Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

BTEC Level 3 Business: Unit 3 - Personal And Business Finance > 9 - The Purpose Of Accounting > Flashcards

9 - The Purpose Of Accounting Flashcards

1
Q

What are the 5 reasons accounting is important to business success?

A 
Records transactions
Manages the business
Compliance
Measuring performance
Control
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What are the 2 categories of income?

A

Capital income

Revenue income

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What are the 2 categories of expenditure?

A

Capital expenditure

Revenue expenditure

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What type of income is a loan?

A

Capital income

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What type of income is a mortgage?

A

Capital income

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What type of income is a share?

A

Capital income

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What type of income is owner’s capital?

A

Capital income

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What type of income is a debenture?

A

Capital income

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What type of income are cash/credit sales?

A

Revenue income

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What type of income is rent received?

A

Revenue income

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What type of income is commission received?

A

Revenue income

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What type of income is interest received?

A

Revenue income

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What type of income is discount received?

A

Revenue income

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What type of expenditure is land?

A

Capital expenditure

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What type of expenditure are premises?

A

Capital expenditure

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What type of expenditure is equipment?

A

Capital expenditure

17
Q

What type of expenditure are vehicles?

A

Capital expenditure

18
Q

What type of expenditure is inventory?

A

Revenue expenditure

19
Q

What type of expenditure is rent?

A

Revenue expenditure

20
Q

What type of expenditure are rates?

A

Revenue expenditure

21
Q

What type of expenditure is heating/lighting?

A

Revenue expenditure

22
Q

What type of expenditure is water?

A

Revenue expenditure

23
Q

What type of expenditure is insurance?

A

Revenue expenditure

24
Q

What type of expenditure are salaries?

A

Revenue expenditure

25
Q

What type of expenditure are wages?

A

Revenue expenditure

26
Q

What type of expenditure are bank charges?

A

Revenue expenditure

27
Q

What type of expenditure is interest paid?

A

Revenue expenditure

28
Q

What type of expenditure is depreciation allowed?

A

Revenue expenditure

29
Q

What type of expenditure is discount allowed?

A

Revenue expenditure

30
Q

What type of expenditure is goodwill?

A

Capital expenditure

31
Q

What type of expenditure are patents?

A

Capital expenditure

32
Q

What type of expenditure are trademarks?

A

Capital expenditure

33
Q

What type of expenditure is a brand name?

A

Capital expenditure

BTEC Level 3 Business: Unit 3 - Personal And Business Finance (16 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions