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en
CR
QUIZ NO. 1 HORTAC
15
Accounting: The systematic process of recording, classifying, summarizing, and interpreting financial information about entities to help users make economic financial decisions
Financialaccounting: Concerned with the supply of information to the owners of the entity
Managementaccounting: Concerned with the supply of information to the managers of the entity
Bookkeeping: A mechanical task involving the collection of basic financial data
Accounting: This is considered as the language of the business
Soleproprietorship: A business that is owned and managed by a single person
Partnership: This is owned by two or more persons who bind themselves to contribute money, property, or industry to a common fund with the intention of dividing profits among themselves
Corporation: A business owned by its stockholders and is a separate legal entity
Service: A business operation wherein companies perform services for a fee
Merchandising: A business operation wherein companies purchase goods that are ready for sale and then sell these to customers
Manufacturing: A business operation wherein companies buy raw materials, convert them into products and then sell the products to other companies or to final consumers
Entity: This concept indicates that transactions of the owner is separate and distinct from the transactions of the business
Periodicity: A concept which states that an entity’s life can be divided into equal time periods for reporting purposes
Stablemonetaryunit: This concept is the basis for ignoring the effects of inflation in the accounting records
Cost: This is defined as the price paid to acquire an asset
Consistency: The firm should use same accounting method from period to period to achieve comparability over time with a single enterprise
Materiality: A threshold use to determine whether an information or transaction is significant enough to affect an economic decision
Accrual: Under this assumption, the effects of transactions and events are recognized when they occur and not as cash is received or paid
Goingconcern: Under this assumption, the entity is presumed to exist indefinitely
QUIZ NO. 1 HORTAC
Across:2. | Under this assumption, the effects of transactions and events are recognized when they occur and not as cash is received or paid | 4. | A business that is owned and managed by a single person | 5. | A business operation wherein companies purchase goods that are ready for sale and then sell these to customers | 10. | A threshold use to determine whether an information or transaction is significant enough to affect an economic decision | 12. | A business operation wherein companies perform services for a fee | 13. | The firm should use same accounting method from period to period to achieve comparability over time with a single enterprise | 15. | Concerned with the supply of information to the managers of the entity |
| | Down:1. | This concept is the basis for ignoring the effects of inflation in the accounting records | 3. | Concerned with the supply of information to the owners of the entity | 6. | A business owned by its stockholders and is a separate legal entity | 7. | This is owned by two or more persons who bind themselves to contribute money, property, or industry to a common fund with the intention of dividing profits among themselves | 8. | A concept which states that an entity’s life can be divided into equal time periods for reporting purposes | 9. | A mechanical task involving the collection of basic financial data | 11. | This concept indicates that transactions of the owner is separate and distinct from the transactions of the business | 14. | This is defined as the price paid to acquire an asset |
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© 2013
PuzzleFast.com, Noncommercial Use Only
QUIZ NO. 1 HORTAC
Across:2. | Under this assumption, the effects of transactions and events are recognized when they occur and not as cash is received or paid | 4. | A business that is owned and managed by a single person | 5. | A business operation wherein companies purchase goods that are ready for sale and then sell these to customers | 10. | A threshold use to determine whether an information or transaction is significant enough to affect an economic decision | 12. | A business operation wherein companies perform services for a fee | 13. | The firm should use same accounting method from period to period to achieve comparability over time with a single enterprise | 15. | Concerned with the supply of information to the managers of the entity |
| | Down:1. | This concept is the basis for ignoring the effects of inflation in the accounting records | 3. | Concerned with the supply of information to the owners of the entity | 6. | A business owned by its stockholders and is a separate legal entity | 7. | This is owned by two or more persons who bind themselves to contribute money, property, or industry to a common fund with the intention of dividing profits among themselves | 8. | A concept which states that an entity’s life can be divided into equal time periods for reporting purposes | 9. | A mechanical task involving the collection of basic financial data | 11. | This concept indicates that transactions of the owner is separate and distinct from the transactions of the business | 14. | This is defined as the price paid to acquire an asset |
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© 2013
PuzzleFast.com, Noncommercial Use Only