Financial accounting for manages

Clues

• Are documents that summerise all transactions between a buyer and a seller over a given time. (9, 2, 8)
• Are documents used to initiate or confirm the placing of an order for goods or services from a supplier. (8, 6)
• Are made up of reserves that havebeen accumulated by the business over the years it has been operating. Prudent owners will keep some of the profits their business makes each year in the company. This retained profit belongs to the shareholders. (12, 5)
• Are part of the double-entry syste,. This ledger contains all the impersonal accounts of the business such as fixed assets, expenses, sales and purchases accounts. (7, 7)
• Are part of the double-entry system. This contains the individual personal accounts of the businesses credit suppliers. The main entries in the purchases ledger are posted from the sales journals and the cashbooks. (8, 7)
• Chronolgical list of all subsequently returned to the company by customers. These are compiled from credit notes issued by the company. (5, 7, 8)
• Contain a chronological list of all credit purchases. These are compiled from invoices recieved from creditors (suppliers). (8, 8)
• Is a statement that shows a businesses assets and liabilities on a particular day. In effect it shows what a business owns and how it is financed. (1, 7, 5)
• Is the practice of placing costs incurred and revenue generated by a business in the financial periods in which goods and services were used and products were sold. Not necessarily when payments were actually made. (8, 7)
• Refers to the underlying principle that financial accounting is only concerned with recording items that have a definite measurable monetary value. (5, 11)