Accounting Concepts 2.5 / 5 based on 2 ratings ? AccountingConceptsGCSEOther Created by: summerjohnston2061Created on: 22-06-13 02:50 923467158 Across 1. is resource controlled by an entity as a result of past events & from which future economic benefits are expected to flow to the entity. (5) 4. is a present obligation of the entity arising from past events, the settlement of which is expected to result in & outflow from the entity of resources embodying economic benefits. (9) 5. Assets such as term deposits or shares in companies, which are expected to be kept in the business for more than one reporting period. These are normally more easily converted into cash than property, plant & equipment. (10, 6) 6. is a residual interest in the assets of the entity after the deducting all its liabilities. (6) 8. These assets are expected to be retained in the business beyond the end of the next reporting period. They are further divided into: Investment Assets, Property, Plant & Equipment & Intangible Assets. (3, 7, 6) Down 2. The entity will continue in the existence for the foreseeable future. (5, 7) 3. Assets are recorded at the amount of cash paid (or payable) at the time of their acquisition. (10, 4) 7. Assets that are held for trading or that we expect will turn into cash, or be used up within the next reporting period. These assets include cash at bank, accounts receivable, stock of goods for resale (inventory), supplies such as cleaning materials (7, 6) 9. All transactions are measured in dollars. The dollar is the common unit of measure. (8, 11)
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