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Accounting Units 1 and 2

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

By: Thisal Gamage
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Decks in this class (15)

Accounting
What is the accounting equation,
Assets,
Examples of an asset
58  cards
The balance sheet
Current asset,
Non current asset,
Current liability
4  cards
Chapter 6: Source Documents
Single entry accounting,
Cash journals,
How are the columns of cash journ...
29  cards
Chapter 7: Cash accounting for service businesses
Main source documents used to ver...,
Main source documents used to ver...,
Journal
15  cards
The Cash Flow Statement
Cash flow statement,
Operating activities,
Investing activities
4  cards
Chapter 9: Credit Transactions
Credit transaction,
Cash transactions,
Sales invoice
14  cards
Chapter 10: Reporting for a service business
Revenue,
Expense,
The income statement
21  cards
Return on Owner's Investment (ROI)
Roi,
What doews roi assess,
Formula to calculate roi
3  cards
Unit 2 Chapter 11: Trading Firms and inventory
Trading firms,
Inventory,
Perpetual inventory system
28  cards
Unit 2 Chapter 12: Reporting and Managing inventory
Net sales,
Cost of goods sold,
Adjusted gross profit
13  cards
Unit 2 Chapter 13: Accounts payable for a trading business
Credit terms,
Explain the term credit transaction,
Identify the source document used...
20  cards
Unit 2 14: Accounts receivable for a trading business
Credit sale,
Accounts receivable record,
Accounts receivable schedule
11  cards
Unit 2 Chapter 15: Reporting for trading firms and managing accounts payable and accounts receivable
Accrual accounting,
Accounts payable turnover,
Accounts receivable turnover
12  cards
Unit 2 Chapter 16: Managing Non-current assets
Tangible assets,
Intangible assets,
Historical cost
21  cards
Unit 2 Chapter 16 (Broke Version)
Formula for roa,
Asset turnover formula,
Formula for depreciation rate
7  cards

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Accounting Units 1 and 2

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