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Financial Accounting 1

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

By: Hannah Foley
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Decks in this class (12)

Debit and Credit and T Accounts
Where do credit sales go 1,
Where do credit purchases go 2,
Where do cash sales go 3
28  cards
VAT
What is vat 1,
What vat can we reclaim 2,
We must charge vat on 3
26  cards
Discounts
What are trade discounts 1,
Are trade discounts given before ...,
What is a settlement discount 3
7  cards
Day Books and Ledgers
What is recorded in the cash rece...,
What is recorded in the sales day...,
Where are the primary day book to...
20  cards
Bad Debts, Allowance for Doubtful Debts and Debts Recovered
What is a bad debt 1,
Is bad debt and expense or income 2,
What journal entries are required...
12  cards
Control Accounts
Examples of internal control 1,
What is the need for internal con...,
How could a limited accounting de...
4  cards
Bank Reconciliations
What are bank reconciliations 1,
Example of error 2,
Example of omission 3
10  cards
Accruals and Prepayments
What is the accruals or matching ...,
What to debit and credit for accr...,
What to debit and credit for prep...
9  cards
Non Current Assets
2 types of depreciation 1,
Is accumulated depreciation a lia...,
What is carrying value 3
7  cards
Correction of Errors and Suspense Accounts
What is a suspense account 1,
What are the errors that do not e...,
What is an error of commission 3
17  cards
Regulatory Framework
Q what is the purpose of the regu...,
Q what are the advantages of a pr...,
Q what are the sources of regulat...
20  cards
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10  cards

More about
Financial Accounting 1

  • Class purpose General learning

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