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Accounting 2.3 > Classifications of Financial Elements > Flashcards

Classifications of Financial Elements Flashcards

1
Q

Sales are….

A

Revenue

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2
Q

Fees are…..

A

Revenue

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3
Q

Commission Received is….

A

Other Income

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4
Q

Discount Received is….

A

Other Income

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5
Q

Rent Received is….

A

Other Income

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6
Q

Interest Received is….

A

Other Income

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7
Q

Gain on Sale of a Fixed Asset is….

A

Other Income

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8
Q

Advertising is….

A

Distribution Costs

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9
Q

Cartage Outwards is….

A

Distribution Costs

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10
Q

Commission is….

A

Distribution Costs

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11
Q

Delivery Expenses are….

A

Distribution Costs

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12
Q

Depreciation on Shop Fittings are

A

Distribution Costs

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13
Q

Depreciation on Delivery Vehicles are

A

Distribution Costs

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14
Q

Freight Outwards is….

A

Distribution Costs

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15
Q

Repairs to Delivery Vehicles are….

A

Distribution Costs

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16
Q

Repairs and Maintenance (Shop Fittings) are….

A

Distribution Costs

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17
Q

Sales Wages & Salaries are….

A

Distribution Costs

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18
Q

Traveling Expenses are….

A

Distribution Costs

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19
Q

Loss on Sale of Distribution Asset is….

A

Distribution Costs

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20
Q

Dividends Received is….

A

Other Income

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21
Q

Accounting Fees are….

A

Administrative Expenses

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22
Q

Audit Fees are….

A

Administrative Expenses

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23
Q

Depreciation (on something other than Shop Fittings or Delivery Vehicles) is….

A

Administrative Expenses

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24
Q

Electricity is…

A

Administrative Expenses

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25
General Expenses are....
Administrative Expenses
26
Insurance is....
Administrative Expenses
27
Office Expenses are....
Administrative Expenses
28
Postage is...
Administrative Expenses
29
Printing is...
Administrative Expenses
30
Rates are....
Administrative Expenses
31
Rent is....
Administrative Expenses
32
Repairs & Maintenance (not to Shop Fittings or Delivery Vehicles) are....
Administrative Expenses
33
Salaries are....
Administrative Expenses
34
Stationery is....
Administrative Expenses
35
Telephone & Tolls are....
Administrative Expenses
36
Vehicle Expenses (other than Delivery Vehicles) are....
Administrative Expenses
37
Wages are....
Administrative Expenses
38
Donations are....
Administrative Expenses
39
Loss on Sale of Asset is....
Administrative Expenses
40
Interest on loan is....
Finance Costs
41
Interest on Mortgage is....
Finance Costs
42
Interest on Hire Purchases is....
Finance Costs
43
Interest on Overdraft is....
Finance Costs
44
Bank (Positive Balance) is....
Current Assets
45
Petty cash is....
Current Assets
46
Accounts Receivable is....
Current Assets
47
Accrued Income is....
Current Assets
48
Prepayments are....
Current Assets
49
Closing Inventories are....
Current Assets
50
Equipment is....
Property, Plant & Equipment
51
Property is....
Property, Plant & Equipment
52
Plant (Machinery) is....
Property, Plant & Equipment
53
Buildings are....
Property, Plant & Equipment
54
Vehicles are....
Property, Plant & Equipment
55
Shares in other Companies is....
Investment Assets
56
Debentures are....
Investment Assets
57
Long Term Monies in investment Accounts are....
Investment Assets
58
Goodwill is....
Intangible Assets
59
Patents are....
Intangible Assets
60
Royalties are....
Intangible Assets
61
Research & Development Costs
Intangible Assets

Accounting 2.3 (2 decks)

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