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Accounting Concepts

BSAD101 Introduction to Business: Accounting Concepts and Terminology
Across
Cost of assets consumed, or services used
The relationship between two different financial numbers
Amount earned from sale of goods or services
Obligations or debts resulting from prior transactions
Avoid overstating assets or understating liabilities
Revenue and expenses are recorded in the period they occur
A business with a single owner with unlimited liability
Allocate the cost of an assets over its useful life
A business owned by stockholders with limited liability
A business with more than one owner with unlimited liability
An internal user of accounting information
Resources expected to benefit the company in the future
Down
Claims held by owners
External users of accounting information
Information that helps decision makers
A business exists apart from those who own it
Cost of labor and materials used to create a product (abbr.)
A measure of the effectiveness of management
Guiding principles for accounting in the US
An accounting professional who passed a standard exam for certification (abbr.)
Goods available for sale to customers
Ability to pay current debts
Payments to stockholders
A business with a single tax burden and limited liabilities (abbr.)
Long term viability of a company