This class was created by Brainscape user Jayden Ngai. Visit their profile to learn more about the creator.
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Jayden Ngai
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Decks in this class (15)
Chapter 1 : Introduction to Accounting
Explain the differences between t...,
Explain the role of accounting,
State the role of accountants
19
cards
Chapter 2: Accounting Information System
Explain the difference between a ...,
Explain why businesses buy on cre...,
State the 4 stages of an accounti...
15
cards
Chapter 3 : Elements of financial statements and the accounting equation
Define assets,
Define liabilities,
Define equity
12
cards
Chapter 4 : Double Entry Recording
Define trade discount,
State the purpose of a trade disc...,
Define cash discount
6
cards
Chapter 5 : Trial balance and financial statements
Define a trial balance,
Explain the purpose of a trial ba...,
Explain the limitation of a trial...
10
cards
Chapter 6 & 7 : Income and expenses
Define the term income,
Explain the difference between re...,
Explain the term income receivable
13
cards
chapter 8 : cash
Explain the term dishonoured cheque,
State the reasons for a dishonour...,
State the purposes of internal co...
13
cards
Chapter 9 : Inventory
Define the term inventories,
State the difference between inve...,
State how a business manages inve...
9
cards
Chapter 10 : Trade Receivables
Explain the term trade receivables,
Explain why business grants credi...,
Explain the term allowance for im...
10
cards
Chapter 11 : Non-current assets
Explain the term non current assets,
Explain the term capital expenditure,
Explain the term revenue expenditure
18
cards
Chapter 12 : Trade Payables
Explain the term trade payables,
Explain why business buys on cred...,
Explain the term trade discount
5
cards
Chapter 13 : Long-term Borrowings
Explain the term long term borrow...,
Explain the term current portion ...,
Explain the term bank overdraft
8
cards
Chapter 14 : Equity
Define the term equity,
Define the term capital,
Define the term drawings
10
cards
Chapter 15 : Correction Of Errors
Explain the limitation of a trial...,
Explain how errors could still ex...,
State 5 examples of errors that a...
3
cards
Chapter 16 : Financial statements analysis
Define the term profitability,
Explain why it is important for a...,
State ways to improve profitabili...
8
cards
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POA
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