A-Level Accounting Flashcards

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T H I S T O R I C C O S T C O N C E P T W
S W W G W C V A U E C A J L K T V N X S Q
X T F O A V Q A T J O D G Y P E T B B W M
M P R O F I T L O S S A C C O U N T K E E
F K B A L A N C E C A R R I E D D O W N B
D F D W W H Q M P Q K I V S A Q M I Q S N
R E A L I S A T I O N C O N C E P T W W N
P M N Y N K E S Q D O D F I X C H A A Y R
G O I N G C O N C E R N C O N C E P T A G
J X P N E T O V E R A L L P R O F I T J F
F K U L Y E M X S K S W N N H L V N D F Y
M A T E R I A L I T Y C O N C E P T X A R
S N E O S A L W C K W T D D Q A U O W L J
G X W D U A L A S P E C T C O N C E P T C
W J X L C O N X F M R H C B A N V D M I J
M A N U F A C T U R I N G C O N C E R N M
H N U X G X X O N Y K J A H N N B H L X Y
W A C C O U N T I N G R E C O R D S E E M
H W G G M G Q D I B I O G E V X U L H U L
A G U A P D M Q V P K O N B R V G Y S V H
C O J A M T R U L Y M B D M V X L M M V J

Clues

  • Accounting records store information about all the financial transactions and events of a business (10, 7)
  • All transactions are recorded at their cost to the business (8, 4, 7)
  • Balance carried down is the closing balance of a ledger account that is carried forward to the next accounting period (7, 7, 4)
  • It is assumed that a business will continue to exist for a long period of time (5, 7, 7)
  • Manaufacturing products to then be sold (13, 7)
  • Profits are realised (actually earned) when cash or a debtor replaces the goods or services. A transaction is not realised when an order is received or when a debtor pays their debt (11, 7)
  • The dual aspect concept is that every transaction has two aspects which must be equal in order to keep in balance the accounting equation, A – L= C (4, 6, 7)
  • The increase in the financial value or worth of a business after all expenses have been deducted from income (10, 6)
  • The profit and loss account is a financial statement which sets out the results of the trading activities of an enterprise in a detailed breakdown of income generated and expenses incurred (6, 4, 7)
  • This concept implies that you should not waste time recording transactions that are trivial (involving very small amounts of money) (11, 7)

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