Unit 1 Accounting revision crossword

Edit Answers
12345678910111213141516171819202122232425
Across
  1. 3. Source documents that are not recorded in the Cash Receipts Journal or the Cash Payments Journal.
  2. 4. Purchases and sales of these are reported in the Cash Flow Statement as investing activities.
  3. 6. Items which result in an increase in assets (or a decrease in liabilities) and an increase in owner's equity, that are the result of a firm's operations.
  4. 8. Accounting assumption that requires profit to be calculated at least once a year.
  5. 10. Reported in the Cash Flow Statement as a financing outlow.
  6. 13. Journal which is used to record transactions when a business provides a service on credit.
  7. 14. A current asset.
  8. 16. An example of the use of internal finance by a business.
  9. 18. No items regarding this are reported in the Income Statement.
  10. 20. Increases a business' liability and cash at bank but doesn't impact profit.
  11. 21. May be reported in the Balance Sheet as a current liability and a non-current liability.
  12. 22. This is reported in the Owner's Equity section of the Balance Sheet.
  13. 24. Results in a decrease in cash at bank but is not an expense and therefore has no impact on profit.
  14. 25. This is not reported as an expense even though it results in a decrease in assets and a decrease in owner's equity.
Down
  1. 1. Is reported as a current asset in a situations when a business is entitled to a GST refund from the ATO.
  2. 2. Reported in the Income Statement as revenue and reported in the Cash Flow Statement as an operating inflow.
  3. 5. Results in an increase in profit but has no impact on cash.
  4. 7. A current liability.
  5. 9. The accounting assumption that would be breached is an owner's personal assets were included in the Balance Sheet of their business.
  6. 11. A non-current asset.
  7. 12. Decreases a business' GST liability and is recorded in the sundries column of the Cash Payments Journal.
  8. 15. A reason why business' need to keep source documents even after they have been recorded in the journals.
  9. 17. Reported in the Income Statement as an expense and is an operating outflow in the Cash Flow Statement.
  10. 19. The third stage of the accounting process.
  11. 23. Reported in the Income Statement as an expense.