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o level principles of accounts

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

By: naomi khai
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Decks in this class (18)

introduction to accounting
State the role of accounting,
State the role of accountants,
Owners and shareholders
26  cards
accounting theories
Accounting entity,
Accounting period,
Accrual basis of accounting
12  cards
accounting information system and source documents
Accounting cycle,
Accounting info system,
Purpose of source documents
16  cards
elements of financial statements and the accounting equation
Examples of trading business,
Examples of service business,
Trading business vs service busin...
12  cards
double-entry recording
Debit,
Credit,
Double entry rules
3  cards
trial balance
What is a trial balance,
Purposes of trial balance,
What is a limitation of a trial b...
3  cards
cash and bank reconciliation statement
Trade discount,
Why is a trade discount given,
Cash discount
24  cards
inventory
Why do businesses keep inventories,
How do businesses manage inventories,
Identify cost of inventory purchased
13  cards
trade receivables and trade payables
Define trade receivables,
Define trade payables,
Provide services on credit to cus...
12  cards
allowance for impairment of trade receivables
Define allowance for impairment o...,
Formula for allowance for impairm...,
Why businesses need to account fo...
12  cards
non-current assets
Define capital expenditure,
Define revenue expenditure,
Distinguish between capital and r...
25  cards
incomes, expenses and adjustments to income and expenses
When recording ir iria ep and pe,
Journal entries for receiving xx ...,
Journal entries for received at y...
12  cards
long-term borrowings
Bank loan repayment period more t...,
Bank loan cash is transferred to ...,
Bank loan presented as a long ter...
8  cards
correction of errors
How does errors not revealed by a...,
Income increase,
Expense increase
4  cards
capital and drawings
Capital,
Drawings,
Explain the accounting of drawing...
10  cards
share capital, dividends and retained earnings
Sole proprietorship capital struc...,
Limited liability partnership cap...,
Private limited company capital s...
37  cards
financial statements analysis
Profitability,
Importance of being profitable,
Consequences of not being profitable
32  cards
preparation of financial statements
Trading business statement of fin...,
Discount received,
Gain on sale of nca
11  cards

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o level principles of accounts

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Principles of Accounting
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  • 358 flashcards
  • 31 learners
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