Chapter Onee Flashcards
What are the typical business transactions?
Selling, buying, withdrawing from bank, paying expenses, paying tax
Types of business entities
Sole trader, partnership, limited company
What is accounting
The process of recording business transactions
How do businesses measure preformance?
Financial statements at end of year
What is a business transaction supported with
A business document
What is a financial document
A document recorded in the book of prime entry
What words also describe sales income
Revenue and sales revenue
What is the process of business docs
Quote
Customer order
Delivery note
Invoice
Credit note
Remittance advice more
How could you check the details on a document match?
Sales order, delivery note, invoice match
What is a delivery note?
A kite that accompanies the delivery of good
What should you remember when raising a credit note
Whether a discount was applied
What is used to record petty cash
Pretty cash vouchers
