Across
- 3. Accounting Firms: Firms that offer accounting services such as auditing, tax preparation, and consulting to businesses and individuals.
- 5. Business: A business that provides services (e.g., consulting, repairs) rather than selling physical goods.
- 9. An individual who starts and manages a business, taking on financial risks in the hope of making a profit.
- 11. Businesses: Companies that aim to make a profit by selling goods or services, which are distributed to owners or shareholders.
- 13. Balance: The typical side (debit or credit) of an account where increases are recorded. For assets, it's a debit; for liabilities and equity, it's a credit.
- 15. A book or system where all accounts are recorded, summarizing transactions in the chart of accounts.
- 17. Enterprise System: An economic system where businesses are privately owned and operate in a competitive environment with minimal government interference.
- 19. The financial gain achieved when revenues exceed expenses.
- 21. An examination and verification of a company’s financial records to ensure accuracy and compliance with regulations.
- 24. A business owned by two or more people who share profits, losses, and management responsibilities.
Down
- 1. Business: A company that produces goods from raw materials or components.
- 2. Clerk: A person who handles routine accounting tasks like data entry, invoicing, and reconciling accounts.
- 4. A legal entity that is separate from its owners, with its own rights and responsibilities, and typically offers limited liability to its shareholders.
- 6. of Accounts: A list of all the accounts used by a business in its accounting system, categorized by type (assets, liabilities, equity, revenue, expenses).
- 7. An entry on the left side of an account that increases assets or expenses or decreases liabilities or equity.
- 8. Businesses: Organizations that aim to provide services or benefits to the public or a specific group rather than to generate profit for owners or shareholders.
- 10. Entry Accounting: An accounting system where every transaction affects at least two accounts (debit and credit), ensuring the accounting equation stays balanced (Assets = Liabilities + Equity).
- 12. Account: A graphical representation of an account where the left side shows debits and the right side shows credits. It's used for tracking changes to individual accounts.
- 14. Proprietorship: A type of business owned and run by a single person, who is personally responsible for all liabilities.
- 16. Business: A business that buys and sells goods to make a profit.
- 18. The financial situation where expenses exceed revenues.
- 20. An entry on the right side of an account that increases liabilities or equity or decreases assets or expenses.
- 22. Money or assets invested in a business to fund its operations or expansion.
- 23. (Certified Public Accountant): A professional accountant who has passed the CPA exam and met other state licensing requirements.