Accounting defentions

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

Clues

  • A service the trader has paid a supplier for in the current financial year but that have not been used - current asset in balance sheet (7, 7)
  • A service the trader has used in the current year, but has not yet paid for - current liability in balance sheet (7, 7)
  • Debts owed by the traders to a creditor that must be repaid after one year such as bank loans or mortgages (3, 7, 10)
  • Debts the trader owes to creditors that must be repaid with in one financial year such as suppliers (7, 11)
  • Discounts the trader gave the customers for prompt payment - debit of TB, expense in the income statement (9, 7)
  • Discounts the trader recieved from the suppier for prompt payment - credit in TB and added to gross profit in income statement (9, 8)
  • Resources the trader owns and intends to keep for longer than one year such as premises or vehicles because they are essential to the long term operation of the business. (3, 7, 6)
  • Resources the trader owns and intends to turn into cash such as stock and debtors and therefore will be kept for less than one year. (7, 6)
  • The positive or negative figure left after all overheads are deducted from revenue - increases or decreases capital in the balance sheet (3, 10)
  • The reduction in the value of fixed assets because these resources have a finite life and will need to be replaced. (12)

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