Elements of Financial Statements Flashcards
1
Q
Profit and Loss contains
A
Income
Expenses
2
Q
Balance sheet contains
A
Assets
Liabilities
Capital
3
Q
Income is made up of
A
Revenue
Sales
Bank interest received
Gain on disposal
4
Q
Expense is made up of
A
Purchase Opening inventory Rent Rates Wages Electric Depreciation Loss on disposals Bank interest expense
5
Q
Fixed assets are
A
Land
Building
Machinery
Vehicles
6
Q
Current assets are
A
Stock (inventories) Trade debtors Bank Cash Prepayments
7
Q
Non current liabilities are
A
Loans
Leases
8
Q
Current liabilities are
A
Trade creditors
Vat
Lease
9
Q
If in same year what do you do with accrual
A
Credit accrual
Debit the payment (e.g cash, rent)
10
Q
If in same year what do you do with prepayments?
A
Debit prepayment
Credit cash
