Across
- 2. A profitability indicator which assesses the firm’s expense control.
- 7. Inventory purchased first will be sold first.
- 9. A cost incurred in bringing inventory in a location and condition ready for sale that cannot be logically allocated to individual units of inventory.
- 11. The estimated selling price of the product less any costs involved in the selling, distribution or marketing of an item.
- 12. The ability of the business to meet its debts and continue operations in the longa-term.
- 14. Financial reports are prepared with the assumption that the entity will continue to operate into the future.
- 15. A financial indicator which measures the average number of days it takes the business to pay its accounts payable.
- 16. The ability of the business to meet its short-term debts as they fall due.
- 18. Different knowledgeable and independent observers must be able to reach a consensus that the depiction of an event is faithfully representative.
- 19. The source document used to verify purchase and sales returns.
- 21. A financial indicator which measures the average number of days it takes the business to convert inventory to sales.
- 22. The normal selling price of an asset
- 23. revenue A revenue that has been received, but not yet earned.
Down
- 1. The records of the assets, liabilities and business activities of the entity must be completely separate from the owner and other entities.
- 3. A profitability indicator which assesses how effectively the business has used the owner’s capital to earn a profit.
- 4. A decrease in assets or increase in liabilities that results in a decrease in owner’s equity (other than distributions to the owner).
- 5. The ability of a business to earn a profit compared to a base.
- 6. The ethical principle requiring that accountants do not disclose information received from the business to any external third party, except if they are given explicit permission or if there is a professional duty to do so.
- 8. Cash flows that relating to the firm’s day-to-day trading activities.
- 10. The allocation of the cost of a non-current asset over its useful life.
- 13. A debt that is expected to be uncollectable but is not confirmed.
- 17. A liquidity indicator which measures the number of times net cash flows from operating activities are able to cover the current liabilities of the business.
- 20. Financial reports must contain all information that is capable of influencing economic decisions.