Across
- 5. The business entity concept argues that when the owner deposits personal money into the business, this should be recorded in the ________________ account.
- 6. The concept that states that doubtful debts should be accounted for.
- 8. The opposite of objectivity and one of the main aims of accounting concepts is to diminish this.
- 9. The concept that states that the financial statements are drawn on the assumption that the business is willing and able to operate for the foreseeable future.
- 10. The concept of double-entry.
- 12. The concept that argues that once the business makes use of an accounting policy, then it should be used in future accounting periods.
- 14. The ________________ of accounting concepts is to provide a basic structure for financial reporting.
Down
- 1. The concept that states that drawings should be charged to the owner, not the business.
- 2. The concept that states that assets should be recorded at their acquisition/original price.
- 3. The value that the business will record its assets if it is not a going concern.
- 4. Another word for the accruals (concept).
- 7. The business entity concept argues that when the owner withdraws goods or money from the business for personal use, this should be recorded in the ________________ account.
- 11. The concept that states that profit is the difference between income earned and expenses incurred.
- 13. The prudence and accruals concept aid accountants in the provision of __________________.