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Accounting 2.3 > Classifications of Financial Elements > Flashcards

Classifications of Financial Elements Flashcards

1
Q

Sales

A

Revenue and Income

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2
Q

Fees

A

Revenue and Income

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3
Q

Commission received

A

Other Income

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4
Q

Gain on sale of a fixed asset

A

Other Income

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5
Q

Interest received

A

Other Income

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6
Q

Rent received

A

Other Income

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7
Q

Discount received

A

Other Income

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8
Q

Dividends received

A

Other Income

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9
Q

Advertising

A

Distribution cost

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10
Q

Cartage outwards

A

Distribution cost

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11
Q

Commission

A

Distribution cost

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12
Q

Delivery expenses

A

Distribution cost

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13
Q

Depreciation on shop fittings

A

Distribution cost

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14
Q

Depreciation on delivery vehicles

A

Distribution cost

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15
Q

Freight outwards

A

Distribution cost

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16
Q

Repairs to delivery vehicles

A

Distribution cost

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17
Q

Repairs and maintenance (shop fittings)

A

Distribution cost

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18
Q

Sales, wages and salaries

A

Distribution cost

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19
Q

Travelling expenses

A

Distribution cost

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20
Q

Lost on sale of distribution asset

A

Distribution cost

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21
Q

Accounting fees

A

Administrative expenses

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22
Q

Audit fees

A

Administrative expenses

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23
Q

Depreciation on shop fittings

A

Administrative expenses

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24
Q

Electricity

A

Administrative expenses

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25
Q

General expenses

A

Administrative expenses

26
Q

Insurance

A

Administrative expenses

27
Q

Office expenses

A

Administrative expenses

28
Q

Postage

A

Administrative expenses

29
Q

Printing

A

Administrative expenses

30
Q

Rates office

A

Administrative expenses

31
Q

Rent Office

A

Administrative expenses

32
Q

Repairs and maintanance

A

Administrative expenses

33
Q

Salaries Office

A

Administrative expenses

34
Q

Stationary

A

Administrative expenses

35
Q

Office telephone and tolls

A

Administrative expenses

36
Q

Vehicle expenses

A

Administrative expenses

37
Q

Wages Office

A

Administrative expenses

38
Q

Donations

A

Administrative expenses

39
Q

Loss on sale of asset

A

Administrative expenses

40
Q

Interest on loan

A

Financial expenses

41
Q

Interest overdraft

A

Financial expenses

42
Q

Interest -Hire purchases

A

Financial expenses

43
Q

Bank

A

Current assets

44
Q

Petty cash

A

Current assets

45
Q

Accounts receivable

A

Current assets

46
Q

Prepayments

A

Current assets

47
Q

Accrued revenue

A

Current assets

48
Q

Closing inventory

A

Current assets

49
Q

Equipment

A

Plant, property and equipment

50
Q

Buildings

A

Plant, property and equipment

51
Q

Property

A

Plant, property and equipment

52
Q

Vehicles

A

Plant, property and equipment

53
Q

Plant (Machinery)

A

Plant, property and equipment

54
Q

Shares in other companies

A

Investments

55
Q

Long term monies held in investment accounts

A

Investments

56
Q

Debentures

A

Investments

57
Q

Goodwill

A

Intangible

58
Q

Patents

A

Intangible

59
Q

Royalties

A

Intangible

60
Q

Research and development cost

A

Intangible

Accounting 2.3 (2 decks)

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