General Flashcards
1
Q
What is the accounting equation?
A
Assets - liabilities - opening capital + drawings = profit
2
Q
What is a source of documentation recorded in cloud based accounting software?
A
Credit note
3
Q
Business receives purchase invoice, what 2 2 docs would invoice be checked to before recorded in cloud?
A
Purchase order
Goods received note
4
Q
What are 2 source documents that will be entered into a businesses’ accounting system?
A
Invoice to a customer
Cheque payment to supplier
