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Year 12 Accounting Unit 3

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

By: Andrew Lee
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Decks in this class (17)

Chapter 1: The Role of Accounting (Part 1)
What is accounting defined as,
What is the purpose of accounting,
What is non financial information
18  cards
Chapter 1: The Role of Accounting (Part 2)
What is a cash flow statement,
What is an income statement,
What is a balance sheet
19  cards
Chapter 1: The Role of Accounting (Part 3)
What are the elements of an accou...,
What are assets,
What are liabilities
14  cards
Chapter 2: The Accounting Equation
What is the accounting equation,
How is a bank overdraft recorded ...,
What does a balance sheet detail ...
23  cards
Chapter 3: The General Ledger
What concept is the general ledge...,
What is the cross reference and w...,
What is a ledger account
20  cards
Chapter 4: Cash Transactions
What is the order of documents in...,
What are the role of source docum...,
What is the role of a tax invoice
20  cards
Chapter 5: Accounts Payable Part 1
What do credit transactions involve,
What is a credit purchase,
What is an account payable
22  cards
Chapter 5: Accounts Payable Part 2
What is a settlement discount,
What is discount revenue,
What is the equation for calculat...
19  cards
Chapter 5: Accounts Payable Part 3
What is liquidity,
When should accounts payable be p...,
What do benchmarks allow
16  cards
Chapter 6: Accounts Receivable Part 1
0  cards
GST Transactions/Statement of Account
How is a gst settlement recorded ...,
How is a gst refund recorded in t...,
How is gst on cash sales recored ...
18  cards
SAC 2 Part 1
What does the fair value of an as...,
How does the fair value of an ass...,
What is a memo
21  cards
SAC 2 Part 2
What is inventory defined as,
What is the importance of inventory,
In the inventory ledger account w...
20  cards
SAC 2 Part 3
What is the first in first out me...,
How do you determine the cost pri...,
What are some benefits of using i...
20  cards
SAC 2 Part 4
Why is it important to include pr...,
What effect does treating product...,
Why is the dollar amount of a dis...
27  cards
Chapter 10: Reporting for Profit (Part 1)
What does the period assumption s...,
How is profit or loss determined,
What happens to assets liabilitie...
18  cards
Chapter 10: Reporting for Profit (Part 2)
How can an income statement be us...,
How can an income statement be us...,
What are some strategies that a b...
18  cards

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Year 12 Accounting Unit 3

  • Class purpose General learning

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