Content Area C Flashcards
1
Q
Name 2 purposes of accounting
A
Record transactions
Compliance
Management of the business
2
Q
Owners capital
A
Money invested in a business from the owners personal saving
3
Q
Give 3 examples of revenue income
A
Sales
Rent received
Interest received
4
Q
Example of capital expenditure
A
Land
Machinery
5
Q
Give 2 examples of intangible assets
A
Trademarks
Logo
Patents
6
Q
What is 2 examples of revenue expenditure
A
Inventory
Rent
Utilities
Wages
7
Q
What is discount allowed
A
Reductions offered to a customer ( usually to attract customer)
