financial education

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Across
  1. 3. - Another term for the prudence convention, emphasizing caution in financial reporting (12 letters).
  2. 7. - The principle that all relevant financial information should be reported in financial statements (10 letters).
  3. 9. Value - The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction (9 letters).
  4. 10. - The principle that financial statements should be based on verifiable evidence (10 letters).
  5. 11. - The principle that financial information must be applicable to the decision-making needs of the user (9 letters).
  6. 15. - The convention that a business is separate from its owner and other businesses (6 letters).
  7. 16. - The convention that allows ignoring minor expenses that would not significantly impact financial statements (11 letters).
  8. 18. - The convention that financial statements should be prepared at regular intervals (11 letters).
Down
  1. 1. Aspect - The principle that every financial transaction has equal and opposite effects on two different accounts (10 letters).
  2. 2. - The idea that accounting practices should be consistent across all businesses within the same industry (9 letters).
  3. 4. - The convention that assets should be recorded at their original purchase price (4 letters).
  4. 5. - The concept that revenue and expenses should be recognized when they are earned or incurred, not when cash is received or paid (7 letters).
  5. 6. - The convention that requires recognizing expenses and liabilities as soon as possible, but revenue only when it is assured (8 letters).
  6. 8. - The convention that accounting information should be supported by independent evidence (12 letters).
  7. 12. - The principle that requires the same accounting methods to be used from period to period (11 letters).
  8. 13. - The concept that transactions should be recorded based on their economic reality, not just their legal form (9 letters).
  9. 14. - The concept that revenue should only be recognized when it is earned and reasonably certain (11 letters).
  10. 16. - The concept that expenses should be matched with the revenues they help to generate (8 letters).
  11. 17. Concern - The assumption that a business will continue to operate indefinitely (12 letters).