Across
- 4. principle states that businesses should use the same accounting methods and procedures from period to period
- 6. Accounting method that records revenues when earned and expenses when incurred (2 words)
- 7. Principle that states that acquired assets and services should be recorded at their actual cost.
- 8. Principle that holds that a company should report enough information for outsiders to make knowledg
- 9. Assumption that requires accountants in the U.S. to record transactions in dollars (2 words)
- 10. A business should report the least favorable figures in the financial statements when two or more possible options are presented
Down
- 1. Assumption that assumes that the entity will remain in operation for the forseeable future (2 words)
- 2. Principle that requires companies to record revenue when it has been earned and determines the amount of revenue to record (2 words)
- 3. Concept that states that the company must perform strictly proper accounting only for items that are significant to the business financial situation
- 5. Principle that guides accounting for expenses; ensures that all expenses are recorded when they are incurred during the period