Accounting Concepts Puzzle

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Across
  1. 5. The business entity concept argues that when the owner deposits personal money into the business, this should be recorded in the ________________ account.
  2. 6. The concept that states that doubtful debts should be accounted for.
  3. 8. The opposite of objectivity and one of the main aims of accounting concepts is to diminish this.
  4. 9. The concept that states that the financial statements are drawn on the assumption that the business is willing and able to operate for the foreseeable future.
  5. 10. The concept of double-entry.
  6. 12. The concept that argues that once the business makes use of an accounting policy, then it should be used in future accounting periods.
  7. 14. The ________________ of accounting concepts is to provide a basic structure for financial reporting.
Down
  1. 1. The concept that states that drawings should be charged to the owner, not the business.
  2. 2. The concept that states that assets should be recorded at their acquisition/original price.
  3. 3. The value that the business will record its assets if it is not a going concern.
  4. 4. Another word for the accruals (concept).
  5. 7. The business entity concept argues that when the owner withdraws goods or money from the business for personal use, this should be recorded in the ________________ account.
  6. 11. The concept that states that profit is the difference between income earned and expenses incurred.
  7. 13. The prudence and accruals concept aid accountants in the provision of __________________.