Accounting Concepts and Terminology Crossword Puzzle

QUESTIONS LIST:

• gaap : guiding principles for accounting in the us
• assets : resources expected to benefit the company in the future
• corporation : a business owned by stockholders with limited liability
• cogs : cost of labor and materials used to create a product (abbr.)
• proprietorship : a business with a single owner with unlimited liability
• llc : a business with a single tax burden and limited liabilities (abbr.)
• liquidity : ability to pay current debts
• partnership : a business with more than one owner with unlimited liability
• ratio : the relationship between two different financial numbers
• accrual : revenue and expenses are recorded in the period they occur
• dividends : payments to stockholders
• solvency : long term viability of a company
• revenue : amount earned from sale of goods or services
• cpa : an accounting professional who passed a standard exam for certification (abbr.)
• investors : external users of accounting information
• expenses : cost of assets consumed, or services used
• inventory : goods available for sale to customers
• conservatism : avoid overstating assets or understating liabilities
• equity : claims held by owners
• entity : a business exists apart from those who own it
• relevance : information that helps decision makers
• profitability : a measure of the effectiveness of management
• liabilities : obligations or debts resulting from prior transactions
• management : an internal user of accounting information
• depreciation : allocate the cost of an assets over its useful life