This class was created by Brainscape user Stirling Hamilton. Visit their profile to learn more about the creator.
- decks
- flashcards
- learners
Decks in this class (27)
Chapter 1 - Purpose of Accounting
What is the purpose of accounting,
What is the definition of the acc...,
What are the four stages of the a...
3
cards
Chapter 1 - AA's
Period assumption,
Accrual basis as,
Going concern assumption
4
cards
Chapter 1 - QC's
Relevance,
Faithful representation,
Verifiability
6
cards
Chapter 1 - Accounting Elements
Asset,
Liability,
Owner s equity
5
cards
Chapter 2 - The Accounting Equation
What,
What is the balance sheet,
Why is the balance sheet titled a...
10
cards
Chapter 3 - The General Ledger
Ledger account definition,
General ledger definition,
Which side is the debit side and ...
10
cards
Chapter 4 - Cash Transactions
What source document verifies a t...,
What is required,
What increase and decreases gst
9
cards
Chapter 5 - Accounts Payable
Accounts payable definition,
Which two qc s allow for the reco...,
How does the going concern assump...
12
cards
Chapter 5 - Part 2
Settlement discount definition,
Discount revenue defintion,
What are the entries for a transa...
5
cards
Chapter 6 - Account Receivable
Account receivable definition,
Credit sale definition,
Entries for a credit sale
12
cards
Chapter 7 - Othe transactions
What is a memo,
What is fair value,
Referring to one accounting assum...
9
cards
Chapter 8 - (Identified C)Recording and Reporting for Inventory
What is a trading firm,
Why is inventory so important for...,
Inventory card definition
13
cards
Chapter 8(2)- FIFO and comparision
Fifo first in first out definition,
How is an inventory gain recorded...,
How in an inventory loss recorded...
10
cards
Chapter 9 - Valuing and Managing Inventory
What is the cost of inventory,
Product cost definition,
Period cost defintion
12
cards
Chapter 10 - Reporting for profit
Net profit formula,
Closing the ledger definition,
Profit and loss summary ledger ex...
15
cards
Chapter 11 - Reporting for Cash
Uses for the cash flow statement,
Strategies to generate cash inflow,
Strategies to minimise cash outflows
4
cards
Chapter 11-Cash vs Profit
Identify the three main reasons w...,
Identify two cash inflows that ar...,
Explain the effect these items wi...
8
cards
Chapter 11 Define the Cash Flow statement
What does operating activities mean,
What does financing activities mean,
What does
5
cards
Chapter 12-Prepaid/Accrued Expenses
Exp,
Explain how profit is earned unde...,
As
11
cards
Chapter 13 - Accounting for NCA (1)
Depreciation defintion,
Depreciation expense definition,
Which accounting assumption does ...
10
cards
Chapter 14 - Account for NCA (2)
What are the steps in a disposal ...,
Reducing balance method of deprec...,
Loss on disposal of nca
7
cards
Chapter 15 - Bad and Doubtful Debts
Bad debt definition,
Doubtful debt definition,
Referring to two qualitative char...
8
cards
Chapter 16-Unearned/Accrued Revenues
Definition of unearned revenues,
Explain why unearned revenue is c...,
Identify two situations that may ...
6
cards
Chapter 17 - Budgeting
Budgeting definition,
What are two key differences betw...,
What is the budgeting process
5
cards
Chapter 18-Formulas
How do you calculate return on ow...,
How to you calculate debt ratio,
How do you calculate return on as...
6
cards
Chapter 18 - Measures and Theory
What does roi measure,
What does a high debt ratio say a...,
What does debt ratio measure
12
cards
Chapter 19 - Evaluating Liquidity (1)
How is,
What does wcr measure,
What should a business do if thei...
6
cards
More about
Accounting Units 3 and 4
- Class purpose General learning
Learn faster with Brainscape on your web, iPhone, or Android device. Study Stirling Hamilton's Accounting Units 3 and 4 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....
Looking for something else?
Accounting Units 3 & 4
- 25 decks
- 558 flashcards
- 23 learners
Decks:
Sac 1 Booklet 1, Chapter 1, Chapter 2, And more!
