Across
- 3. Inventory counting method where inventory is only counted at the end of the period
- 5. Difference between cost of a non-current asset and its accumulated depreciation
- 8. Expenses paid in advance for benefits that relate to the next financial period.
- 9. Expenses incurred but not yet paid by year-end; added to expenses and recognised as liabilities.
- 10. Inventory costing method where oldest items are considered sold first
- 11. Year-end adjustment that is always required because it can only be calculated after year-end as it is based on profit
Down
- 1. Distribution of profit to shareholders; recognised as a liability once declared.
- 2. Systematic allocation of the cost of a non-current asset over its useful life.
- 4. Opening inventory plus purchases minus closing inventory; deducted from revenue to calculate gross profit.
- 6. Cost of borrowing funds; may require year-end adjustment if has accrued but not been paid.
- 7. Inventory counting method where inventory is counted every time there is a movement