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Financial Accounting

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

By: Liam Burton
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Decks in this class (16)

Chapter 1 - The Accounting System
Why keep accounts,
The role of the accountant,
The accounting system order
9  cards
Chapter 2 - Double Entry Bookkeeping
Cash book,
Capital account,
Non current assets
16  cards
Chapter 3 - Balancing Accounts And The Trial Balance
Control accounts,
Control accounts and the trial ba...,
Extracting a trial balance
10  cards
Chapter 4 - Financial Statements - The Extended Trial Balance
Financial statements,
Financial statements and the tria...,
Extended trial balance
7  cards
Chapter 5 - Accruals And Prepayments
Accrual of expenses,
Accruals the extended trial balance,
Accruals the double entry bookkee...
12  cards
Chapter 6 - Depreciation Of Non Current Assets
What is depreciation,
Calculating depreciation,
Straight line method
11  cards
Chapter 7 - Irrecoverable Debts And Allowance For Doubtful Receivables
Irrecoverable debts,
Allowance for doubtful receivables,
Calculating trade receivables aft...
14  cards
Chapter 8 - Framework Of Accounting
Users of financial statements,
Framework of accounting,
Business entity
25  cards
Chapter 9 - Accounting For Capital Transactions
Capital transactions,
Acquisition,
Depreciation
12  cards
Chapter 10 - Control Accounts
Division of the ledger,
Concept of control accounts,
Receivables ledger
16  cards
Chapter 11 - The Journal And Correction Of Errors
Year end transfers,
Accrual of expense in the journal,
Prepayment of expense in the journal
21  cards
Chapter 12 - Preparation Of Financial Statements
Format of statement of profit or ...,
Format for statement of financial...,
Costs of sales
7  cards
Chapter 13 - Sole Trader Financial Statements
Capital account,
Financial statements the adjustments
2  cards
Chapter 14 - Partnership Financial Statements
Financial statements of a partner...,
Partnership agreement,
Partners capital accounts and cur...
3  cards
Chapter 15 - Using Profitability Ratios
Gross profit margin,
Gross profit mark up,
Expense sales revenue percentage
5  cards
Chapter 16 - Incomplete Records Accounting
What are incomplete records,
Opening capital,
Cash book summary
5  cards

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Financial Accounting

  • Class purpose General learning

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