Accounting Concepts Crossword Puzzle

QUESTIONS LIST:

• business entity : financial information is recorded and reported separately from the owner's personal financial information.
• consistent reporting : the same accounting principles must be followed in the same way in each accounting period.
• objective evidence : a source document is prepared for each transaction.
• accounting period cycle : changes in financial information are reported for a specific period of time in the form of financial statements.
• historical cost : the actual amount paid for merchandise or other items bought is recorded.
• full disclosure : financial statements contain all information necessary to understand a business's financial condition.
• materiality : business activities creating dollar amounts large enough to affect business decisions should be recorded and reported as separate items in the accounting records and financial statements.
• neutrality : the process of making accounting estimates is free from bias.
• matching : the revenue from business activities and the expenses associated with earning that revenue are recorded in the same accounting period.
• realization of revenue : revenue is recorded at the time goods or services are sold.
• unit of measurement : business transactions are reported in numbers that have common values.
• going concern : financial statements are prepared with the expectation that a business will remain in operation indefinitely.