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FA2 - Maintaining financial records

This class was created by Brainscape user Olivia Byrne. Visit their profile to learn more about the creator.

By: Olivia Byrne
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Decks in this class (11)

Chapter 1: Elements of Financial Statements and The Accounting Equation
The financial statements produced...,
The statement of financial positi...,
The statement of profit or loss s...
30  cards
Chapter 2: Maintaining Financial Records
Accounting for business transactions,
Financial source documents,
General ledgers
27  cards
Chapter 3: Accounting for Cash and Bank
Recording cash and bank transacti...,
Cash and bank transactions and th...,
Cash sales
18  cards
Chapter 4: Credit Sales and Purchases
Recording credit sales transactions,
A financial document accompanies ...,
Sales invoice
21  cards
Chapter 5: Sales Tax
What is sales tax tax authorities...,
Sources of information,
Types of taxable supplies
21  cards
Chapter 6: Tangible Non-Current Assets
What is a tangible non current asset,
Characteristics of tangible non c...,
Examples of tangible non current ...
35  cards
Chapter 7: Inventories
Inventories are the goods and a b...,
Overview of accounting for invent...,
1 perform inventory count
26  cards
Chapter 8: Receivables
A customer buys goods from a busi...,
When a business is owed money thi...,
Payables a supplier sells goods t...
24  cards
Chapter 9: Accruals, Prepayments, Accrued and Deferred Income
The accruals concept principle st...,
Applying the accruals concept to ...,
A business may incur expenses wit...
25  cards
Chapter 10: The Trial Balance and Financial Statements
A trial balance is a list of all ...,
Purpose of a trial balancethe tri...,
Limitations of a trial balance a ...
43  cards
Chapter 11: Partnerships
A partnership is a business where...,
Advantages of partnership,
Disadvantages of a partnership
21  cards

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FA2 - Maintaining financial records

  • Class purpose General learning

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