This class was created by Brainscape user Kenai Townsend. Visit their profile to learn more about the creator.
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Kenai Townsend
- decks
- flashcards
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Decks in this class (21)
Accrual & Prepayments
What is adjusting entries,
What is the time period assumption,
What is the revenue recognition p...
8
cards
Non- Current Assets
What are plant assets,
How are plant assets recorded,
How is land recorded
20
cards
Corporations & Stockholder's Equity
What is a corporation,
7 characteristics of a corporation,
3 characteristics of a publicly h...
12
cards
Limitations of Financial Statements
Historical nature,
Use of estimates,
Limited scope
4
cards
Liquidity Ratos
Current ratio,
Acid test ratio
2
cards
Profitability Ratios
What they do,
Gross margin percentage,
Net income percentage
10
cards
Efficiency/ Activity Ratios
Inventory turnover ratio,
Receivables collection period,
Accounts receivable turnover
4
cards
Solvency Ratios
Debt to asset,
Debt to equity,
Times interest earned interest cover
3
cards
Accounts - Users of Ratios and their Needs
The 8 users of financial information,
Investors,
Employees and their groups
7
cards
Partnerships
What is a partnership,
Advantages,
Disadvantages
11
cards
Admission of a New Partner
Contribution of assets to an exis...,
Bonus method,
Goodwill method
4
cards
Incorporation & Dissolution of a Partnership
Incorporation of a partnership,
Dissolution procedure,
Realisation a c
3
cards
Internal Control
Internal controls,
Control environment,
Risk assessment
14
cards
Liquidation & Receivership
Receivership,
Job of the receiver,
Liquidation
15
cards
Accounting Standards
Characteristics of smes,
Ias 1,
Ias 2 ifrs for smes
7
cards
Long - Term Liabilities
Bonds,
Advantages of bonds,
Disadvantages of bonds
8
cards
Investments
Why do corporations invest,
Entry for acquisition of debt inv...,
Entry for bond interest revenue
6
cards
Conceptual Framework of Accounting
What is the conceptual framework ...,
Qualitative characteristics of ac...,
Assumptions
5
cards
Cash Flow Process
Step 1,
Step 2,
Step 3
8
cards
Inflation & Accounting
Historical cost accounting,
Fair value,
Current cost
9
cards
Contingencies
What is a contingent liability,
Characteristics of contingent lia...,
What is contingent assets
4
cards
More about
Cram
- Class purpose General learning
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