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Principles of Accounts

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

By: Mr Teo
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Decks in this class (11)

Topic 1: Role of accounting
1 define bookkeeping,
2 define accounting,
3 what are the roles of accounting
9  cards
Topic 2: Accounting Concepts and Principles
1 define accounting entity concept,
2 define monetary concept,
3 define historical cost concept
11  cards
Topic 3: The Accounting Equation
1 state the accounting equation,
2 explain the term drawings,
3 explain the difference between ...
8  cards
Topic 4: The Double Entry System
1 what is the double entry rule,
2 explain the difference between ...,
3 state the reasons for the retur...
3  cards
Topic 5: Source Documents
1 what is a source document,
2 state and explain with an accou...,
3 define invoice
10  cards
Topic 6: Journals
1 what are journals,
2 what are the advantages of spec...,
3 define sales journal
9  cards
Topic 7: The General Journal
1 what is a general journal,
2 state examples of transactions ...,
What are the advantages of using ...
3  cards
Topic 8: The Cash Book
1 what is a cash book,
2 what is the purpose of a cash book,
3 explain what is dishonoured cheque
8  cards
Topic 9: Petty Cash
1 what is the imprest system,
2 what are the advantages of the ...,
3 why is petty cash fund needed
5  cards
Topic 10: Bank reconciliation
1 explain why a bank reconciliati...,
2 explain why the balance in the ...,
3 explain why a credit balance in...
5  cards
6. Trade receivable
Definition of trade receivables,
Explain why business estimates th...,
Explain with the support of the a...
16  cards

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Principles of Accounts

  • Class purpose General learning

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