ACCT - Unit 1 Word Scramble
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Term | Definition |
Accountant | a person who plans, summarizes, analyzes, and interprets accounting information |
Accounting | planning, recording, analyzing, and interpreting financial information |
Accounting concepts | commonly accepted concepts that guide accounting personnel in their work |
Accounting period cycle | changes in financial information are reported for a specific period of time in the form of financial statement |
Adequate disclosure concept | financial statements contain all information necessary to understand a business' financial condition |
Bookkeeper | a person who does general accounting work plus some summarizing and analyzing of accounting information |
Business entity | financial information is recorded and reported separately from the owner's personal financial information |
Business ethics | the use of personal ethics in making business decisions |
Certified Public Accounting (CPA) | designation by the American Institute of Certified Public Accountants for those who pass an exam and meet work-experience requirements |
Consistent Reporting | the same accounting procedures must be followed in the same way in each accounting period |
Corporation | a legal entity that is separate and distinct from its owners |
Ethics | the principles of right and wrong that guide an individual in making decisions |
Ethical business practices | moral values and principles that determine our conduct in the business world |
General office clerk | a person who does general kinds of office tasks, including some accounting tasks |
Going concern concept | financial statements are prepared with the expectation that a business will remain in operation indefinitely |
Historical cost | when the actual amount paid for merchandise or other items bought is recorded |
Honesty | the quality or fact of being truthful |
Integrity | adherence to moral and ethical principles; soundness of moral character; honesty |
Merchandising business | a business that purchases and sells goods |
Objective evidence | preparing a source document for each transaction in a business |
Partnership | a business in which two or more people combine their assets and skills |
Privacy | freedom from unauthorized intrusion; state of being let alone and the ability to keep personal matter confidential |
Realization of revenue | revenue is recorded at the time goods or services are sold |
Service business | a business that performs an activity for a fee |
Sole proprietorship | a business owned by one person |
Truthfulness | consistently telling the truth or being honest |
Unethical business practices | any activity that contradicts moral values and principles that determines our conduct in the business world |
Created by:
candace.freeman
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