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Abi Accounting 2017 > Closing Transfers > Flashcards

Closing Transfers Flashcards

1
Q

How many steps are involved in Closing Transfers?

A

8

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2
Q

What is the first step in closing transfers?

A

Transfer the Debtors Allowances to Sales

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3
Q

What is the second step of Closing Transfers?

A

Transfer Cost of Sales to the Trading account

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4
Q

What is the third step of Closing Transfers?

A

Transfer Sales to the Trading account

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5
Q

What is the fourth step of Closing Transfers?

A

Determine the Gross Profit (close off the Trading Account to Profit and Loss)

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6
Q

What is the fifth step of Closing Transfers?

A

Transfer all income accounts to the Profit and Loss account

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7
Q

What is the sixth step of Closing Transfers?

A

Transfer all expenses to the Profit and Loss account

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8
Q

What is the seventh step of Closing Transfers?

A

Determine the Net Profit (close off Profit and Loss to Capital)

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9
Q

What is the eighth step of Closing Transfers?

A

Close of Drawings to Capital

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10
Q

Name the debits and credits of:

Step 1 in Closing Transfers

A

Cr Debtors Allowances

Dr Sales

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11
Q

Name the debits and credits of:

Step 2 of Closing Transfers

A

Cr Cost of Sales

Dr Trading

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12
Q

Name the debits and credits of:

Step 3 of Closing Transfers

A

Cr Trading

Dr Sales

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13
Q

Name the debits and credits of:

Step 4 of Closing Transfers

A

Cr Profit and Loss

Dr Trading

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14
Q

Name the debits and credits of:

Step 5 of Closing Transfers

A

Dr all other incomes (list them)

Credit Profit and Loss

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15
Q

Name the debits and credits of:

Step 6 of Closing Transfers

A

Dr Profit and Loss

Cr all expense accounts (list them)

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16
Q

Name the debits and credits of:

Step 7 of Closing Transfers (if income total is greater than expenses total)

A

Cr Capital

Dr Profit and Loss

17
Q

Name the debits and credits of:

Step 7 of Closing Transfers (is expense total is greater than income total)

A

Cr Profit and Loss

Dr Capital

18
Q

Name the debits and credits of:

Step 8 of Closing Transfers

A

Cr Drawings

Dr Capital

Abi Accounting 2017 (8 decks)

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