Poa CW1-58

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Across
  1. 5. Accounting information will present a __________________ of business activities.
  2. 7. Business activities that have occurred, regardless of whether cash is paid or received, should be recorded in the relevant accounting period
  3. 8. All accountants will not let the undue influence of others override his or her ______________________
  4. 9. What does LLP stand for?
  5. 10. An accountant with _________ is straightforward
  6. 11. Logical assumptions and broad rules that guide accounting practices
  7. 12. Contribute capital to the business and expect profit distribution in return
  8. 13. The life of a business is divided into regular time intervals
  9. 14. What does PLC stand for?
  10. 16. Transactions should be recorded at their original cost
  11. 18. What does AIS stand for?
  12. 27. How long would a company last?
  13. 28. Work for the business and devise strategic plans to run the business efficiently
  14. 29. Every accountant must have ___________________
  15. 32. Rules issued by an authority appointed by the government.
  16. 35. An LLP or a PLC is struck off from the register if it has ceased operation, obtained consent from majority of owners, no existing assets and liabilities and is not involved in any legal proceedings.
  17. 36. Only business transactions that can be measured in monetary terms are recorded
  18. 37. Make money available to the business and expect it to be fully repaid with interest
  19. 39. Risk
  20. 43. The authority that establishes and administers a repository of documents and information relating to business entities.
  21. 44. The accounting treatment chosen should be the one that least overstates assets and profits and least understates liablities and losses
  22. 45. A business is assumed to have an indefinite economic life unless there is credible evidence that it may close down
  23. 46. Enforce tax regulations
  24. 51. Business that provide service to its customers
  25. 52. Assist the owners in contributing capital to the business and expect profit distribution in return
  26. 53. Buy goods and/or services to the business
  27. 54. Units of business ownership
  28. 55. Supply goods and/or services to the business
  29. 56. Accounting is an information system that provides accounting information for stakeholders to make __________________ regarding the management of resources and performance of business.
  30. 57. They are responsible for managing the resources of the business on behalf of the owner(s)
  31. 58. Work for the business and perform executive duties
Down
  1. 1. An accountant who is _________ will not let bias, conflict of interest
  2. 2. Factors that non-accounting information refers to
  3. 3. Acquisition of owners for a company
  4. 4. How does the business get controlled?
  5. 6. It is a must for all accountants to be ______
  6. 15. Business that buys from suppliers and sells goods to suppliers
  7. 17. An LLP or a PLC is ________ when all assets are being sold to pay off all liabilities and expenses, with any remaining monies distributed to its partners or shareholders
  8. 19. Ownership and access to funds
  9. 20. Tax related to the transfer of property, stocks and shares
  10. 21. The administrative duties to adhere to
  11. 22. Sell similar goods and/or services as the business
  12. 23. Number of people visiting a place
  13. 24. A true and fair view of activities would allow stakeholders to make _______________________________
  14. 25. Likelihood for banks and other lenders to lend money to the business
  15. 26. The activities of a business are separate from the actions of the owner. All transactions are recorded from the point of view of the business
  16. 30. Risk of getting debts and losses
  17. 31. It refers to laws passed by the government
  18. 33. Relevant information should be reported in the financial statements if it is likely to make a difference to the decision-making process
  19. 34. Revenue is earned when goods have been delivered or services have been provided.
  20. 38. Assets that lenders can sell to get their money back if the borrower does not repay the loan
  21. 40. Level of control, lifespan, transferablity of ownership and formalities and procedures
  22. 41. What does SP stand for?
  23. 42. Once an accounting method is chosen, this method should be applied to all future accounting periods to enable meaningful comparision
  24. 47. Accounting information recorded must be supported by reliable and verifiable evidence so that financial statements will be free from opinions and biases
  25. 48. How does a business get owned?
  26. 49. A person's regular occupation, profession or trade
  27. 50. Expenses incurred must be matched against income earned in the same period to determine the profit for that period