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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 of a fixed asset

A

Other Income

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5
Q

Intrest 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 Expense

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10
Q

Cartage Outwards

A

Distribution Expense

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11
Q

Commission

A

Distribution Expense

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12
Q

Delivery Expense

A

Distribution Expense

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13
Q

Depreciation on Shop Fittings

A

Distribution Expense

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14
Q

Depreciation on Delivery Van

A

Distribution Expense

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15
Q

Freight Outwards

A

Distribution Expense

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16
Q

Repairs to Delivery Vehicles

A

Distribution Expense

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17
Q

Repairs and Maintenance(Shop Fittings)

A

Distribution Expense

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18
Q

Sales, Wages and Salaries

A

Distribution Expense

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19
Q

Travelling Expense

A

Distribution Expense

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20
Q

Loss on sale of Distribution Asset

A

Distribution Expense

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21
Q

Accountancy Fess

A

Administration Expense

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22
Q

Audit Fees

A

Administration Expense

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23
Q

Depreciation (other than shop fittings or delivery van)

A

Administration Expense

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24
Q

Electricity

A

Administration Expense

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25
Q

General Expenses

A

Administration Expense

26
Q

Insurance

A

Administration Expense

27
Q

Office Expenses

A

Administration Expense

28
Q

Postage

A

Administration Expense

29
Q

Printing

A

Administration Expense

30
Q

Rates

A

Administration Expense

31
Q

Rent

A

Administration Expense

32
Q

Repairs and Maintenance (other than to shop fittings or delivery van)

A

Administration Expense

33
Q

Salaries

A

Administration Expense

34
Q

Stationery

A

Administration Expense

35
Q

Telephone and Tolls

A

Administration Expense

36
Q

Wages

A

Administration Expense

37
Q

Donations

A

Administration Expense

38
Q

Loss of sale of asset

A

Administration Expense

39
Q

Vehicle Expenses (other than delivery vehicles)

A

Administration Expense

40
Q

Intrest on Loan

A

Finance Costs

41
Q

Intrest on Overdraft

A

Finance Costs

42
Q

Intrest on Hire purchases

A

Finance Costs

43
Q

Bank

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 Revenue

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

Investments

55
Q

Long term monies held in investment accounts

A

Investments

56
Q

Debentures

A

Investments

57
Q

Goodwill

A

Intangible Asset

58
Q

Patents

A

Intangible Asset

59
Q

Royalties

A

Intangible Asset

60
Q

Research and Development costs

A

Intangible Asset

Accounting 2.3 (2 decks)

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