Financial accounting review: year-end adjustments

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Across
  1. 3. Inventory counting method where inventory is only counted at the end of the period
  2. 5. Difference between cost of a non-current asset and its accumulated depreciation
  3. 8. Expenses paid in advance for benefits that relate to the next financial period.
  4. 9. Expenses incurred but not yet paid by year-end; added to expenses and recognised as liabilities.
  5. 10. Inventory costing method where oldest items are considered sold first
  6. 11. Year-end adjustment that is always required because it can only be calculated after year-end as it is based on profit
Down
  1. 1. Distribution of profit to shareholders; recognised as a liability once declared.
  2. 2. Systematic allocation of the cost of a non-current asset over its useful life.
  3. 4. Opening inventory plus purchases minus closing inventory; deducted from revenue to calculate gross profit.
  4. 6. Cost of borrowing funds; may require year-end adjustment if has accrued but not been paid.
  5. 7. Inventory counting method where inventory is counted every time there is a movement