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Across 2. Part of accounting that involves recording transactions and events, either manually or electronically; also called bookkeeping. 5. Information and measurement system that identities, records, and communicates relevant information about a company's business activities. 6. A financial statement that lists cash inflows (receipts) and cash outflows (payments) during a period; arranged by operating, investing, and financing. 7. Independent group of fulltime memebers responsible for setting accounting rules. 9. Owners of a corporation; also called stockholders. 10. Persons using accounting information who are directly involved in managing the organization. 12. Equity of a corporation divided into ownership units; also called stock. 14. Principle that prescribes independent, unbiased evidence to support financial statement information. 15. Area of accounting mainly aimed at serving external users. 17. Equity of a corporation divided into ownership units; also called shares. 18. Principle that requires a business to accounted for separately from its owner(s) and from any other entity. 19. Principle that prescribes financial statements to reflect the assumption that the business will continue operating. 21. Unincorporated association of two or more persons to pursue a business for profit as co-owners. 23. Area of accounting mainly aimed at serving the decision-making needs of internal users; also called management accounting. 24. Resources a business owns or controls that are expected to provide current and future benefits to the business. 26. Equality involving a company's assets, liabilities, and equity. Assets=Liabilities+Equity; also called accounting equation. 27. Payment of cash or other assets from a proprietorship or partnership to its owner or owners. 28. Area of accounting mainly aimed at serving the decision-making needs of internal users; also called managerial accounting. 30. Assets=Liabilities+Equity; Equity equals [Owner capital-Owner withdrawals+Revenues-Expenses] for a noncorporation; Equity equals [contributed capital+retained earnings+revenues-expenses] for a corporation where dividends are subtracted from retained earnings. 31. The principle prescribing that revenue is recognized with earned. 33. (IASB) Group that identifies preferred accounting practices and encourages global acceptance; issues International Financial Reporting Standards (IFRS). 35. (SEC) Federal agency Congress has charged to set reporting rules for organizations that sell ownership shares to the public. 37. Amount earned after subtracting all expenses necessary for and matched with sales for a period; also called income, profit, or earnings. 39. Financial statement that subtracts expenses from revenues to yield a net income or loss over a specified period of time; also includes any gains or losses. 41. Gross increase in equity from a company's business activities that earn income; also called sales. 42. Exchanges of economic value between one entity and another entity. 45. Activites within an organization that can affect the accounting equation. 48. Owner's claim on the assets of a business; equals the residual interest in an entity's assets after deducting liabilites; also called net assets. 49. Outflows or using up of assets as part of operations of a business to generate sales. 51. Amount earned after subtracting all expenses necessary for and matched with sales for a period; also called net income, income, or earnings. 53. Business owned by one person that is not organized as a corporation; also called proprietorship. 54. Financial statement that lists types and dollar amounts of assets, liabilities, and equity at a specific date. 55. Equality involving a company's assets, liabilities, and equity. Assets=Liabilities+Equity; also called balance sheet equation. 56. Creditors' claims on an organization's assets; involves a probable future payment of assets, products, or services that a company is obligated to make due to past transactions or events. 57. Owners of a corporation; also called shareholders. 58. Accounting principle that prescribes financial statement information to be based on actual costs incurred in business transactions.

Down 1. Part of accounting that ivolves recording transactions and events, either manually or electronically; also called recordkeeping. 3. (GAAP) Rules that specify acceptable accounting practices. 4. Amount earned after subtracting all expenses necessary for and matched with sales for a period; also called net income, profit, or earnings. 8. Created the Public Company Accounting Oversight Board, regulates analyst conflicts, imposes corporate goverance requirements, enhances accounting and control disclosures, impacts insider transactions and executive loans, establishes new types of criminal conduct, and expands penalties for violations of federal securities laws. 11. Principle that assumes transactions and events can be expressed in money units. 13. Federal agency Congress has charged to set reporting rules for organizations that sell ownership shares to the public. 15. (FASB) Independent group of fulltime memebers responsible for setting accounting rules. 16. Owner's claim on the assets of a business; equals the residual interest in an entity's assets after deducting liabilites; also called equity. 17. Report of changes in equity over a period; adjusted for increases (owner investment and net income) and for decreases (withdrawals and net loss). 20. Rules that specify acceptable accounting practices. 22. Uncertainty about an expected return. 25. Corporation's basic ownership share; also called common stock. 29. Codes of conduct by which actions are judged as right or wrong, fair or unfair, honest or dishonest. 32. Gross increase in equity from a company's business activities that earn income; also called revenues. 34. Corporation's basic ownership share; also generically called capital stock. 36. Assets put into the business by the owner. 38. Persons using accounting information who are not directly involved in running the organization. 40. Monies received from an investment; often in percent form. 43. Business that is a separate legal entity under state or federal laws with owners called shareholders or stockholders. 44. Analysis and report of an organization's accounting system, its records, and its reports using various tests. 46. Excess of expenses over revenues for a period. 47. Happenings that both affect an organizations' financial position and can be reliably measured. 50. Amount earned after subtracting all expenses necessary for and matched with sales for a period; also called net income, profit, or income. 52. Group that identifies preferred accounting practices and encourages global acceptance; issues International Financial Reporting Standards (IFRS).