Source Docs Flashcards
1
Q
Accounting Equation (Expanded)
A
A + E = L + OE + I
2
Q
Accounting Equation (Basic)
A
A = L + OE
3
Q
How to calculate GST exclusive amount
A
/1.15
4
Q
How to calculate GST inclusive amount
A
x1.15
5
Q
Everything on a Cash Receipts Journal
A
Date, Particulars, SD, Receipts, Bank, GST, Other or Sundry
6
Q
Cash
A
CRS
7
Q
EFTPOS
A
EFT
8
Q
Direct Credit
A
DC
9
Q
Define Full Amount
A
The value of GST for the transaction
10
Q
Define Net Amount
A
Value of GST still to pay after GST previously paid has been deducted
11
Q
Credit Card
A
CC
12
Q
Online transfer
A
OT
13
Q
Online Banking
A
OB
14
Q
Bank Statement
A
BS
15
Q
All things which are GST exempt (7)
A
- Dividends Received
- Loan / Mortgage
- Capital
- Drawings
- Interest Received
- Wages/Salaries
- Bank Fees
