Accounting principles

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Across
  1. 7. this principle prevents a business from changing depreciation methods over time.
  2. 9. this principle insists that only transactions having a monetary value should be recorded in the financial statements.
  3. 10. this principle is a reflection of the double-entry system.
Down
  1. 1. this principle states that assets should be recorded at their cost value in the financial statements.
  2. 2. this principle states that a business should prepare its financial statements on the ground that it will continue operating in the foreseeable future.
  3. 3. this principle makes it clear that revenues and profits should not be overstated - rather, a provision for all possible losses and costs should be made.
  4. 4. this principle states that the transactions of the owners and the business should be kept separate from each other.
  5. 5. this principle states that revenues should be recorded only when they have effectively taken place in the business.
  6. 6. this principle states that expenses and revenues should be recognised according to the period in which they occur.
  7. 8. this principle states that transactions are recorded according to their material value.