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 is the name of the newspaper mentioned in the video?

• Let's Dude

• The Daily Times

• The Accounting Journal

• Financial News

Which accounting principle is applied when a company discloses a lawsuit in its financial statement?

• Conservatism

• Entity

• Disclosure

• Consistency

What accounting convention is used when a provision is made for expected bad debts?

• Materiality

• Conservatism

• Cost

• Matching

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

• Disclosure

• Going Concern

• Accrual

• Entity

What principle requires transactions to be recorded in the period they occur, not when cash is received?

• Cost

• Accrual

• Materiality

• Consistency

Which principle ensures that a company continues long enough to fulfill its objectives?

• Accrual

• Going Concern

• Disclosure

• Entity

How is profit determined according to the matching principle?

• By comparing revenue with expenses

• By comparing revenue with liabilities

• By comparing expenses with liabilities

• By comparing assets with liabilities