Definitions of Components of Financial Statements Flashcards

1
Q

Revenue

A

Sales (trading entity), Fees Received (service entity)

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2
Q

Other Income

A

All other revenues/income and gains

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3
Q

Distribution costs

A

Distribution costs are expenses incurred in transferring ownership of finished goods to the consumer. Those expenses incurred through the promotion, storage, selling and delivery of the inventory for sale.

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4
Q

Administrative Expenses

A

Administrative expenses are costs associated with the administration of the entity as a whole

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5
Q

Finance Costs

A

Finance costs arise from an entity financing its operations from external sources. Finance Costs are limited to different types of interest paid.

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6
Q

Investments

A

All investments, such as shares, government stock, term deposits will be classified as non-current assets. Investments will be stated at cost in the Statement of Financial Position. The market value of shares on balance sheet date will be disclosed as being their current fair value in the notes. The interest rate and maturity date of investments in Government Stock or Fixed Term Deposits will be disclosed in the notes or on the face of the balance sheet.

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7
Q

Non-Current Liabilities

A

All liabilities that are not current.

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8
Q

Non-Current Assets

A

All assets that are not current.

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9
Q

Current Assets

A

All assets that will be turned into cash or used up within the next accounting period.

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10
Q

Current Liability

A

All liabilities that will be repaid within the next accounting period.

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11
Q

Property, Plant and Equipment

A

Tangible items that are held for the use in the production or supply of goods and services, for rental to others, or for administrative purposes.

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12
Q

Equity

A

Residual value of the assets after deducting liabilities e.g A-L=Eq.

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13
Q

Intangibles

A

These generate income over future accounting periods but cannot be physically touched e.g. Goodwill, Patents, Trademarks, Copyright.

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14
Q

Costs of Goods Sold

A

Expenses in getting the goods into the store.

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