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AAT LEVEL 3 > Advanced Bookkeeping > Flashcards

Advanced Bookkeeping Flashcards

1
Q

What is shown in the statement of profit and loss

A

Income and expenses

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2
Q

What is shown in the statement of financial position?

A

Assets and liabilities

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3
Q

What side is the post for money IN the bank

A

Debit

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4
Q

What side is the post for money out the bank

A

Credit

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5
Q

What is the error of omission

A

Something missed from the accounts

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6
Q

What is the error of commission

A

Posted in wrong account

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7
Q

What is the error of principle

A

Wrong type of account

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8
Q

What is an error of original entry

A

Wrong figures entered

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9
Q

Reversal of entries

A

Wrong side of account

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10
Q

Compensating error

A

More than one error but add up to same amount

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11
Q

Is carriage in/out a debit or credit

A

Debit

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12
Q

Is discount received a debit or credit

A

Credit

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13
Q

Is accumulated depreciation a debit or credit

A

Credit

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14
Q

What is capital expenditure

A

One-off costs that benefit for years

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15
Q

What is revenue expenditure

A

Costs that won’t last e.g. Maintenance

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16
Q

Is depreciation a debit or credit

A

Debit as it is an expense

17
Q

Name the 4 entries for scrapping an asset

A
  1. Credit vehicle account with original cost
  2. Debit accumulated depreciation account with full accumulated depreciation
  3. Debit disposal account with original cost of vehicle
  4. Credit disposal account with accumulated depreciation value
18
Q

3 steps of a trade in

A
  1. Remove asset (debit asset account with trade in cost and credit asset account with original cost)
  2. Remove accumulated depreciation (debit accumulated depreciation account)
  3. Enter all in disposal account (debit with original cost of asset, credit accumulated depreciation and credit trade in cost)
19
Q

What side of the account is an opening accrual

20
Q

What side of the account is a closing accrual

21
Q

What side of the account is an opening prepayment

22
Q

What side of the account is a closing prepayment

23
Q

Steps for irrecoverable debts on sales

A

Debit irrecoverable debt account

Credit SLC and individual customer accounts

24
Q

Double entry for allowance of doubtful debts

A

Debit adjustment account

Credit allowance for doubtful debts

25
Q

Does adjustments for double debts and irrecoverable debts go in SPL OR SOFP?

26
Q

Is drawings in SPL or SOFP

27
Q

Is allowance for doubtful debts in SPL or SOFP

28
Q

Are debtors and creditors shown in SPL or SOFP

29
Q

Are accruals and prepayments in SFP OR SOFP?

30
Q

What are the 5 fundamental principles?

A
  1. Integrity
  2. Objectivity
  3. Professional competence
  4. Confidentiality
  5. Professional behaviour
31
Q

Do you show the matching figure in depreciation charges as balance c/d or transfer it to profit or loss?

A

Profit or loss

AAT LEVEL 3 (1 decks)

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