Across
- 1. __________ work for the business and devise strategic plants to run the business efficiently
- 4. Historical cost theory: Transactions should be recorded at their __________ costs
- 8. __________ recognition: Revenue is earned when goods have been delivered or services have been provided
- 9. __________ make money available to the business and expect it to be fully repaid with interest
- 12. __________ advice : Inform credit supplier that payment by cheque has been made for a specific invoice
- 14. __________ theory: Expenses incurred must be matched against income earned in the same period to determine the profit for that period
- 15. __________ note : States the amount to be added on to the invoice issued earlier due to customer being undercharged
- 17. __________ note : States the amount to be reduced from the invoice issued earlier due to customer being overcharged or returned goods
- 18. Bank statement : Check and __________ against the business records of its cash at bank account
- 20. __________ supply goods and/or services to the business
- 21. __________ concern theory: A business has an indefinite economic life unless there is credible evidence that it may close down
- 22. __________ theory: Only business transactions that can be measured in numerical currency or monetary terms are recorded
- 24. An accountant with __________ is straightforward and honest in all professional relationships.
- 25. __________ basis of accounting: Business activities that have occurred, regardless of whether cash is paid or received, should be recorded in the relevant accounting period
Down
- 2. Accounting period theory: Life of a business is divided into __________ time intervals
- 3. An accountant who is __________ will not let bias, conflict of interest or the undue influence of others override his or her professional judgement
- 5. __________ enforce tax regulations
- 6. __________ theory: Accounting information recorded must be supported by reliable and verifiable evidence so that financial statements will be free from opinions and biases
- 7. Accounting entity theory: Assets of the business and the owner are considered to be __________
- 10. Owners and __________ contribute capital to the business and expect profit distribution in return
- 11. __________ sell similar goods and/or services as the business
- 13. Receipt : __________ payment received from customers immediately after goods were sold or services were provided
- 16. __________ : Process payment to credit suppliers
- 17. __________ buy goods/and or services from the business
- 19. __________ work for the business and perform executive duties
- 23. __________ : States the amount the buyer owes the seller for goods or services provided on credit