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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
Q

What is General Expenses

A

Administrative Expenses

26
Q

What is Insurance

A

Administrative Expenses

27
Q

What are Office expenses

A

Administrative Expenses

28
Q

What is Postage

A

Administrative Expenses

29
Q

What is Printing

A

Administrative Expenses

30
Q

What are Rates

A

Administrative Expenses

31
Q

What is Rent

A

Administrative Expenses

32
Q

What are Repairs and maintenance(other than shop fittings or delivery vehicles)

A

Administrative Expenses

33
Q

What are Salaries

A

Administrative Expenses

34
Q

What is Stationery

A

Administrative Expenses

35
Q

What is Telephone and tolls

A

Administrative Expenses

36
Q

What are Vehicle expenses (other than delivery vehicle)

A

Administrative Expenses

37
Q

What are Wages

A

Administrative Expenses

38
Q

What are Donations

A

Administrative Expenses

39
Q

What is the Loss on sale of an asset

A

Administrative Expenses

40
Q

What is interest on loan

A

Financial Expenses

41
Q

What is interest on overdraft

A

Financial Expenses

42
Q

what is interest on hire purchase

A

financial expenses

43
Q

Whats is bank?

A

Current asset

44
Q

What is petty cash

A

Current asset

45
Q

what are accounts receivable

A

current asset

46
Q

what are prepayments

A

current asset

47
Q

what is accrued revenue

A

current asset

48
Q

what are closing inventories

A

current asset

49
Q

what is equipment

A

Plant, Property and Equipment

50
Q

what are buildings

A

Plant, Property and Equipment

51
Q

what is property

A

Plant, Property and Equipment

52
Q

vehicles

A

Plant, Property and Equipment

53
Q

plant (machinery)

A

Plant, Property and Equipment

54
Q

what is good will

A

Intangible asset

55
Q

what are patents

A

Intangible asset

56
Q

what are royalties

A

Intangible asset

57
Q

what is research and development costs

A

Intangible asset

58
Q

what are shares in other companies

A

Investment assets

59
Q

what are long term monies held in investment accounts

A

Investment assets

60
Q

what are debentures

A

Investment assets

Accounting 2.3 (2 decks)

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