This class was created by Brainscape user hannah wilson. Visit their profile to learn more about the creator.
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hannah wilson
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Decks in this class (20)
Inventory
Double entry for opening inventory,
Double entry for purchases,
Double entry for closing inventory
11
cards
Accruals
Double entry for accruals,
Double entry for prepayment,
How should accruals prepayments b...
7
cards
Depreciation
How is depreciation calculated,
What entity has unlimited useful ...,
How is carrying amount calculated
8
cards
Impairment
What is impairment,
How is recoverable amount calculated,
Equation for impairment loss
4
cards
Disposal
When nca is sold what adjustment ...,
What does it mean when sales proc...,
What does it mean when sales proc...
10
cards
Intangible NCA
Examples of nca,
How is amortisation calculated an...,
Double entry intangible asset
6
cards
Discounts
What are the 2 types of discounts,
How should purchases and sales be...,
How should the discounts be deducted
5
cards
VAT
What is output tax,
What is input tax,
How must registered businesses sh...
9
cards
Irrecoverable debts/allowances
What is bad debt also known as,
Where is irrecoverable debt expen...,
How is writing off recorded
15
cards
Bank reconciliations
What is a bank transaction report,
What happens to unmatched transac...,
What are reasons why differences ...
4
cards
Receivables/Payables
What 3 ledger accounts are affect...,
What are contra entries,
Double entry contra entry
3
cards
Errors/Suspense account
What are 5 broad types of errors,
Steps for fixing errors,
What kind of an account is a susp...
8
cards
Shares/Dividends
What are ordinary shares,
What is equity share capital,
What are dividends
25
cards
Provisions/Tax
What are provisions,
Under what conditions are provisi...,
Steps for creating a provision an...
10
cards
Preparing SOFP/P&L
What are the categories for expense,
What is included under distributi...,
What is included under admin expense
9
cards
Statement of Cash Flow
What is the difference between ca...,
What is statement of cash flow us...,
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5
cards
Partnerships
What should a partnership agreeme...,
What does salary look like for th...,
What is a current account
10
cards
Double Entries
Opening inventory,
Closing inventory,
Purchases
41
cards
Equations
Nrv,
Cos,
Depreciation
14
cards
fff
0
cards
More about
Accounting
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