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Accounting > Double entry bookkeeping > Flashcards

Double entry bookkeeping Flashcards

1
Q

What are the 5 categories used?

A

Income
Expenses
Assets
Liabilities
Equity

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2
Q

How is an income treated?

A

Up - credit
Down - debit

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3
Q

How is an expense treated?

A

Up - debit
Down - credit

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4
Q

How is an asset treated?

A

Up - debit
Down - credit

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5
Q

How is a liability treated?

A

Up - credit
Down - debit

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6
Q

How is equity treated?

A

Up - credit
Down - debit

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7
Q

What is the double entry for an initial investment of capital?

A

Credit - Share cap (equity)
Debit - Cash (asset)

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8
Q

What is the double entry for a cash sale?

A

Credit - revenue (income)
Debit - cash (asset)

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9
Q

What is the double entry for a sale on credit?

A

Credit - revenue (income)
Debit - receivables (asset)

Money received

Credit - receivable
Debit - cash (asset)

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10
Q

What is the double entry for a sale on credit with a discount?

A

Credit - revenue full amount
Debit - receivables full amount

Credit - Receivable full amount
Debit - Cash received
Debit - revenue (discount)

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11
Q

What is the double entry for accrued income?

A

Credit - revenue
Debit - accrued income

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12
Q

what is the double entry for deferred income?

A

Credit - deferred income
Debit - cash

work performed

Credit - revenue
Debit - deferred income

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13
Q

What is the double entry for VAT?

A

Credit - Revenue - vat
Debit - cash
Credit - vat payable

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14
Q

What is the double entry for a cash purchase?

A

Credit - Cash
Debit - Purchases

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15
Q

What is the double entry for a purchase on credit?

A

Credit - payable
Debit - Purchases

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16
Q

What is the double entry for a purchase on credit with a discount that isn’t take up?

A

Credit - payable
Debit - Purchases

Discount offerred but not taken

Credit - cash paid
Debit - payable
Debit - purchases - discount not used

17
Q

What is the double entry for a purchase with VAT?

A

Credit - Cash (full amount)
Debit - purchases (VAT exclusive)
Debit - Vat payable

18
Q

What is the double entry for wages paid?

A

Credit - cash paid
Credit - other payables
Debit - wages expense total

19
Q

How is the TB formed?

A

Differences between credits and debits

20
Q

How is a b/f and c/f generated?

A

Only on t accounts relating to balance sheet

excess credits/debits

21
Q

What is the double entry for an accrual?

A

Debit - whatever

Credit - Accruals

22
Q

What is the double entry for a prepayment?

A

Debit - prepayments

Credit - Whatever

Accounting (14 decks)

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