Principles of Accounts - Section 1 & 2

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Across
  1. 4. The recording of financial transactions, as a supporting activity to accounting
  2. 7. Another term for Accounts Payables meaning supplies that we owe
  3. 10. Guides accountants or business on identifying if a piece of financial information is material or important to decision making
  4. 13. Assets = Capital + _______
  5. 14. The system that underlies accounting, it says that each transaction affects two accounts in their respective opposite side
  6. 16. Ensuring accounting methods used in financial recording and reporting are the same across periods/years
  7. 17. Machinery & Premises are examples of these
Down
  1. 1. Accounts ____ referring to customers who owe us money
  2. 2. Ethical principle where a professional accountant should not be influenced/remain unbiased when performing his/her job
  3. 3. Goods purchased by a business for resale, also known as stock
  4. 5. Step 2 of the Accounting Cycle - Books of ___. Used to classify and record information from Step 1
  5. 6. A type of document that must first be gathered as the first step of the accounting cycle e.g. credit & debit notes
  6. 8. He or she is an internal user of accounting information
  7. 9. Checks the arithmetical accuracy of your accounting records
  8. 11. type of business with 2 to 20 owners where liability of the business is not limited to its owners
  9. 12. The Financial Statement that is a representation of the accounting equation
  10. 15. A type of company where the liabilities of the business DO NOT affect the personal possessions of its owners
  11. 16. Referring to the resources put into a business by the owner(s)