Accounting Assessment Flashcards
(13 cards)
What does account receivable mean
money owed to a business by its customers for purchases made on credit
What does account payable Mean
money owed to suppliers for goods or services purchased on credit.
What is a loan
an amount of money that is borrowed, often from a bank, and has to be paid back, usually together with an extra amount of money that you have to pay as a charge for borrowing
What is capital
the money used to build, run, or grow a business
What is income
Money received from a customer for work etc
What is the acronym for no GST
Woman definitely don’t like berry ice cream (wages, drawings, dividends, loan, bank charges, interest, capital
How to work out GST exclusive
Divide by 1.15
How to work out GST inclusive
Multiply by 1.15/0.15
What is an invoice
a document a seller sends to a buyer to request payment for goods or services
What is a receipt
proof you bought and paid for something
What is a credit note
issued to indicate a return of funds in the event of an invoice error, incorrect or damaged products, purchase cancellation or otherwise specified circumstance.
What is a payment voucher
a record of payments made by a business to suppliers for various purchase orders
What is at the bottom of statement of financial position
Land, equipment , vehicles, total, cost, accumulated depreciation, carrying amount
