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Accounting Unit 1

Across
In order for financial data and information to be useful, it needs to be reported in a ______________and accurate manner.
The process of recording, maintaining and reporting an organizations financial transactions and records
This assumption assumes companies consistently maintain and report financial information using the same period of time, usually monthly, quarterly, and/or annually.
an independent, non-profit organization that establishes financial reporting standards through GAAP.
______________ focuses on the management of the assets, liabilities, and cash flow of an organization, financial analysis like ROI and ROE, and financial planning of future growth.
The total number of outstanding shares multiplied by the current stock price
A government regulatory agency responsible for policing the US financial markets.
This assumption assumes any company will remain in operation for the foreseeable future.
Down
Accounting is the _____________ of business.
a commonly-followed set of accounting rules, standards, and procedures for reporting financial information to external users.
Also referred to as the “reliability assumption”, financial statements are to be based on solid evidence and should be free and clear of management’s personal opinions and biases.
The Accounting Method where revenues and expenses are recognized and recorded at the time they are earned or incurred.
This Act attempts to restore confidence in the financial markets by cracking down on accounting errors and protecting investors from fraudulent accounting and financial reporting practices.
The accounting method where revenues and expenses are recognized and recorded when cash actually changes hands.
Without being able to understand the financial health of a company,______ would not be able to make informed decisions about investing their money in a company.
________________ relies on tax revenue from companies and its citizens to fund government operations.
Accountants should prepare financial information that is delivered in a consistent format over time, so that when users analyze this information, it can easily be ______________ to prior periods of time.