Across
- 3. present obligation owed due to previous events
- 5. users can understand and identify similarities and differences in information across a period of time
- 7. resource that will be able to produce future economic benefit
- 10. business will continue to operate in the future
- 12. financial information has to make sense to users with reasonable business knowledge
- 14. decrease in owners equity that relates to business operations
- 15. owners interest or investment in the business
Down
- 1. information reported must be truthful to real world economic event
- 2. information represents honestly what it says it represents. Financial information is supported by evidence
- 4. records of business must be kept separate to the owner of the business
- 6. increase in owners equity that comes from business operations
- 8. information must be available to decision makers in time to influence decisions
- 9. revenue is recognised when it is earned and expenses are recognised when they are incurred
- 11. information is related to economic decisions to help users
- 13. reports are prepared for a set time period