accountancy

1. Metadata
1 Topic Accounting Concepts
2 Subject Accountancy
3 Topic connected to area Introduction to Accounting
4 Class/ Level XI
5 Objectives Understandingthe basic terms used in accounting
6 Summary Accounting concepts arefundamental to the preparation of
financial statements of the firm. A firmunderstandingof the
basic terms and accountingconcepts is necessary to accurately
deal with the accountingprocess.This activity assessesthe
understandingof basic accountingconcepts through Crossword
activity.
7 Key Words Accounting, GAAP, Accounting Concepts
8 Team of content persons Shipra Vaidya
9 Subject Coordinator Shipra Vaidya
10 CIET Coordinator --

2. ACROSS
3. -------- basis of accounting in which entries in the book of accounts are made when cash is received or paid.
4. ------- basis of accounting the monetory effect of a transaction is taken in the period they are earned or
incurred rather than actually received or paid.
8. ---------- asset applicable to all debts, unsettled transactions or other monetary obligations owed to a business
firm by its debtors or customers.
12. ------- is referred to a permanent, continuing and gradual shrinkage in the book value of fixed assets.
13. Business events involving monetary value between two or more entities is called -----------
15. -------- is an item of expense which are paid in advance in the normal course of business operations.
17. ------- is an asset which is considered to have an infinite useful life and is not depreciated, unless specified to
have limited useful life.
18. Balance sheet is a statement of the assets, liabilities and capital of a business detailing the balance of income
and expenditure over the preceding period at a particular ______ in time.
22. ------- is named as a Book of Original Entry.
24. Income of the company is also known as ______ line of the income statement.
25. ------- are costs incurred by a business firm in the process of earning revenue.
30. Trial Balance agreement guarantee arithmetic accuracy, it is not a _____ technique of accounting accuracy.
CROSSWORD : Basic Concepts of Accounting
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3. 32. ------ is regarded as a principal book of accounting system containing all accounts debited and credited.
33. ---------- accounting concept that requires all assets to be recorded at their purchase price in the book of
accounts.
34. Amount earned or income generated by a business firm through sale of goods or services or any other item
during an accounting period is called ----------.
35. The state or condition of yielding a financial profit or gain.
36. GAAP is referred to as universally accepted -------------- of accounting for compiling financial statements of an
enterprise.
DOWN
1. A statement of the assets, liabilities and capital of a business organization at a particular point in time, detailing
the balance of income and expenditure over the preceding period is called --------------- sheet.
2. ------- is a company’s legal debt or obligation that arises during the course of business operations.
5. ---------- refers to the amounts that the company has on its books for an asset or a liability.
6. ------- are the economic resources of an enterprise that can be usefully expressed in monetary terms.
7. ------- is an accounting entry that either increases an asset or expense account, or decreases a liability or equity.
9. A = C+L is a basic accounting -----------------------.
10. Dual aspect is the foundation of accounting in which every transaction has ------- fold effect.
11. Income statement is also referred to as Statement of Profit and ----------.
12. Every Debit entry has a corresponding Credit entry is referred to as -----------------------entry system.
14. The financial statement that records revenues and expenses of an accounting period is known as --------------
statement.
16. ------------------------ earning is a part of shareholder’s equity.
19. ----------- accounting concept requires that profit should not be recorded until realized but all losses are to be
recorded in the book of accounts.
20. An accounting entry that either increases a liability or equity account, or decreases an asset or expense account
is called ------
21. The financial statements of a company included Statement of Profit and Loss, Balance Sheet and the Statement
of Cash ------.
23. ------- is another name for shareholders’equity.
26. -------- is a money owed to creditors, lenders and others, presented as a liability in the balance sheet of a firm.
27. A liability account that report amounts received in advance of providing goods or services is called -------.
28. A complete listing of every account in an accounting system is called --------------- of accounts.
29. Inventory is sometimes reported at an amount that is -------------- than its cost.
31. The income statement and the statement of cash flows report amounts covering a ---------- of time.

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