This class was created by Brainscape user Jaben Squirrell. Visit their profile to learn more about the creator.
By:
Jaben Squirrell
- decks
- flashcards
- learners
Decks in this class (118)
Trial Balance
Positive of trial balance,
Limitation of trial balance,
Addition error
12
cards
Control Accounts
What are the two types of control...,
The sales ledger control account ...,
The sales ledger control account ...
21
cards
General Journal
What does it record,
Items included in general journal,
Is it part of double entry system
3
cards
Suspense Account
When is it used,
If debits more than credits then ...,
If credits more than debits then ...
6
cards
Adjustments to income statement
How will an increase in a source ...,
How will an increase in expenses ...,
How will and increase in closing ...
4
cards
Accounting Concepts
Money measurement,
Duality,
Cost
10
cards
Preparation of financial statements of sole traders
What concept is inventory valuati...,
Should inventory be valued at the...,
What is net realisable value
6
cards
LLC Income Statements
1st,
2nd,
3rd
11
cards
LLC Statement Of Financial Position
What sections are the same as sol...,
What is the capital section chang...,
Equity
13
cards
LLC SOFP Terminology
What is authorised share capital,
What is issued share capital,
Why are capital reserves created
8
cards
Statement of changes in equity
Vertical row 1,
Vertical row 2,
Vertical row 3
13
cards
Profitability Ratios
Gross profit margin,
Mark up,
Profit in relation to revenue
14
cards
Liquidity Ratios
What do liquidity ratios measure,
Current ratio,
Liquid capital ratio
4
cards
Capital Structure Ratios
Capital gearing,
Total equity
2
cards
Efficiency Ratios
Expenses in relation to revenue,
What does inventory turnover mean,
Inventory turnover times
12
cards
Ratio Analysis
Why may a profitable business be ...,
Why may a unprofitable business e...,
Limitations of financial statements
4
cards
Budgeted income statements
Current selling price,
Next year s selling price,
Next year s number of units sold
13
cards
Budgeted statement of financial position
Inventory,
Bank account,
Non current liabilities
5
cards
Variances
Can variances be negative,
What are fav variances,
What are adv variances
3
cards
Benefits of using budgets
Target setting,
Improved planning,
Control
7
cards
Limitations of budgets
Figures may be inaccurate,
Budgets can be restrictive and pr...,
Budgets can demotivate staff
5
cards
Types of budgeting
What is zero based budgeting,
What is incremental budgeting,
Advantages of zero based budgeting
6
cards
Cash Budget
Net cash flow,
Opening balance,
Closing balance
4
cards
Sales Budget
What does the sales budget record
1
cards
Production budget
What does the production budget do,
Production
2
cards
Purchases budget
What does the purchases budget do,
Purchases,
Purchases cost
3
cards
Labour budget
What does the labour budget do
1
cards
Specific budgets Benefits
Give 3 examples of benefits of sp...,
Target setting,
Improved planning
7
cards
Specific Budgets Limitations
State 3 limitations of specific b...,
Figures may be inaccurate,
Budgets can be restrictive and pr...
6
cards
Types of costs
What is a direct cost,
What is an indirect cost,
What are variable costs
7
cards
Contribution and break-even analysis
Contribution per unit,
Total contribution,
Contribution per unit
11
cards
Make or Buy decisions
What is a make or buy decision,
Rule 1,
Rule 2
4
cards
Acceptance of additional work
What does it mean,
Conditions for acceptance 1,
Conditions for acceptance 2
5
cards
Price Setting
What does cost plus pricing mean,
Selling price,
What else must the business consider
3
cards
Optimum use of scarce resources
What are scarce resources,
How to maximise profits regarding...,
Contribution per unit of scarce r...
3
cards
Optimum production plan
What does an optimum production p...,
What does an optimum production p...
2
cards
Closure of a loss-making line or production department
Why do some production department...,
When should a business close a lo...,
What is the exception to not clos...
3
cards
Target Profit
What does target profit mean,
Level of sales needed to achieve ...,
Contribution sales ratio
4
cards
Standard costing - Advantages
What are the advantages of standa...,
Price setting,
Other decision making
6
cards
Standard costing - Disadvantages
What are the disadvantages of sta...,
Changing prices of resources,
Incorrect decisions
4
cards
Variance analysis
What is variance,
What do favourable variances caus...,
What do adverse variances cause t...
9
cards
Materials variance
What is materials variance,
Overall materials variance,
What is materials price sub varia...
7
cards
Labour variances
What is labour variance,
Overall labour variance,
What is labour rate sub variance ...
