The process by which financial information about a business is recorded, classified, summarized, interpreted, and communicated to owners, managers, and other interested parties
  4. 7. Accounting standards developed and applied by professional accountants
  5. 9. One to whom money is owed
  6. 10. The review of financial statements to assess their fairness and adherence to generally accepted accounting principles
  7. 13. An independent accountant who provides accounting services to the public for a fee
  8. 14. Accounting work carried on by an accountant employed by a single business in industry; the branch of accounting that provides financial information about business segments, activities, or products
  9. 15. Anything having its own separate identity, such as an individual, a town, a university, or a business
  10. 16. Certificates that represent ownership of a corporation
  11. 17. A publicly or privately owned business entity that is separate from its owners and has a legal right to own property and do business in its own name; stockholders are not responsible for the debts or taxes of the business
Down
  1. 2. A service that involves tax compliance and tax planning
  2. 3. Members of firms that perform accounting services for other companies
  3. 4. Periodic reports of a firm’s financial position or operating results
  4. 8. A business entity owned by one person, who is legally responsible for the debts and taxes of the business
  5. 11. A company’s policies and procedures to safeguard assets, ensure reliability of accounting data, and promote compliance with management policies and applicable laws
  6. 12. A designation that assures an individual possesses the level of knowledge and skill needed to carry out all key functions through the adjusted trial balance, including payroll