Mid term vocab

4. Visual representation of an account showing debits on the left and credits on the right.
11. Organizations that operate to fulfill a mission, not to make profit.
15. System where every transaction affects two accounts (debit and credit).
16. Business that makes goods to sell.
18. Legal entity that is separate from its owners, often with shareholders.
20. Business that sells goods to customers.
21. Person who performs basic accounting tasks like data entry and recordkeeping.
23. Independent examination of financial records for accuracy.

1. Business owned by one individual.
2. Businesses aimed at earning profit for owners/shareholders.
3. Person who starts and runs a business.
5. List of all financial accounts in an organization.
6. Economic system where businesses are privately owned and operated for profit.
7. Business providing services, not products.
8. Financial gain from revenue exceeding expenses.
9. Entry that decreases assets or increases liabilities/equity.
10. Side (debit or credit) that increases an account.
12. Money or assets invested in a business.
13. Firms offering accounting services to the public, like audits and tax prep.
14. Book or system for recording financial transactions.
15. Entry that increases assets or decreases liabilities/equity.
17. When expenses exceed revenue.
19. Business owned by two or more individuals.
22. Certified Public Accountant, licensed to provide accounting services.