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Accounting Basic Glossary
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Equities: claims on the assets of the firm, consisting of both liabilities and owner's equity.
accounting principles: monetary unit, reporting period, conservatism, consistency, historical cost, entity.
Conservatism: Losses should be recorded when probable but gains are only recorded when certain so that liabilities are not understated and assets are not overstated.
Historical cost: Transactions should be recorded at their original purchase price, as this value is verifiable by source document evidence.
Entity: The business is separate from the owner and other entities and its records should be kept on this basis.
Reporting Period: The life of the business must be divided into periods of time to allow reports to be prepared and the accounting records should reflect the reporting period in which a transaction occurs.
monetary unit: All items must be recorded in the currency of the country of location where the reports are being prepared.
Consistency: The business should use the same accounting methods to allow for the comparison of reports from one period to the next.
Reliability: Reports should contain information verified by source document evidence so that it is free from bias.
Relevance: Reports should include all information which is useful for decision making.
Understandability: Reports should be presented in a manner that makes it easy for the user to comprehend their meaning.
Asset: A resource controlled by the entity (as a result of past events), from which future economic benefits are expected (to flow to the entity).
Liabilities: A present obligation of the entity (as a result of past events), the settlement of which is expected to result in an outflow of economic benefits.
Owners Equity: The residual interest if the assets of the entity after the liabilities are deducted, eg. capital.
Balance Sheet: To report on the firm's assets and liabilities at a particular point in time.
Accounting Basic Glossary
Across:2. | Reports should contain information verified by source document evidence so that it is free from bias. | 5. | To report on the firm's assets and liabilities at a particular point in time. | 6. | monetary unit, reporting period, conservatism, consistency, historical cost, entity. | 9. | claims on the assets of the firm, consisting of both liabilities and owner's equity. |
| 10. | The business should use the same accounting methods to allow for the comparison of reports from one period to the next. | 12. | The residual interest if the assets of the entity after the liabilities are deducted, eg. capital. | 14. | Reports should include all information which is useful for decision making. | 15. | A resource controlled by the entity (as a result of past events), from which future economic benefits are expected (to flow to the entity). |
| | Down:1. | The life of the business must be divided into periods of time to allow reports to be prepared and the accounting records should reflect the reporting period in which a transaction occurs. | 3. | A present obligation of the entity (as a result of past events), the settlement of which is expected to result in an outflow of economic benefits. | 4. | Reports should be presented in a manner that makes it easy for the user to comprehend their meaning. | 7. | Losses should be recorded when probable but gains are only recorded when certain so that liabilities are not understated and assets are not overstated. |
| 8. | All items must be recorded in the currency of the country of location where the reports are being prepared. | 11. | Transactions should be recorded at their original purchase price, as this value is verifiable by source document evidence. | 13. | The business is separate from the owner and other entities and its records should be kept on this basis. |
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© 2017
PuzzleFast.com, Noncommercial Use Only
Accounting Basic Glossary
Across:2. | Reports should contain information verified by source document evidence so that it is free from bias. | 5. | To report on the firm's assets and liabilities at a particular point in time. | 6. | monetary unit, reporting period, conservatism, consistency, historical cost, entity. | 9. | claims on the assets of the firm, consisting of both liabilities and owner's equity. |
| 10. | The business should use the same accounting methods to allow for the comparison of reports from one period to the next. | 12. | The residual interest if the assets of the entity after the liabilities are deducted, eg. capital. | 14. | Reports should include all information which is useful for decision making. | 15. | A resource controlled by the entity (as a result of past events), from which future economic benefits are expected (to flow to the entity). |
| | Down:1. | The life of the business must be divided into periods of time to allow reports to be prepared and the accounting records should reflect the reporting period in which a transaction occurs. | 3. | A present obligation of the entity (as a result of past events), the settlement of which is expected to result in an outflow of economic benefits. | 4. | Reports should be presented in a manner that makes it easy for the user to comprehend their meaning. | 7. | Losses should be recorded when probable but gains are only recorded when certain so that liabilities are not understated and assets are not overstated. |
| 8. | All items must be recorded in the currency of the country of location where the reports are being prepared. | 11. | Transactions should be recorded at their original purchase price, as this value is verifiable by source document evidence. | 13. | The business is separate from the owner and other entities and its records should be kept on this basis. |
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© 2017
PuzzleFast.com, Noncommercial Use Only