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

9 - The Purpose Of Accounting Flashcards

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1
Q

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

A 
Records transactions
Manages the business
Compliance
Measuring performance
Control
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2
Q

What are the 2 categories of income?

A

Capital income

Revenue income

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3
Q

What are the 2 categories of expenditure?

A

Capital expenditure

Revenue expenditure

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4
Q

What type of income is a loan?

A

Capital income

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5
Q

What type of income is a mortgage?

A

Capital income

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6
Q

What type of income is a share?

A

Capital income

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7
Q

What type of income is owner’s capital?

A

Capital income

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8
Q

What type of income is a debenture?

A

Capital income

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9
Q

What type of income are cash/credit sales?

A

Revenue income

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10
Q

What type of income is rent received?

A

Revenue income

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11
Q

What type of income is commission received?

A

Revenue income

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12
Q

What type of income is interest received?

A

Revenue income

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13
Q

What type of income is discount received?

A

Revenue income

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14
Q

What type of expenditure is land?

A

Capital expenditure

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15
Q

What type of expenditure are premises?

A

Capital expenditure

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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)

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