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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

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 Expenses

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10
Q

Cartage Outwards

A

Distribution Expenses

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11
Q

Commission

A

Distribution Expenses

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12
Q

Delivery Expenses

A

Distribution Expenses

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13
Q

Depreciation on Shop Fittings

A

Distribution Expenses

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14
Q

Depreciation on Delivery Vehicles

A

Distribution Expenses

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15
Q

Freight Outwards

A

Distribution Expenses

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16
Q

Repairs to Delivery Vehicles

A

Distribution Expenses

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17
Q

Repairs and Maintenance(Shop Fittings)

A

Distribution Expenses

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18
Q

Sales Wage and Salaries

A

Distribution Expenses

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19
Q

Travelling Expenses

A

Distribution Expenses

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20
Q

Loss on Sale of Distribution Asset

A

Distribution Expenses

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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 (Other than Shop Fittings or Delivery Vehicles

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

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

Stationery

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

Bank

A

Current Assets

41
Q

Petty Cash

A

Current Assets

42
Q

Accounts Receivable

A

Current Assets

43
Q

Prepayments

A

Current Assets

44
Q

Accrued Revenue

A

Current Assets

45
Q

Closing Inventories

A

Current Assets

46
Q

Buildings

A

Plant Property Equipment

47
Q

Equipment

A

Plant Property Equipment

48
Q

Property

A

Plant Property Equipment

49
Q

Vehicles

A

Plant Property Equipment

50
Q

Plant(Machinery)

A

Plant Property Equipment

51
Q

Shares

A

Investment Assets

52
Q

Long term monies

A

Investment Assets

53
Q

Debentures

A

Investment Assets

54
Q

Goodwill

A

Intangible Assets

55
Q

Patents

A

Intangible Assets

56
Q

Royalties

A

Intangible Assets

57
Q

Research and Development Costs

A

Intangible Assets

58
Q

Interest on Loan

A

Financial Expenses

59
Q

Interest on Overdraft

A

Financial Expenses

60
Q

Interest on Hire Purchases

A

Financial Expenses

Accounting 2.3 (2 decks)

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