Topic 5 Balance Sheet

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Across
  1. 3. An assumption that requires owner and business to be treated separately
  2. 4. A source of funding obtained from banks to finance the business
  3. 6. The use of headings in the Balance Sheet to assist users' comprehension
  4. 7. An account that can be either an asset or a liability
  5. 8. Credit suppliers
  6. 12. An account used to record all changes pertaining to owner's investment in the business
  7. 13. Credit buyers
  8. 14. A sum of finances obtained from external and internal sources
  9. 15. The business is assumed to be operating perpetually
  10. 16. Owner's personal assets are not useful for decision making about a business
  11. 18. A resource controlled to generate economic values
Down
  1. 1. A set of concepts made to guide accountants in recording and reporting financial information
  2. 2. Qualities of Financial Reports
  3. 5. An account used to record owner's removal of assets for personal use
  4. 9. Stocks are recorded at cost price rather than at selling price
  5. 10. Guidelines followed when recording financial information
  6. 11. The stage in the Accounting Process where a Balance Sheet is prepared
  7. 17. The Balance Sheet prepared at a particular point in time is compared to the Balance Sheet is a prior period to assess financial position