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Accounting 2.3 > Classifications of Financial Elements > Flashcards

Classifications of Financial Elements Flashcards

1
Q

Sales

A

Revenue/Income

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2
Q

Fees

A

Revenue/Income

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3
Q

Commission Received

A

Other Income

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4
Q

Gain on Sale on a Fixed Asset

A

Other Income

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5
Q

Interest Received

A

Other Income

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6
Q

Rent Received

A

Other Income

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7
Q

Discount Received

A

Other Income

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8
Q

Dividends Received

A

Other Income

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9
Q

Advertising

A

Distribution Cost

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10
Q

Cartage outwards

A

Distribution Cost

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11
Q

Commission

A

Distribution Cost

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12
Q

Delivery Expenses

A

Distribution Cost

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13
Q

Depreciation on Shop Fittings

A

Distribution Cost

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14
Q

Depreciation on Delivery Vehicles

A

Distribution Cost

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15
Q

Freight Outwards

A

Distribution Cost

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16
Q

Repairs on Delivery Vehicles

A

Distribution Cost

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17
Q

Repairs and Maintenance (Shop Fittings)

A

Distribution Cost

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18
Q

Sales Wages and Salaries

A

Distribution Cost

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19
Q

Travelling Expenses

A

Distribution Cost

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20
Q

Loss on Sale of Distribution Asset

A

Distribution Cost

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21
Q

Accounting Fees

A

Administrative Expenses

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22
Q

Audit Fees

A

Administrative Expenses

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23
Q

Depreciation (other than shop fittings or Delivery Vehicles)

A

Administrative Expenses

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24
Q

Electricity

A

Administrative Expenses

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25
Q

General Expenses

A

Administrative Expenses

26
Q

Insurance

A

Administrative Expenses

27
Q

Office Expenses

A

Administrative Expenses

28
Q

Postage

A

Administrative Expenses

29
Q

Printing

A

Administrative Expenses

30
Q

Rates

A

Administrative Expenses

31
Q

Rent

A

Administrative Expenses

32
Q

Repairs and maintenance (other than to Shop fittings or Delivery Vehicles)

A

Administrative Expenses

33
Q

Salaries

A

Administrative Expenses

34
Q

Stationery

A

Administrative Expenses

35
Q

Telephone and Tolls

A

Administrative Expenses

36
Q

Vehicles Expenses (other than Delivery Vehicles)

A

Administrative Expenses

37
Q

Wages

A

Administrative Expenses

38
Q

Donations

A

Administrative Expenses

39
Q

Loss on sale of an asset

A

Administrative Expenses

40
Q

Interest-loan

A

Finance Expenses

41
Q

Interest-overdraft

A

Finance Expenses

42
Q

Interest-hire/purchases

A

Finance Expenses

43
Q

Bank (if a positive balance)

A

Current Assets

44
Q

Petty Cash

A

Current Assets

45
Q

Accounts Receivable

A

Current Assets

46
Q

Prepayments

A

Current Assets

47
Q

Accrued Income

A

Current Assets

48
Q

Closing Inventories

A

Current Assets

49
Q

Equipment

A

Property, Plant and Equipment

50
Q

Buildings

A

Property, Plant and Equipment

51
Q

Property

A

Property, Plant and Equipment

52
Q

Vehicles

A

Property, Plant and Equipment

53
Q

Plant (Machinery)

A

Property, Plant and Equipment

54
Q

Shares in Other Companies

A

Investment

55
Q

Long Term Monies held in Investment Accounts

A

Investment

56
Q

Debentures

A

Investment

57
Q

Goodwill

A

Intangible Assets

58
Q

Patents

A

Intangible Assets

59
Q

Royalties

A

Intangible Assets

60
Q

Research and Development Costs

A

Intangible Assets

Accounting 2.3 (2 decks)

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