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Accounting in Action

Professor Leticia Togba, CPA
Central Texas College
ACCT 2301 - Principles of Accounting, Ch. 1
Across
The language of business.
Users from outside of the company who use financial data to assist them in making business decisions.
A federal law enacted in 2002 that aims to reduce unethical corporate behavior.
The board that the SEC relies on to create and develop accounting standards.
Moral principles that govern a person's behavior or the conducting of an activity.
International accounting rules and regulations used by over 115 countries.
A type of accounting that provides internal reports to help users make decisions.
The financial statement that reports the assets, liabilities, and stockholder's equity of a company.
A CORPORATION is a type of business that is a separate _____ entity from its owners.
Vital information that would make a difference in decision making is included in the financial statements.
A representation that what is recorded on the financial statements actually happened or existed.
Claims against assets after creditors are paid.
LIABILITIES are ______ against a business' assets (i.e. debts and obligations).
A type of business owned by 2+ people.
A type of business typically owned by one person who is personally liable for all business debts and lawsuits.
An assumption that the activities recorded in the accounting records represent ONLY business transactions.
The financial statement that presents the revenues and expenses for a company and the resulting net income or loss.
An assumption that transactions are recorded in USD and that only transactions that can be expressed in a monetary value are included in the accounting records.
The financial statement that summarizes the cash inflows (receipts) and outflows (payments).
Down
An item that the business owns that provides or produces future economic services or benefits.
The board responsible for the convergence of U.S. GAAP and IFRS.
The record keeping system for the company.
The act of recording a business transaction onto the general ledger.
Users within an organization that use financial data to maintain and monitor the health and wealth of the business.
Income earned from the (1) sales of goods and/or (2) services performed in the ordinary course of business.
Money remaining after (1) business expenses and (2) dividend payouts to shareholders are deducted from revenues.
FINANCIAL ACCOUNTING provides reports that are based on __________ data.
The federal agency that oversees the U.S. financial markets and accounting standard-setting bodies.
The dualistic effect that each recorded transaction has on the accounting equation.
A person or entity that will benefit or be harmed by the company's decisions.
The cost of generating revenue.
Money obtained by selling shares to investors.
A measurement principle where the value of an asset is equal to the price the company would receive if it was sold on the market today.
A measurement principle where the value of an asset is equal to what the company paid for it when it was originally purchased.
Payments made to shareholders.
The complete codification of accounting rules and regulations in the U.S.