Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Bookkeeping Transactions > Revision > Flashcards

Revision Flashcards

1
Q

What accounts are debited after purchases?

A

Purchases account

VAT account

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What accounts are credited for discounts allowed?

A 
Sales ledger control account
Sales ledger (trade receivables)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is the accounting equation for working out the value of capital?

A

Capital = assets - liabilities

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

If purchases are returned, what accounts would be debited?

A 
Purchases ledger control account 
Purchases ledger (trade payables)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

When using a cash book, when do you not put vat?

A

When entering a transaction from a trade receivable or trade payable.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What does R.T.F.Q stand for?

A

Read the fucking question.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What accounts are debited when recording discounts allowed?

A

Cash book account
Discounts allowed account
VAT account

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What accounts are credited when recording purchases?

A 
Purchases ledger control account
Purchases ledger (trade payables)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What is the accounting equation for working out the value of liabilities?

A

Assets - capital

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What is the accounting equation for working out the value of assets?

A

Capital + liabilities

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What accounts are credited when recording discounts received?

A

Cash book account
Discounts allowed account
VAT account

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What accounts are debited when recording discounts received?

A 
Purchases ledger control account 
Purchases ledger (trade payables)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What accounts are credited when recording purchase returns?

A

Purchases returns account

VAT account

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What accounts are debited when recording purchase returns?

A 
Purchase ledger control account 
Purchases ledger (trade payables)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

When recording sales what accounts are credited?

A

Sales account

VAT account

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

When recording sales what accounts are debited?

A 
Sales ledger control account
Sales ledger (trade receivables)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What accounts are debited when recording sales returns?

A

Sales returns account

VAT account

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

What accounts are credited when recording sales returns?

A 
Sales ledger control account
Sales ledger (trade receivables)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Is the petty cash book a book of prime entry or a method of double entry?

A

It is both

20
Q

When is trade/bulk purchases discount applied?

A

When working out the net total.

21
Q

What is a statement of financial position?

A

One of the final accounts of a business, it shows the owners capital,

22
Q

What makes a remittance advice correctly cast?

A

If the total, VAT, and net are all correctly calculated. This includes if the product, product quantity or product cost is incorrect.

23
Q

What side of a cash book does purchases go into?

A

Credit

24
Q

What side of the cash book does sales go into?

A

Debit

25
Q

What is a cash sale?

A

A cash sale is where immediate payment is required. This includes payment methods of cheque and debit/credit cards.

26
Q

What is a credit sale?

A

A credit sale is a sale to a customer who holds an account with in the business.

27
Q

When calculating VAT, do you round down or up for to the nearest 2 decimal places?

A

You always round down.

28
Q

What side of a trial balance does discounts allowed go?

A

Debit

29
Q

What side of a trial balance does discounts received go?

A

Credit

30
Q

What side of a trial balance does purchases go?

A

Debit

31
Q

What side of a trial balance does P.L.C.A go?

A

Credit

32
Q

What side of a trial balance does S.L.C.A go?

A

Debit

33
Q

What side of a trial balance does sales go?

A

Credit

34
Q

What side of a trial balance does sales returns go?

A

Debit

35
Q

What side of a trial balance does purchases returns go?

A

Credit

36
Q

What side of a trial balance does miscellaneous expenses go?

A

Debit

37
Q

What does the term drawings mean?

A

Money withdrew from bank account (cold hard cash)

38
Q

When prompt payment discounts have been approved, how is the discount applied?

A

It is issued as a credit note to the customer.

39
Q

What is an analysed cash book?

A

A cash book which divides receipts and payments between a number of columns

40
Q

What is a two column cash book?

A

A cash book with columns for cash and bank

41
Q

Amounts recording in a cash book on either debit of credit side, when transferring to ledger accounts what side do they go on?

A

Debit goes to credit side of the accounts

Credit goes to debit side of accounts

42
Q

If the imprest of a petty cash book is £150, and that week £65 had been spent, what amount is need to restore the imprest?

A

£65

43
Q

When entering postage costs into a petty cash book, how is the VAT recorded?

A

It is not recorded as there is no VAT on postage

44
Q

When entering figures for a trial balance, if the account has had its balance closed, where do you find the amount you need to enter?

A

It is always the amount recorded as balance c/d

45
Q

What is a balance sheet?

A

It’s a statement of financial position

46
Q

How long is an accounting period?

A

1 year

47
Q

What is goodwill?

A

Good will is the over payment you pay for a business as a sign of how much you think it’s worth

Bookkeeping Transactions (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions