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

Decks in this class (16)

Key Business Documents
What is the purpose of an invoice 1,
What are the details included in ...,
What is the purpose of a credit n...
14  cards
break even key terms
What are fixed costs 1,
What are variable costs 2,
What is contribution 3
7  cards
break even formulae
1 contribution formula 1,
2 break even point in units 2,
3 break even point in sales value 3
10  cards
FIFO ( inventory valuation )
What is first in first out 1,
Describe 4 advantages of fifo 2,
Describe 2 disadvantages of fifo 3
3  cards
labour theory
Describe the time rate payment me...,
Describe the piece rate method of...,
Describe the flat rate method of ...
5  cards
sources of finance
Describe personal savings invest ...,
Outline 2 advantages of personal ...,
Outline 1 disadvantage of persona...
15  cards
sole trader theory
What is a sole trader 1,
Outline 5 advantages of being a s...,
Outline 4 disadvantages of being ...
3  cards
role of the financial accountant
Outline 4 roles of the financial ...
1  cards
role of the management accountant
Outline 4 roles of the management...
1  cards
job costing theory
What is profit mark up 1,
What is a direct cost 2,
What is an indirect cost 3
4  cards
cash budgets
What is a cash budget 1,
What does a cash budget allow own...,
What are the two categories of sa...
11  cards
trial balance
What are the two main purposes of...,
How is the trial balance prepared 2
2  cards
decision making
What is a limiting factor 1
1  cards
ratio analysis
Suggest a reason for a difference...,
Suggest a reason for a difference...,
Suggest a reason for a difference...
6  cards
extra theory/ stuff that needs more revision
One benefit of buys inventory on ...,
What is depreciation 2,
What are bad debts 3
8  cards
Correction of errors
Errors of omission 1,
Errors of commission 2,
Compensating errors 3
9  cards

More about
N5 accounting

  • Class purpose General learning

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