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CR
Chapter 1 Key Terms
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Partnership : owned by two or more individuals
Prepaid Expenses : assets
Private Accounting : managerial accountants employed by a business are employed in
Profit : difference between the amounts received from customers for goods or services and the amounts paid for the inputs used to provide the goods and services
Proprietorship : owned by one person
Public Accounting : provide services on a fee basis
Public Company Accounting Oversight Board : oversight body for the accounting profession
Ratio of Liabilities to Owners Equity : relationship between liabilities and owner's equity
Rent Revenue : interest
Revenue : the money earned by selling goods or services
Sales : recorded revenue from sales of merchandise
Sarbanes Oxley Act : act passed by congress to restore public confidence and trust in financial statements
Securities and Exchange Commission : government has authority over accounting
Service Business : business providing services rather than products
Statement of Cash Flows : summary of cash receipts and payments for a specific period of time
Statement of Owners Equity : summary of changes in owner's equity that have occurred during a specific time period
Unit of Measure Concept : concept of accounting requiring economic data in dollars
Chapter 1 Key Terms
Across:| 1. | owned by one person | | 7. | relationship between liabilities and owner's equity | | 8. | summary of changes in owner's equity that have occurred during a specific time period | | 11. | concept of accounting requiring economic data in dollars | | 13. | the money earned by selling goods or services | | 15. | difference between the amounts received from customers for goods or services and the amounts paid for the inputs used to provide the goods and services | | 16. | government has authority over accounting |
| | Down:| 2. | oversight body for the accounting profession | | 3. | interest | | 4. | act passed by congress to restore public confidence and trust in financial statements | | 5. | business providing services rather than products | | 6. | provide services on a fee basis | | 9. | summary of cash receipts and payments for a specific period of time | | 10. | managerial accountants employed by a business are employed in | | 12. | owned by two or more individuals | | 14. | assets | | 16. | recorded revenue from sales of merchandise |
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© 2017
PuzzleFast.com, Noncommercial Use Only
Chapter 1 Key Terms
Across:| 1. | owned by one person | | 7. | relationship between liabilities and owner's equity | | 8. | summary of changes in owner's equity that have occurred during a specific time period | | 11. | concept of accounting requiring economic data in dollars | | 13. | the money earned by selling goods or services | | 15. | difference between the amounts received from customers for goods or services and the amounts paid for the inputs used to provide the goods and services | | 16. | government has authority over accounting |
| | Down:| 2. | oversight body for the accounting profession | | 3. | interest | | 4. | act passed by congress to restore public confidence and trust in financial statements | | 5. | business providing services rather than products | | 6. | provide services on a fee basis | | 9. | summary of cash receipts and payments for a specific period of time | | 10. | managerial accountants employed by a business are employed in | | 12. | owned by two or more individuals | | 14. | assets | | 16. | recorded revenue from sales of merchandise |
| |
© 2017
PuzzleFast.com, Noncommercial Use Only