Brainscape's Knowledge GenomeTM

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


See full index

Accounting > What is financial accounting (1) > Flashcards

What is financial accounting (1) Flashcards

1
Q

Accounting equation

A

Capital = Assets - Liabilities

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

Accounts (DEFINITION)

A

Financial records - where a business’ transactions are entrered

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

Journals (DEFINITION)

A

Books of prime entry of a business

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

Ledger (DEFINITION)

A

The set of accounts of a business

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

Assets (DEFINITION)

A

Items OWNED by a business

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

Liabilities (DEFINITION)

A

Items OWED by a business

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

Capital (DEFINITION)

A

The amount of the owner’s stake in a business

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

Purchases (DEFINITION)

A

Goods bought - whether on credit or cash - which are intended to be resold later

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Credit purchases (DEFINITION)

A

Goods bought - with payment to be made at a later date

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

Cash purchases (DEFINITION)

A

Goods bought, with immediate payment in cash, by cheque, by debit card, by credit card, or by bank transfer

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

Sales (DEFINITION)

A

The sale of goods - whether on credit or for cash - in which the business trades

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

Credit sales (DEFINITION)

A

Goods sold - with payment to be received at an agreed date in the future

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Cash sales (DEFINITION)

A

Goods sold, with immediate payment received in cash, by cheque, by debit card, by credit card, or by bank transfer

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

Trade receivables (DEFINITION)

A

Individuals or businesses who OWE money in respect of goods or services supplied by the business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Trade payables (DEFINITION)

A

Individuals or business to whom money is OWED by the business

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

Revenue (DEFINITION)

A

The total of sales, both cash and credit, for a particular time period

17
Q

Sales returns (DEFINITION)

A

Goods returned by CUSTOMERS; also known as returns inwards

18
Q

Purchases returns (DEFINITION)

A

Goods returned by the BUSINESS to suppliers; also known as returms outwards

Accounting (3 decks)

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