Core Essentials Flashcards by Ella Rice | Brainscape

Q

What does DEAD stand for?

A

Debit
Expense
Asset
Drawings
Decrease in liabilities

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Q

What does CLIC stand for

A

Credit

Liability
Income
Capital
Decrease in Assets

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Q

What is an Expense?

A

Rent
Wages
purchases

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Q

What is an asset?

A

Cash
Receivables
Fixtures and fittings

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Q

what is a drawing?

A

Decrease in capital

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Q

what is a liability?

A

payables
accruals

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Q

what is income?

A

sales
interest receivables

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Q

What is capital

A

liability owed to the owners of the business

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Q

what is a decrease in liabilities

A

making a payment to a supplier

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Q

what is a decrease in asset?

A

customer pays us so receivables are reduced

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Q

What is a Receivable?

A

expected to receive

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Q

what is a payable

A

expected to pay

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Q

Cash

A

business GAINING = DEBIT

business LOSING = CREDIT

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Q

What is it called when a business buys goods?

A

Purchases (an expense) increases

Dr Purchases $ X

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Q

What if a business buys something on credit

A

Cr Payables $X

Payables (liability) increases

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Q

What if a business sells good

A

Sales (Income) increases
Cr Sales $ x

Q

A