accounts Flashcards
1
Q
use of cash budget
A
- highlight shortfall/excess
- budget following months
2
Q
how to cover shortfall
A
- spread payments for capital expenditure
- bank overdraft
3
Q
Financial accountant
A
- prepare end of year financial statements
- find/explore/analyse investment opportunities
4
Q
use of ratios
A
- compare with other years or competitors
- highlight trends
5
Q
allocated over heads
A
can be put into one department
6
Q
apportioned overheads
A
split on a suitable basis
7
Q
management accountant
A
- forecast future performance
- analyse ratios
8
Q
indirect costs/overheads
A
not directly linked to a production/department
9
Q
depreciation causes
A
- time
- usage
- obsolescence
10
Q
carriage inward
A
cost of deliveries to you
11
Q
carriage outward
A
cost of delivering to customers
12
Q
statement of account
A
- sent to customers
- shows customers monthly transactions
- shows customers balance
- shows customers credit limit
13
Q
piece rate
A
performance based pay
14
Q
profit mark up
A
percentage of profit made after costs are covered
