SIMPLIFIED ACCOUNTING MODULE 1

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Across
  1. 2. Accountants involved in tax work are responsible for computing the amount of tax payable by both business entities and individuals.
  2. 3. In _____________ Recognition Principle, Revenue is to be recognized in the accounting period when goods are delivered or services are rendered or performed.
  3. 9. As to_______________: Accounting is the process of identifying, measuring and communicating economic information to permit informed judgment and decision by users of information.
  4. 10. Traditionally, _____________ is defined as the art of recording, classifying and summarizing in a significant manner and in terms of money, transactions and events which in part at least of a financial character and interpreting the results thereof.
  5. 13. A well maintained bookkeeping system will enable your business for balanced____________ or Financial Planning as a means of working to quantify your Vision, Mission, Goals and Objectives.
  6. 15. In ________________ Principle, Accounting records and statements are based on the most reliable data available so that they will be as accurate and as useful as possible.
  7. 16. ______________depends on the size and nature of the item judged in the particular circumstances of its omission.
  8. 19. ____________ is the process of preparing and distributing accounting reports to potential users of accounting information. This is why Accounting has been called the “language of business”.
  9. 22. In this first stage of Accounting, the business activities of the entity are determined whether accountable or not.
  10. 23. As to_______________: Accounting is a service activity. It provides quantitative information primarily financial in nature, about economic entities that is intended to be useful in making economic decision.
  11. 24. ________________ is the preparation of the financial statements which are the end product of the accounting process.
Down
  1. 1. Financial __________________is where financial managers are responsible for setting financial objectives, making plans based on those objectives, obtaining the finance needed to achieve the plans, and generally safeguarding all the financial resources of the entity.
  2. 4. is the NEW ACCOUNTING STANDARD SETTING BODY, replacing the
  3. 5. ______________ is the systematic process of maintaining a record of all business transactions after they have been identified and measured.
  4. 6. In _____________ Recognition Principle, Expenses should be recognized in the accounting period in which goods and services are used up to produce revenue and not when the entity pays for those goods and services.
  5. 7. _______________ Disclosure requires that all relevant information that would affect the user’s understanding and assessment of the accounting entity be disclosed in the financial statements.
  6. 8. In ________________ Principle, the firms should use the same accounting method from period to period to achieve comparability over time within a single enterprise.
  7. 11. This is where the economic activities of the entity are given financial equivalent.
  8. 12. ______________ Cost. states that acquired assets should be recorded at their actual cost and not at what management thinks they are worth as at reporting date.
  9. 14. is a profession whose members are engaged in the collection of financial data, the summary of that data, and then presentation of information in a form which helps recipients take effective decisions.
  10. 17. In Communicating, Accounting has been called the “______________ of business”.
  11. 18. is a mechanical task involving the collection of basic financial data.
  12. 20. ______________ Accounting is the more specific term applied to the preparation and subsequent publication of highly summarized financial information.
  13. 21. forms a most important part of accountancy. Once accounts have been prepared, they may have to be checked in order to ensure that they do not present a distorted picture.
  14. 24. Accountancy is the term to describe the profession while accounting refers to the_________.