Financial Accounting Flashcards
1
Q
Purchases
A
DR of the IS
2
Q
Sales
A
CR of the IS
3
Q
Returns
A
DR/CR of the IS
4
Q
Motor Expenses
A
DR of the IS
5
Q
Salaries
A
DR of the IS
6
Q
Finance costs
A
DR of the IS
7
Q
Rent and Rates
A
DR of the IS
8
Q
Insurance
A
DR of the IS
9
Q
Bad Debts
A
DR of the IS
10
Q
Tax paid
A
DR of the IS
11
Q
Inventories Jan 1st
A
DR of the IS
12
Q
Trade Receivables
A
DR of the SOFP
13
Q
Trade Payables
A
CR of the SOFP
14
Q
Share capital
A
CR of the SOFP
15
Q
Cash in Hand
A
DR of the SOFP
16
Q
Bank Overdraft
A
CR of the SOFP
17
Q
Fixtures at cost
A
DR of the SOFP
18
Q
Motor Vans at cost
A
DR of the SOFP
19
Q
Fixtures (depreciation)
A
CR of the SOFP
20
Q
Motor Vehicle (depreciation)
A
CR of the SOFP
21
Q
Capital
A
CR of the SOFP
22
Q
Inventories Dec 31st
A
CR of IS/ DR of SOFP
23
Q
Prepayments
A
DR of the SOFP
24
Q
Accruals
A
CR of the SOFP
25
Depreciation for year vehicle
DR of the IS
26
Depreciation for year Fixtures
DR of the IS
27
What are examples of non-current assets?
motor vehicle and fixtures
28
What are examples of current assets?
inventory
trade and other receivables
prepayments
cash/cash equivalent
29
What are examples of current liabilities?
trade and other payables
bank overdraft
accrual
30
Calculation of net assets?
Total assets- total liabilities
31
What are total assets?
current assets current assets
