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Accounting in Business

Across
Characteristics of FASB conceptual framework that requires that information in the accounting records be relevant and faithful representation
Organization that sets generally accepted accounting principles
Principle that says revenue is recorded when goods or services are provided to customers and at the amount expected to be received from the customer
Users of accounting information who do not directly run the organization and have limited access to accounting information
Users of accounting information who directly manage the organization
Statement that explains the change in the Cash balance (2 words)
Creditors' claims on assets
Statement that reports how retained earnings changes over the reporting period (2 words)
Describes three factors that push a person to commit fraud (2 words)
US government agency that oversees proper use of GAAP by companies that sell stock and debt to the public
Assets=Liabilities+Equity (2 words)
Statement that shows revenue, expenses, and net income or net loss
Decrease equity (via net income) from costs or providing products and services to customers
An information and measurement system that identifies, records, and communicates an organization's business activities
Principle that requires that accounting information be recorded at cost
Beliefs that separate right from wrong; accepted standards of good and bad behavior
Accounting that focuses on the needs of external users
Report that shows financial position of the business at the end of the period (2 words)
Down
Increases in equity (via net income) from sales of products and services to customers
Expenses exceed revenues (2 words)
Resources a company owns or controls
Organization that sets international financial reporting standards that identify preferred accounting practices
Reflects inflows of cash and other net assets from stockholders in exchange for stock (2 words)
Procedures to protect assets, ensure reliable accounting, promote efficiency, and uphold company policies (2 words)
Act passed by Congress to help stop financial abuses
Outflows of cash and other assets to stockholders that reduce equity
Preparing, analyzing, and interpreting financial data
Revenues exceed expenses (2 words)
Accounting that focuses on the needs of internal users
Owner's claim on assets; also called net assets or residual equity
Generally accepted accounting principles