Chapter 1 Flashcards

1
Q

Sales of goods / Services

A

Revenue from main trading activity

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2
Q

Purchases

A

Buying goods for resale

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3
Q

Expenses

A

Revenue expenditure - day to day operating costs

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4
Q

Payroll / wages

A

Staff costs

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5
Q

Receipts

A

Cash inflow

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6
Q

Payments

A

Cash outflow

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7
Q

Cash and bank

A

Physical cash & Cash at financial institutions

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8
Q

Income

A

Any generation of revenue

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9
Q

Cash Transaction

A

Goods and services are provided on payment

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10
Q

Credit Transactions

A

Goods / Services are provided before payment

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11
Q

Expenditure

A

Includes expenses and purchases

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12
Q

Account

A

Record of similar financial transactions In a business

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13
Q

Ledger

A

A set of related accounts

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14
Q

Payroll

A

List of employees and the wages due to each

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15
Q

Petty cash

A

Small amount of cash held for the payment of expenses

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16
Q

Purchases

A

Buying goods for resale