Accountancy concepts 0.0 / 5 ? AccountingManagement accountingASAQA Created by: lucyfwCreated on: 24-02-18 16:38 83276104159 Across 1. When assets should be recorded at historical cost. It includes the actual amount of the transaction involved. (4) 4. Income and costs should be matched to the same financial period. (8) 5. It requires being cautious with financial figures. Its important that they always use realistic figures. Make sure that a lower figure for profit and assets should be recorded. (8) 9. - When every transaction has a corresponding debit + credit. Relates to double entry book keeping. (7) Down 2. Transactions are recorded once the transaction has legally taken place. (11) 3. Assumes that the business will carry on trading, rather than stopping. (5, 7) 6. Defines whether it is worth recording financially when items have low value. (11) 7. Making sure that accounts are kept separate from the finance of its owners. (8, 6) 8. You only deal with things that has a value and records a transaction expressed in money. (5, 11) 10. When you are making sure that there isn't any changes to the way accounting information is dealt with. (11)
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