Financial Accounting Chapter 1

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Across
  1. 4. A business whose major purpose is to produce a profit for its owners
  2. 6. The concept of keeping a firm's financial records separate from the owner's personal financial records
  3. 10. The process by which financial information about a business is recorded, classified, summarized, interpreted, and communicated
  4. 12. 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
  5. 13. Reviewing financial statements to assess their fairness and adherence to Generally Accepted Accounting Principles
  6. 14. An independent accountant who provides accounting services to the public for a fee
  7. 15. Develops the Generally Accepted Accounting Principles
  8. 16. Certificates that represent ownership of a corporation
  9. 17. Accounting standards developed and applied by professional accountants
  10. 18. A federal government agency that protects investors and regulates the financial markets
Down
  1. 1. Accounting work performed for a federal, state, or local governmental unit
  2. 2. Accounting work carried on by an accountant employed by a single business
  3. 3. A nonprofit organization
  4. 5. The owners of a corporation
  5. 7. A business owned by one person who is legally responsible for the debts and taxes of the business
  6. 8. A law enacted in 2002 to protect investors from corporate fraud by improving financial reporting accuracy and accountability
  7. 9. A business owned by two or more people who are legally responsible for the debts and taxes of the business
  8. 11. Periodic reports of a business’s financial position or operating results