POA theory CH5 Flashcards
1
Q
purpose of a trial balance
A
-facilitate preparation of financial statements
-ensure arithmetic accuracy in recording
2
Q
accounting equation
A
assets = liabilities + equity
3
Q
non-current assets
A
benefits that last beyond one financial year
4
Q
current assets
A
benefits are used within one financial year
5
Q
non-current liabilities
A
due to be paid beyond one financial year
6
Q
current liabilities
A
due to be paid within one financial year