7
cards
Sales variances
What is the overall sales variance,
Overall sales variance,
What is the sales price sub varia...
6
cards
Causes of variances?
Causes of a materials price variance,
Causes of a materials usage variance,
Causes of a labour rate variance
6
cards
Absorption Costing
What are cost cenres,
What are cost units,
What is marginal costing
12
cards
Overhead abosrption
What does absorption mean,
How to share overheads for a cost...,
When to use an oar for labour or ...
6
cards
Marginal costing v Absorption costing
Benefits of marginal costing,
Limitations of marginal costing,
Why does absorption costing provi...
5
cards
Activity Based Costing
What are cost pools,
What are cost drivers,
Example of cost driver for each b...
12
cards
Payback
What does investment mean,
What does capital investment mean,
What does investment appraisal mean
9
cards
Net present value
When is money more valuable,
How to calculate money s present ...,
What does a positive net present ...
6
cards
Statement of affairs
What does a statement of affairs ...,
What is capital the difference be...,
Capital
4
cards
Accounting ratios to calculate missing figures
Mark up,
Mark up cost of sales,
Mark up revenue
12
cards
Missing figures using control accounts
Where is credit sales,
What can credit sales be the miss...,
What side is balance c d on the s...
8
cards
Missing figures in the cash account
What can be the missing figure be...,
What side is balance c d on the c...,
How to calculate missing figure o...
3
cards
Late calculation of inventory
How to calculate late inventory a...
1
cards
Accounting for losses of inventory
Why might a loss of inventory occur,
What is the figure for missing in...
2
cards
Expenses from incomplete records
Working out depreciation when not...,
Profit or loss on disposal of non...
2
cards
Income statement from incomplete records
How to calculate revenue,
Sales revenue,
How to calculate purchases and co...
5
cards
SOFP from incomplete records
How to calculate non current assets,
How to calculate inventory,
How to calculate trade receivables
9
cards
Keeping incomplete records
Disadvantages of keeping incomple...,
More errors disadvantage,
Cant verify accuracy of bookkeepi...
11
cards
Partnership Act 1890
When does this act come into action,
Rule 1 capital,
Rule 2 loans
8
cards
Partnership income statements
Up to what point are they similar,
What is needed after profit for t...,
What is needed after profit for t...
9
cards
Partnership SOFP
What is the difference in the fir...,
What is the difference in the sec...,
How is the capital section differ...
3
cards
Goodwill
What is goodwill,
Is goodwill an asset,
What does goodwill refer to
9
cards
Revaluation account
What is revaluation,
What is the double entry for an i...,
What is the double entry for a de...
5
cards
Accounting for retirement of a partner
What should you account for first,
What should you account for second,
What should you do third
9
cards
Accounting for admission of a new partner
Method 1,
What is the double entry for capi...,
Method 2
5
cards
Statement of cash flows (operating activities)
What is section 1 of the statemen...,
Operating profit,
Depreciation
13
cards
Statement of cash flows (Investing activities)
What is the second section called,
Sale of non current assets,
Purchase of non current assets
5
cards
Statement of cash flows (Financing activities)
What is the 3rd section of the st...,
Issue of shares including share p...,
New loans or debentures
6
cards
Statement of cash flows (change in cash and cash equivalents)
What is the total of all three se...,
Where is cash and cash equivalent...,
Where is cash and cash equivalent...
3
cards
Calculating operating profit from retained earnings / profit for the year
Retained earnings at end start of...,
Profit for the year mix around to...
2
cards
Calculating cost of additions to non-current assets
Step 1,
Step 2,
Step 3
3
cards
Calculating depreciation on non-current assets
Step 1,
Step 2
2
cards
Benefits of statements of cash flows
Benefits 3,
What is the importance of liquidi...
2
cards
Limitations of statements of cash flows
Limitations 3
1
cards
Schedule of non-current assets
What does it show,
What are the vertical columns,
What are the horizontal columns s...
5
cards
Rights issues and bonus issues
What is a rights issue,
How is share premium created,
What is a bonus issue
9
cards
Published Accounts
Why do businesses publish accounts,
Where do businesses need to publi...,
What is the benefit of published ...
8
cards
Main elements of published accounts
Who are the rules regarding what ...,
What can the income statement pro...,
What can the sofp provide 3
9
cards
Purpose and importance of the international accounting standards framework
What do the international account...,
What do ias ensure,
The purpose of international acco...
