Stakeholders and Accounting theories

Edit Answers
12345678910111213141516171819202122
Across
  1. 2. __________ basis of accounting: Business activities that have occurred, regardless of whether cash is paid or received, should be recorded in the relevant accounting period
  2. 4. Prudence theory: The accounting treatment chosen should be the one that least overstates assets and profits and least __________ liabilities and losses
  3. 9. __________ supply goods and/or services to the business
  4. 10. Accounting __________ theory: Life of a business is divided into regular time intervals
  5. 11. Owners and __________ contribute capital to the business and expect profit distribution in return
  6. 12. Historical cost theory: Transactions should be recorded at their __________ costs
  7. 13. Accounting entity theory: Assets of the business and the owner are considered to be __________
  8. 15. __________ buy goods/and or services from the business
  9. 17. __________ theory: Relevant information should be reported in the financial statements if it is likely to make a difference to the decision-making process
  10. 18. __________ theory: Accounting information recorded must be supported by reliable and verifiable evidence so that financial statements will be free from opinions and biases
  11. 21. __________ recognition: Revenue is earned when goods have been delivered or services have been provided
  12. 22. __________ concern theory: A business has an indefinite economic life unless there is credible evidence that it may close down
Down
  1. 1. __________ work for the business and devise strategic plants to run the business efficiently
  2. 3. An accountant who is __________ will not let bias, conflict of interest or the undue influence of others override his or her professional judgement
  3. 5. __________ work for the business and perform executive duties
  4. 6. __________ theory: Once an accounting method is chosen, this method should be applied to all future accounting periods to enable meaningful comparison
  5. 7. __________ enforce tax regulations
  6. 8. __________ sell similar goods and/or services as the business
  7. 14. __________ theory: Expenses incurred must be matched against income earned in the same period to determine the profit for that period
  8. 16. __________ theory: Only business transactions that can be measured in numerical currency/monetary terms are recorded
  9. 19. An accountant with __________ is straightforward and honest in all professional relationships.
  10. 20. __________ make money available to the business and expect it to be fully repaid with interest