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Entrance Exam > Accountancy > Flashcards

Accountancy Flashcards

1
Q

What is accounting?

A

Systematic recording, classification, and reporting of financial transactions.

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2
Q

What is GAAP?

A

Generally Accepted Accounting Principles.

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3
Q

What is IFRS?

A

International Financial Reporting Standards.

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4
Q

What is the accounting equation?

A

Assets = Liabilities + Owner’s Equity

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5
Q

What are the 3 main financial statements?

A

Balance Sheet, Income Statement, Cash Flow Statement.

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6
Q

What is Debit?

A

Left side of accounting entry, increases assets/expenses.

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7
Q

What is credit?

A

Right side of accounting entry, increases liabilities/revenue.

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8
Q

What is cash flow statement?

A

Summary of inflows/outflows of cash.

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9
Q

What is journal entry?

A

Recording of transactions in chronological order.

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10
Q

What is ledger?

A

Collection of accounts with debit/credit balances.

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11
Q

What is trial balance?

A

List of accounts with debit/credit balances.

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12
Q

What is balance sheet?

A

Snapshot of company’s financial position.

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13
Q

What is income statement?

A

Summary of revenues and expenses.

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14
Q

What is asset?

A

Resource with economic value.

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15
Q

What is Liability?

A

Debt or obligation

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16
Q

What is Retained Earnings?

A

Accumulated Profits

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17
Q

What is Owner’s Equity?

A

Owner’s claim on assets.

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18
Q

What is Revenue?

A

Income from business operations.

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19
Q

What is Expense?

A

Cost of business operations.

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20
Q

What is Cost Accounting?

A

Determining product/service costs.

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21
Q

What is Net Income

A

Revenue - Expenses

22
Q

What is Purchase

A

Acquisition of Assets

23
Q

What is Sale?

A

Transfer of assets.

24
Q

What is Depreciation?

A

Allocation of asset cost.

25
Q

What is Prepaid Expense

A

Payment before expense incurred.

26
Q

What is Amortisation?

A

Allocation of intangible asset cost.

27
Q

What is Accrual?

A

Recognition of revenue/expense.

28
Q

What is Accounts Payable?

A

Amounts owed to suppliers.

29
Q

What is Unearned Revenue

A

Payment before revenue earned.

30
Q

What is Unearned Revenue

A

Payment before revenue earned.

31
Q

What is Inventory?

A

Goods for sale.

32
Q

What is Managerial Accounting?

A

Providing info for decision-making.

33
Q

What is Standard Costing?

A

Assigning predetermined costs.

34
Q

What is Job Order Costing?

A

Tracking costs for specific jobs.

35
Q

What is Process Costing?

A

Tracking costs for mass production.

36
Q

What is ABC (Activity-Based Costing)?

A

Assigning costs to activities.

37
Q

What is Break-Even Analysis?

A

Determining profit/loss threshold.

38
Q

What is Budgeting?

A

Planning and controlling resources.

39
Q

What is Variance Analysis?

A

Analyzing differences between actual/budgeted.

40
Q

What is Lean Accounting?

A

Eliminating waste in accounting processes

41
Q

What is Tax Accounting?

A

Compliance with tax laws

42
Q

What is Income Tax?

A

Tax on individual/business income.

43
Q

What is Sales Tax?

A

Tax on sales transactions.

44
Q

What is Auditing?

A

Examining financial statements.

45
Q

What is Value-Added Tax (VAT)?

A

Tax on value added.

46
Q

What is Accounting Information System (AIS)?

A

Technology for accounting processes.

47
Q

What is Financial Reporting?

A

Communicating financial info.

48
Q

What is Accounting Ethics?

A

Professional conduct and integrity.

49
Q

What is Internal Control?

A

Procedures for financial accuracy.

50
Q

What is Professional Certification?

A

Designations like CPA, CMA, CFA.

Entrance Exam (1 decks)

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