9
cards
Investors' ratios
Dividend per share,
Dividend yield,
What does dividend yield show
11
cards
Cash and profits
What is cash,
Profit,
What is profit affected by
6
cards
The interests of stakeholders
What is the interests of the owne...,
What are the interests of shareho...,
What are the interests of employees
9
cards
Importance of effective communication
Importance of communication to ow...,
Importance of communication to sh...,
Importance of communication to ma...
8
cards
Accounting software
What is accounting software used ...,
What is accounting software used ...,
What is accounting software used ...
9
cards
Principles of ethical behaviour
What are the accounting bodies,
What are the principles of ethica...,
Integrity
12
cards
Board of Directors
Who are directors elected by,
What are directors,
What does the board of directors ...
14
cards
The role of auditors and the audit report
Who are auditors appointed by,
What are the appointed to do,
Who do auditors report to
11
cards
The role of the remittance committee
What does the remittance committe...,
What must the remittance committe...,
How does integrity apply to membe...
7
cards
Corporate governance
What does corporate government mean,
What is the main aim of corporate...,
What are the three recommendation...
3
cards
Corporate Social Responsibility
What does csr mean,
Examples of csr relating to emplo...,
Examples of csr relating to custo...
6
cards
Finance Reporting Council (FRC)
What is the frc uk s regulator for,
What is frc s mission,
What else is the frc responsible for
5
cards
Department for Business, Energy and Industrial Strategy (BEIS)
What is it responsible for 5,
What does beis do,
How does it contribute to regulation
3
cards
European Union
What is the main expectation of t...
1
cards
Consultative Committee of Accountancy Bodies
What is the ccab,
What are the organisations under ...
2
cards
Chartered Institute of Management Accountants
What is the short name for it,
What is the code of conduct for i...,
What do they provide a framework ...
3
cards
How to act ethically
What are the 5 threats to the pri...,
Self interest,
Self review
11
cards
Safeguards
What are the two types of safeguards,
What are some safeguards made by ...,
What are some of the safeguards i...
5
cards
Source Documents
What are the 8 source documents u...,
Sales invoices,
Purchase invoices
17
cards
Books of prime entry
What are the six books of prime e...,
Sales journal,
Purchases journal
9
cards
Ledgers
What are the three ledgers,
What does the receivables ledger ...,
What do the customer accounts in ...
10
cards
Double Entry
What is an asset,
What is a liability,
Give 4 examples of running costs
18
cards
Capital Expenditure
What does expenditure mean,
What is the acronym,
What does lidia stand for
4
cards
Revenue expenditure
What is revenue expenditure,
What does revenue expenditure inc...
2
cards
Capital/revenue income
What is capital income,
What is revenue income
2
cards
Understanding the income statement
What is revenue,
Does revenue include credit sales...,
Where are sales returns shown below
16
cards
Statement of Financial Position
What are non current assets,
What are current assets,
What is inventory
12
cards
Prepayments
What is a prepayment,
Is a prepayment an asset or liabi...,
What is the double entry of a pre...
7
cards
Accruals
What is an accrual,
Is an accrual a current asset or ...,
What is the double entry for an a...
7
cards
Irrecoverable debt
What is irrecoverable debt,
What is the double entry for irre...
2
cards
Depreciation
What does depreciation mean,
What are the three methods of cal...,
Straight line method 1
18
cards
Income Due
What is income due,
What is the double entry for inco...,
Does accrued income increase or d...
3
cards
Income received in advance
What is it,
What is the double entry for inco...,
Does prepaid income decrease or i...
3
cards
Irrecoverable debts recovered
What are irrecoverable debts,
What is an irrecoverable debt rec...,
What is the double entry for an i...
3
cards
Provision for doubtful debts
What is provision for doubtful debts,
What is the double entry when mak...,
What is the double entry for an i...
4
cards
Bank Reconciliation
How to complete cash book,
How to produce bank reconciliation,
How to produce bank reconciliatio...
3
cards
More about
Accounting
- Class purpose General learning
Learn faster with Brainscape on your web, iPhone, or Android device. Study Jaben Squirrell's Accounting flashcards now!
How studying works.
Brainscape's adaptive web mobile flashcards system will drill you on your weaknesses, using a pattern guaranteed to help you learn more in less time.
Add your own flashcards.
Either request "Edit" access from the author, or make a copy of the class to edit as your own. And you can always create a totally new class of your own too!
What's Brainscape anyway?
Brainscape is a digital flashcards platform where you can find, create, share, and study any subject on the planet.
We use an adaptive study algorithm that is proven to help you learn faster and remember longer....
