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Intro To Accounting > Usefull > Flashcards

Usefull Flashcards

1
Q

Assets equation

A

Assets = Liabilities + equity

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2
Q

Fundamental qual characteristic s

A

Relevance fathful rep

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3
Q

Fundamental principles

A

Integrity
Obj
Pro comp
Confident
Pro behaviour

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4
Q

Source docs

A

Invoice (sales/purchase)

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5
Q

Gross pay calc

A

Net pay + deductions (PAYE NI pension

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6
Q

Total payroll cost

A

Net pay + PAYE+ employee/employer NI+ pension

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7
Q

Customer pays later than expected

A

Dr cash (full amount)
Cr receivables expected
Cr income diff

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8
Q

Double entry for refund

A

After payment if goods returned
Dr sales returns
Cr trade rec

Then refund cash

Dr trade Rec
Cr cash

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9
Q

How to correct bank statements

A

Add outstanding lodgements/ transfers

Minus I presented cheques

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10
Q

Double entry for purchasing inv

A

Dr purchases
Cr TP/cash

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11
Q

NRV

A

Selling price - selling cost/ dist exp

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12
Q

Entry for writing off inv

A

Dr other exp
Cr purchases

Insurance pay
Dr cash/receivables
Cr other income

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13
Q

Entry for owner taking stock

A

Dr drawings (cost)
Cr purchases

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14
Q

Increase irrec debt allow

A

Dr irrec exp
Cr allowance for rec

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15
Q

Rec not expected to be paid

A

Dr irrec exp
Cr TR

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16
Q

Irrec debt now paid

A

Dr cash
Cr irrec exp

17
Q

Accrual/ prepay double entry

A

Dr exp
CR accrual

Dr prepay
Cr exp

18
Q

Accrued inc/ differed inc double entry

A

Dr accrued inc
Cr rev/ other inc

Dr Rev/othe inc
Fr deffered inc

19
Q

Double entry for depreciation

A

Dr dep exp
Cr accum dep

20
Q

Accounting for NCA disposal

A

S1 remove cost of disp
Dr disp acc
Cr nca cost acc

S2
Dr accum dep
Cr disp acc

S3
Dr cash
Fr disp acc

21
Q

Double entry for equity / irred pref shares during and before period

A

During
Dr RE
Cr Cash

Before
Dr RE
Cr Accruals

22
Q

Entry for redeemable pref share
Divi during and before period

A

During
Dr financ charge
Cr cash

Before
Finance charge
Accruals

23
Q

Accounting for share issue

A

Dr cash proceeds
Cr sc
Cr sp

24
Q

Accounting for bonus issue

A

Dr SP
Cr SC

25
Q

Entry to increase a provision

A

Dr expense
Cr provision

26
Q

Entry if the expenditure is larger than the provision

A

Dr provision
Dr provision
Cr cash

27
Q

Entry to create a provision

A

Dr exp
Cr prov

28
Q

Closing capital calc

A

= opening cap + cap introduced +/- prof/loss - drawings

Intro To Accounting (7 decks)

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