1
Q
Ledger accounts
A
Where all double entry occurs
2
Q
DEAD CLIC
A
DR
Expenses
Assets
Drawings
CR
Liabilities
Income
Capital
3
Q
PEARLS
A
DR
Purchases
Expenses
Assets
CR
Revenue
Liabilities
Shareholders equity
4
Q
Double entry bookkeeping
A
2 effects for every transaction
5
Q
DR Entries
A
Increase in assets Decrease in liabilities Decrease in capital Increases in expenses Decreases in revenue
6
Q
CR Entries
A
Decrease in assets Increase in liabilities Increase in capital Decreases in expenses Increases in revenue
7
Q
Summary of steps to record a transaction
A
1 identify the items affected
2 consider if increased or decreased
3 decide whether each account should debited or credited
4 check the debit entry and credit entry are for the same amount
CIMA C02 Financial accounting
flashcards
Decks in class (21)
# Cards
-
1. the accounting scene26
-
2. The Framework of Financial Statements22
-
3. Double entry bookkeeping7
-
4. From trial balance to financial statements12
-
5. Accounting for returns, carriage and discounts12
-
6. Accounting for indirect taxes and payroll9
-
7. Accounting for accruals and prepayments4
-
8. Accounting for irrecoverable debts and allowances for receivables7
-
9. Inventory9
-
19. The financial statements of single entities (company accounts)16
-
18. Manufacturing account13
-
17. Income and expenditure statements9
-
10. Non current assets: aquisiton and depreciation25
-
11. Non Current Assets: Disposal and Revaluation15
-
12. Preparation of financial statements with adjustments5
-
13. Organising the bookkeeping system15
-
14. Controlling the bookkeeping system19
-
16. Incomplete records11
-
20. The statement of cash flow11
-
21. The interpretation of financial statements23
-
Final Ones55
