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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
Q

General Expenses are….

A

Administrative Expenses

26
Q

Insurance is….

A

Administrative Expenses

27
Q

Office Expenses are….

A

Administrative Expenses

28
Q

Postage is…

A

Administrative Expenses

29
Q

Printing is…

A

Administrative Expenses

30
Q

Rates are….

A

Administrative Expenses

31
Q

Rent is….

A

Administrative Expenses

32
Q

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

A

Administrative Expenses

33
Q

Salaries are….

A

Administrative Expenses

34
Q

Stationery is….

A

Administrative Expenses

35
Q

Telephone & Tolls are….

A

Administrative Expenses

36
Q

Vehicle Expenses (other than Delivery Vehicles) are….

A

Administrative Expenses

37
Q

Wages are….

A

Administrative Expenses

38
Q

Donations are….

A

Administrative Expenses

39
Q

Loss on Sale of Asset is….

A

Administrative Expenses

40
Q

Interest on loan is….

A

Finance Costs

41
Q

Interest on Mortgage is….

A

Finance Costs

42
Q

Interest on Hire Purchases is….

A

Finance Costs

43
Q

Interest on Overdraft is….

A

Finance Costs

44
Q

Bank (Positive Balance) is….

A

Current Assets

45
Q

Petty cash is….

A

Current Assets

46
Q

Accounts Receivable is….

A

Current Assets

47
Q

Accrued Income is….

A

Current Assets

48
Q

Prepayments are….

A

Current Assets

49
Q

Closing Inventories are….

A

Current Assets

50
Q

Equipment is….

A

Property, Plant & Equipment

51
Q

Property is….

A

Property, Plant & Equipment

52
Q

Plant (Machinery) is….

A

Property, Plant & Equipment

53
Q

Buildings are….

A

Property, Plant & Equipment

54
Q

Vehicles are….

A

Property, Plant & Equipment

55
Q

Shares in other Companies is….

A

Investment Assets

56
Q

Debentures are….

A

Investment Assets

57
Q

Long Term Monies in investment Accounts are….

A

Investment Assets

58
Q

Goodwill is….

A

Intangible Assets

59
Q

Patents are….

A

Intangible Assets

60
Q

Royalties are….

A

Intangible Assets

61
Q

Research & Development Costs

A

Intangible Assets

Accounting 2.3 (2 decks)

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