Accounting Terminology Crossword

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Across
  1. 2. Obligations expected to be settled within 12 months.
  2. 6. Expected to be used by the business for a number of years and not held for resale.
  3. 7. Cash and other types of assets expected to be converted to cash, sold, or consumed within 12 months.
  4. 12. A present economic resource controlled by an entity as a result of past events.
  5. 13. The assumption that records of assets, liabilities, and business activities of an entity are kept separate from those of the owner.
  6. 15. A present obligation of the entity to transfer an economic resource due to past events.
Down
  1. 1. The assumption that financial reports are prepared with the expectation that the business will continue operating.
  2. 3. characteristic that ensures financial information is complete, free from material error, and neutral.
  3. 4. Obligations not required to be settled within 12 months.
  4. 5. Increases in assets or decreases in liabilities that result in increases in owner’s equity, excluding owner contributions.
  5. 8. Ensures different observers can reach a consensus that financial information is accurate.
  6. 9. Decreases in assets or increases in liabilities that result in a decrease in owner’s equity, excluding owner distributions.
  7. 10. The residual interest in the assets of the entity after deducting all liabilities.
  8. 11. Information should be presented clearly and concisely to be comprehensible to users.
  9. 14. Information must be available to decision-makers in time to influence decisions.