Stakeholders, Accounting theories and Source documents

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Across
  1. 1. __________ work for the business and devise strategic plants to run the business efficiently
  2. 4. Historical cost theory: Transactions should be recorded at their __________ costs
  3. 8. __________ recognition: Revenue is earned when goods have been delivered or services have been provided
  4. 9. __________ make money available to the business and expect it to be fully repaid with interest
  5. 12. __________ advice : Inform credit supplier that payment by cheque has been made for a specific invoice
  6. 14. __________ theory: Expenses incurred must be matched against income earned in the same period to determine the profit for that period
  7. 15. __________ note : States the amount to be added on to the invoice issued earlier due to customer being undercharged
  8. 17. __________ note : States the amount to be reduced from the invoice issued earlier due to customer being overcharged or returned goods
  9. 18. Bank statement : Check and __________ against the business records of its cash at bank account
  10. 20. __________ supply goods and/or services to the business
  11. 21. __________ concern theory: A business has an indefinite economic life unless there is credible evidence that it may close down
  12. 22. __________ theory: Only business transactions that can be measured in numerical currency or monetary terms are recorded
  13. 24. An accountant with __________ is straightforward and honest in all professional relationships.
  14. 25. __________ basis of accounting: Business activities that have occurred, regardless of whether cash is paid or received, should be recorded in the relevant accounting period
Down
  1. 2. Accounting period theory: Life of a business is divided into __________ time intervals
  2. 3. An accountant who is __________ will not let bias, conflict of interest or the undue influence of others override his or her professional judgement
  3. 5. __________ enforce tax regulations
  4. 6. __________ theory: Accounting information recorded must be supported by reliable and verifiable evidence so that financial statements will be free from opinions and biases
  5. 7. Accounting entity theory: Assets of the business and the owner are considered to be __________
  6. 10. Owners and __________ contribute capital to the business and expect profit distribution in return
  7. 11. __________ sell similar goods and/or services as the business
  8. 13. Receipt : __________ payment received from customers immediately after goods were sold or services were provided
  9. 16. __________ : Process payment to credit suppliers
  10. 17. __________ buy goods/and or services from the business
  11. 19. __________ work for the business and perform executive duties
  12. 23. __________ : States the amount the buyer owes the seller for goods or services provided on credit