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Accounting 2.3 > Classifications of financial elements > Flashcards

Classifications of financial elements Flashcards

1
Q

What are Sales

A

Revenue/Income

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2
Q

what are Fees

A

Revenue/Income

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3
Q

What is Commission Received

A

Other Income

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4
Q

What is the Gain on Sale of an asset

A

Other Income

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5
Q

What is Interest Received

A

Other Income

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6
Q

What is Rent Received

A

Other Income

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7
Q

What is a Discount Received

A

Other Income

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8
Q

What are Dividends Received

A

Other Income

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9
Q

What is Advertising

A

Distribution Costs

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10
Q

What is Cartage Outwards

A

Distribution Costs

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11
Q

What is Commission paid

A

Distribution Costs

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12
Q

What are Delivery Expenses

A

Distribution Costs

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13
Q

What is Depreciation on shop fittings

A

Distribution Costs

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14
Q

What is the Depreciation on delivery vehicle

A

Distribution Costs

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15
Q

What is Freight outwards

A

Distribution Costs

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16
Q

What are Repairs to delivery vehicles

A

Distribution Costs

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17
Q

What are Repairs and maintenance(shop fittings)

A

Distribution Costs

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18
Q

What are Sales wages and salaries

A

Distribution Costs

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19
Q

What are Travelling expenses

A

Distribution Costs

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20
Q

What is Loss on sale of distribution asset

A

Distribution Costs

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21
Q

What are Accounting fees

A

Administrative Expenses

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22
Q

What are Audit Fees

A

Administrative Expenses

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23
Q

What is Depreciation (other than shop fittings or delivery vehicles)

A

Administrative Expenses

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24
Q

What is Electricity

A

Administrative Expenses

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25
What is General Expenses
Administrative Expenses
26
What is Insurance
Administrative Expenses
27
What are Office expenses
Administrative Expenses
28
What is Postage
Administrative Expenses
29
What is Printing
Administrative Expenses
30
What are Rates
Administrative Expenses
31
What is Rent
Administrative Expenses
32
What are Repairs and maintenance(other than shop fittings or delivery vehicles)
Administrative Expenses
33
What are Salaries
Administrative Expenses
34
What is Stationery
Administrative Expenses
35
What is Telephone and tolls
Administrative Expenses
36
What are Vehicle expenses (other than delivery vehicle)
Administrative Expenses
37
What are Wages
Administrative Expenses
38
What are Donations
Administrative Expenses
39
What is the Loss on sale of an asset
Administrative Expenses
40
What is interest on loan
Financial Expenses
41
What is interest on overdraft
Financial Expenses
42
what is interest on hire purchase
financial expenses
43
Whats is bank?
Current asset
44
What is petty cash
Current asset
45
what are accounts receivable
current asset
46
what are prepayments
current asset
47
what is accrued revenue
current asset
48
what are closing inventories
current asset
49
what is equipment
Plant, Property and Equipment
50
what are buildings
Plant, Property and Equipment
51
what is property
Plant, Property and Equipment
52
vehicles
Plant, Property and Equipment
53
plant (machinery)
Plant, Property and Equipment
54
what is good will
Intangible asset
55
what are patents
Intangible asset
56
what are royalties
Intangible asset
57
what is research and development costs
Intangible asset
58
what are shares in other companies
Investment assets
59
what are long term monies held in investment accounts
Investment assets
60
what are debentures
Investment assets

Accounting 2.3 (2 decks)

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