Accounting Crossword Puzzle: Reviewing Principles and Conventions

The video tutorial introduces a newspaper named 'Let's Dude' and discusses its contents, including a section on accounting crossword puzzles. The teacher guides students through solving the crossword, explaining various accounting principles and conventions such as the disclosure concept, conservatism convention, entity principle, accrual principle, consistency convention, cost principle, materialistic convention, and going concern principle. The session concludes with encouragement to practice more crosswords and read newspapers.

What principle is applied when a company discloses a lawsuit in their financial statement that has not been settled yet?

Which accounting convention is applicable when Mr. Ricky makes a sale of 20,000 but knows that 5,000 will be bad debts?

What principle states that personal assets of the owner will not appear on the company's balance sheet?

Which principle states that a transaction should be recorded in the period in which they actually occur?

What convention is violated by changing accounting principles every year?

Which concept requires a company's balance sheet to report its land at cost price rather than market price?

What principle is associated with the assumption that a company will continue long enough to carry out its objectives?