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ACCOUNTING PRINCIPLES

This class was created by Brainscape user Neil Millard. Visit their profile to learn more about the creator.

By: Neil Millard
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Decks in this class (17)

CHAPTER 1 - KEEPING ACCOUNTS
Why do we keep accounts,
What do accounts record,
Accounts assist in
7  cards
CHAPTER 2 - ACCOUNTING EQUATION
What is capital,
Define fixed and current assets,
Define long term current liabilites
8  cards
CHAPTER 3A - DOUBLE ENTRY
Name the 4 rules for making doubl...,
What 4 pieces of information do y...,
What is the trail balance
10  cards
CHAPTER 4 - CREDIT TRANSACTIONS
What are the books of prime entry...,
How do we account for sales and p...,
Which ledger to supplier accounts...
5  cards
CHAPTER 3B - VAT
What is output tax and how is it ...,
What is input tax and how is it r...,
Explain the implications of a tot...
5  cards
CHAPTER 5 - THE CASH BOOK
What is the cashbook and where is...,
Why is the cashbook separate from...,
What are the 2 main documents use...
5  cards
CHAPTER 6 - DISCOUNTS
What is a trade discount and how ...,
What is a cash settlement discount,
What is a discount recieved and h...
5  cards
CHAPTER 7 - CONTROL ACCOUNTS
Give 4 points about control accounts,
Names 5 advantages of producing c...,
Are cash sales purchases recorded...
10  cards
CHAPTER 8 - THE TRIAL BALANCE
Name the reasons for preparing a ...,
Which accounting equation applies...,
Name and describe the 6 errors no...
4  cards
CHAPTER 8B - THE JOURNAL
What is the journal used for,
When are journal entries posted,
What is in a journal entry
5  cards
CHAPTER 11 - DEPRECIATION
What 2 reason do we record deprec...,
Name 4 reasons why assets depreciate,
Explain straight line depreciation
5  cards
CHAPTER 10 - ACCRUALS AND PREPAYMENTS
What is an accrual,
What is a prepayment and how is i...,
How are accruals and prepayments ...
4  cards
CHAPTER 9 - FINAL ACCOUNTS OF SOLE TRADERS
Which 2 financial statements make...,
How do we apply the closing stock...,
What does the trading account show
10  cards
CHAPTER 13 - NON-STAT ACCOUNTS FOR LTD COS
What are the 4 sources of capital...,
Name the 2 types of share capital,
What s the difference between the...
16  cards
CHAPTER 12 - BAD DEBT
What happens to the bad debt acco...,
When and how is a provision for b...,
How are increases and decreases t...
3  cards
CHAPTER 18 - BUDGETS
List the main budgets produced,
List the reasons for budgetary co...,
What is considered when preparing...
14  cards
CHAPTER 17 - CASH OPERATING CYCLE
Name one of the main reasons firm...,
What is overtrading,
Explain the steps in the trading ...
9  cards

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ACCOUNTING PRINCIPLES

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