Theory

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Across
  1. 2. Owner's equity or investment in the business.
  2. 5. Book of original entry where transactions are recorded chronologically.
  3. 7. The process of recording and reporting of transactions when they occur.
  4. 9. State Goods and Services Tax - tax to the state government on intra-state sales.
  5. 10. Decreases assets or expenses; increases liabilities, capital, or income.
  6. 11. Increases assets or expenses; decreases liabilities, capital, or income.
  7. 12. Difference between debit and credit sides of an account.
  8. 13. Accounting information must be supported by evidence and free from bias.
  9. 15. Resources owned by the business.
  10. 17. Significance of information affecting decision-making; immaterial facts need not be disclosed.
  11. 19. Book of final entry containing accounts where transactions are posted.
  12. 23. Use of same accounting methods and policies over time.
  13. 24. Document supporting a transaction used for recording in books of accounts.
  14. 26. The Concept of recording expenses in the same period as revenues they help to generate.
  15. 27. Economic event involving exchange affecting accounts.
  16. 29. Integrated Goods and Services Tax - tax on inter-state sales and imports.
Down
  1. 1. Goods and Services Tax - a destination-based consumption tax in India.
  2. 3. Increases in economic benefits during accounting period.
  3. 4. Assets recorded at historical cost paid at acquisition, not changed later.
  4. 6. Accounting principle to anticipate no profit and provide for possible losses.
  5. 8. Central Goods and Services Tax - tax to the central government on intra-state sales.
  6. 14. Aspect: Every transaction has two effects: debit (receiving) and credit (giving) aspects.
  7. 16. Decreases in economic benefits during accounting period.
  8. 18. Obligations or debts owed by the business.
  9. 20. Reduction allowed on selling price (trade discount) or payment amount (cash discount).
  10. 21. Document issued for sale or purchase indicating goods, quantity and prices.
  11. 22. Systematic recording, reporting, and analysis of financial transactions.
  12. 25. Physical money or its equivalent used in transactions.
  13. 28. Income earned from sale of goods or services recognized at point of sale.