Across
- 5. A business organization that is recognized by law to have a life of its own
- 7. A business owned by two or more people who agree to operate the business as co-owners
- 9. Summarized information about the financial status of a business
- 13. The amount of money earned over and above the amount spent to keep the business operating
- 15. Buys finished products and resells them to individuals or other businesses
- 17. A system in which the accounting information is processed by hand
- 19. A systematic process of recording and reporting the financial information resulting from business transactions
- 20. Buys raw materials and transforms them into finished products through the use of labor and capital
- 22. A business owned by one person
Down
- 1. Exists independently of it’s owners personal holdings
- 2. Provides a needed service for a fee
- 3. A system in which the financial information is recorded by entering it into a computer
- 4. A system in which people are free to produce the goods and services they choose
- 6. The assumption that a business entity will continue to operate for an indefinite time
- 8. A set of rules used by accountants to prepare financial reports
- 10. Reporting information to external users
- 11. Money supplied by investors, banks, or owners of a business
- 12. Reporting information to management
- 14. A legal written permission that gives a corporation certain rights and privileges and spells out the rules under which the corporation is to operate
- 16. Businesses that spend more money than they earn
- 18. A period of time covered by an accounting report
- 21. a person who transforms ideas for products or services into real-world businesses