1
Q
Asset
A
Everything owned by a business
2
Q
Example of an asset
A
Vehicles, stock, inventory, property, trade receivables, cash in the bank
3
Q
Liability
A
Anything that is owed by a business
4
Q
Example of a liability
A
Bank, investors, loans
5
Q
Income
A
Money received from a business
6
Q
Example of an income
A
Sales, revenue, capital
7
Q
Running costs
A
Regular cost that are incurred by a business
8
Q
Example of running costs
A
Electricity bill, water bill, gas bill, rent, purchases, wages, salary, drawings
9
Q
RAIL meaning
A
Running costs, Assets, Income, Liabilities
10
Q
Dr meaning
A
Debit
11
Q
Cr meaning
A
Credit
Accounting
flashcards
Decks in class (27)
# Cards
-
Source Documents9
-
RAIL11
-
INFORMATION OBTAINED FROM BANK STATEMENT6
-
TRADE DISCOUNT AND CASH DISCOUNT2
-
Receivable Ledger4
-
Payable Ledger4
-
Mrs Snows Knowledge Test13
-
Mr Lewis Knowledge Test8
-
Benefits of Preparing Bank Reconciliation Statement6
-
Ms Snow Assessed Task12
-
Ms Snow Assesed Task Pt 25
-
Income Statements12
-
Full Income Statement2
-
Key Terminology14
-
Accountig Knowledge Test 19/1221
-
Mr Jey Knowledge Test 15nth Jan13
-
Role of an Account9
-
Applications of Accounting Concepts10
-
Accounting Concepts9
-
mr jey 11nth march20
-
mrs snow 13nth may19
-
mr jey 18nth march21
-
assesment 19nth march6
-
budgets knowledge test17
-
limited companies knowledge test12
-
profitability ratios17
-
marginal costing17
