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ACCT 1101 > Calculations > Flashcards

Flashcards in Calculations Deck (18)
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1
Q

sales revenue

A

sales

2
Q

net sales revenue

A

sales - returns

3
Q

net cost of purchases

A

purchases - returns + freight inwards

4
Q

cost of goods sold

A

opening inv. + net cost of purchases - closing inv.

5
Q

other income

A

other forms of income

6
Q

gross profit

A

net sales revenue - cost of goods sold

7
Q

selling expenses

A

marketing
salaries
freight outwards

8
Q

administrative expenses

A

rent
utilities
insurance

9
Q

financial expenses

A

interest

bad debts

10
Q

total expenses

A

selling + admin. + financial

11
Q

net profit (net loss)

A

gross profit + other income - total expenses

12
Q

GST payable

A

GST collections - GST outlays

13
Q

current assets

A

cash at bank
accounts receivable
prepaid rent
closing inv.

14
Q

intangible assets

A

trademarks

15
Q

non-current assets

A

non-current assets + intangibles - depreciation

16
Q

current liabilities

A

accounts payable
anything else payable
GST payable
unearned revenue

17
Q

non-current liabilities

A

long term loans

18
Q

equity

A

capital + net profit - drawings