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Accounting 2.3 > Classifications of Financial Elements > Flashcards

Classifications of Financial Elements Flashcards

1
Q

Sales

A

revenue/income

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2
Q

Fees

A

revenue/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

Dividends Received

A

other income

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7
Q

Rent Received

A

other income

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8
Q

Discount Received

A

other income

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9
Q

Advertising

A

distribution expense

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10
Q

Cartage Outwards

A

distribution expense

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11
Q

Commision

A

distribution expense

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12
Q

Delivery Expenses

A

distribution expense

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13
Q

Depreciation on shop fittings

A

distribution expense

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14
Q

Depreciation on delivery vehicles

A

distribution expense

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15
Q

Freight Outwards

A

distribution expense

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16
Q

Repairs on delivery vehicles

A

distribution expense

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17
Q

Repairs and maintenance

A

distribution expense

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18
Q

Sales wages and salaries

A

distribution expense

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19
Q

Traveling expenses

A

distribution expense

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20
Q

Loss on sale of distribution asset

A

distribution expense

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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

A

Administrative Expenses

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24
Q

Electricity

A

Administrative Expenses

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25
Q

General Expences

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

A

Administrative Expenses

31
Q

rent

A

Administrative Expenses

32
Q

Repairs and Maintenance

A

Administrative Expenses

33
Q

Salaries

A

Administrative Expenses

34
Q

Stationary

A

Administrative Expenses

35
Q

Telephone and Tolls

A

Administrative Expenses

36
Q

Vehicle Expenses

A

Administrative Expenses

37
Q

Wages

A

Administrative Expenses

38
Q

Donations

A

Administrative Expenses

39
Q

Loss on Sale of Asset

A

Administrative Expenses

40
Q

Equipment

A

Property Plant Equipment

41
Q

Buildings

A

Property Plant Equipment

42
Q

Property

A

Property Plant Equipment

43
Q

Vehicles

A

Property Plant Equipment

44
Q

Plant (Machinery)

A

Property Plant Equipment

45
Q

Interest on Loan

A

Financial Expenses

46
Q

Interest on Overdraft

A

Financial Expenses

47
Q

Interest on hire purchase

A

Financial Expenses

48
Q

Bank, if a positive balance

A

Current Asset

49
Q

Petty Cash

A

Current Asset

50
Q

Accounts receivable

A

Current Asset

51
Q

prepayments

A

Current Asset

52
Q

Accrued Revenue

A

Current Asset

53
Q

Closing Inventories

A

Current Asset

54
Q

Shares in other companies

A

Investment Asset

55
Q

Long term monies held in investment accounts

A

Investment Asset

56
Q

Debrntures

A

Investment Asset

57
Q

Goodwill

A

Intangible Asset

58
Q

Patents

A

Intangible Asset

59
Q

Royalties

A

Intangible Asset

60
Q

Research

A

Intangible Asset

61
Q

Development Costs

A

Intangible Asset

Accounting 2.3 (2 decks)

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