Accounting Concepts

3. Example of a current asset, provided to bring economic benefit for less than 12 months.
5. Owner uses business funds for personal use.
8. Present obligations of the business to transfer economic resources to other entities.
10. Second stage of the accounting process.
12. losses of economic benefits that usually cause a decrease in assets.
13. Inflows of resources which usually result in an increase in the assets of the business.

1. Evidence of cash coming into a business.
2. Estimating your income & expenses over a period of time.
4. Difference between budgeted amount & the actual amount.
6. Resources under control of the entity, expected to generate future economic benefits.
7. Example of a non-current asset, provided to bring economic benefit for more than 12 months
9. Evidence of cash going out of a business.
11. Transactions that are not common in journals fall in this column.