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Financial Accounting: Preparing Financial Statements

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

By: Aaliyah Dhanesh
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Decks in this class (17)

Accounting Principles
H,
What do users refer to,
What does being on the public rec...
63  cards
Accounting Concepts
Provide a summary of the flow of ...,
What are the two main financial s...,
Wha is the spl also referred to a...
54  cards
Purchase Of Non-Current Assets
Describe non current assets and p...,
What are non currents assets some...,
What do capex and revex stand for
39  cards
Depreciation Of Non-Current Assets
Where is the double entry for the...,
Describe the general purpose of d...,
What is the accounting rule that ...
35  cards
Disposal Of Non-Current Assets
When we dispose of an asset we ha...,
When do we get a profit on disposal,
When do we get a loss on disposals
22  cards
Accruals And Prepayments
In order for our financial statem...,
Describe accruals,
Describe prepayments
20  cards
Inventory
What is the international account...,
Describe inventory,
What is the double entry for when...
36  cards
Irrecoverable And Doubtful Debts
What s the difference between an ...,
Describe irrecoverable debts,
What s the double entry you make ...
28  cards
Bank Reconciliations
When a business is dealing with a...,
Why is the cash figure very impor...,
Describe bank reconciliations
11  cards
Control Account Reconciliations
What is the problem that arises a...,
What are memorandums subsidiary l...,
Any transactions related to recei...
35  cards
The Trial Balance, Errors, & Suspense Accounts
If we list all of the balancing f...,
If computerised accounting softwa...,
Describe a suspense account
12  cards
The Extended Trial Balance
Describe the extended trial balance,
What are the steps to produce an ...,
What may en etb in computerised a...
3  cards
Value Added Tax
Describe vat,
Describe output vat,
Describe input vat
13  cards
Final Acconts For A Sole Trader
4 exam tips regarding the predati...,
Does closing inventory go on sfp ...,
Describe the accounting equation
3  cards
Partnerships
Describe a partnership,
Define capital in terms of partne...,
Define profit share in terms of p...
14  cards
Interpreting Financial Statements
Ratios can be calculated to see how,
Calculating ratios can aid in 3,
What are the different profitabil...
12  cards
Incomplete Records
What is the equation for closing ...,
As net assets capital we can also...,
If there are no records relating ...
22  cards

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Financial Accounting: Preparing Financial Statements

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