Classifications of Financial Elements Flashcards by William Bastings

Q

Sales are….

A

Revenue

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Fees are…..

A

Revenue

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Commission Received is….

A

Other Income

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Discount Received is….

A

Other Income

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Rent Received is….

A

Other Income

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Interest Received is….

A

Other Income

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Gain on Sale of a Fixed Asset is….

A

Other Income

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Advertising is….

A

Distribution Costs

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Cartage Outwards is….

A

Distribution Costs

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Commission is….

A

Distribution Costs

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Delivery Expenses are….

A

Distribution Costs

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Depreciation on Shop Fittings are

A

Distribution Costs

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Depreciation on Delivery Vehicles are

A

Distribution Costs

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Freight Outwards is….

A

Distribution Costs

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Repairs to Delivery Vehicles are….

A

Distribution Costs

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Repairs and Maintenance (Shop Fittings) are….

A

Distribution Costs

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Sales Wages & Salaries are….

A

Distribution Costs

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Traveling Expenses are….

A

Distribution Costs

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Loss on Sale of Distribution Asset is….

A

Distribution Costs

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Dividends Received is….

A

Other Income

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Accounting Fees are….

A

Administrative Expenses

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Audit Fees are….

A

Administrative Expenses

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

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

A

Administrative Expenses

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Electricity is…

A

Administrative Expenses

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

General Expenses are….

A

Administrative Expenses

Q

Insurance is….

A

Administrative Expenses

Q

Office Expenses are….

A

Administrative Expenses

Q

Postage is…

A

Administrative Expenses

Q

Printing is…

A

Administrative Expenses

Q

Rates are….

A

Administrative Expenses

Q

Rent is….

A

Administrative Expenses

Q

Repairs & Maintenance (not to Shop Fittings or Delivery Vehicles) are….

A

Administrative Expenses

Q

Salaries are….

A

Administrative Expenses

Q

Stationery is….

A

Administrative Expenses

Q

Telephone & Tolls are….

A

Administrative Expenses

Q

Vehicle Expenses (other than Delivery Vehicles) are….

A

Administrative Expenses

Q

Wages are….

A

Administrative Expenses

Q

Donations are….

A

Administrative Expenses

Q

Loss on Sale of Asset is….

A

Administrative Expenses

Q

Interest on loan is….

A

Finance Costs

Q

Interest on Mortgage is….

A

Finance Costs

Q

Interest on Hire Purchases is….

A

Finance Costs

Q

Interest on Overdraft is….

A

Finance Costs

Q

Bank (Positive Balance) is….

A

Current Assets

Q

Petty cash is….

A

Current Assets

Q

Accounts Receivable is….

A

Current Assets

Q

Accrued Income is….

A

Current Assets

Q

Prepayments are….

A

Current Assets

Q

Closing Inventories are….

A

Current Assets

Q

Equipment is….

A

Property, Plant & Equipment

Q

Property is….

A

Property, Plant & Equipment

Q

Plant (Machinery) is….

A

Property, Plant & Equipment

Q

Buildings are….

A

Property, Plant & Equipment

Q

Vehicles are….

A

Property, Plant & Equipment

Q

Shares in other Companies is….

A

Investment Assets

Q

Debentures are….

A

Investment Assets

Q

Long Term Monies in investment Accounts are….

A

Investment Assets

Q

Goodwill is….

A

Intangible Assets

Q

Patents are….

A

Intangible Assets

Q

Royalties are….

A

Intangible Assets

Q

Research & Development Costs

A

Intangible Assets