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Accounting 1.3 > Classifications of Ledger Names > Flashcards

Classifications of Ledger Names Flashcards

(79 cards)

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1
Q

What is Sales classified under?

A

Revenue/Income

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2
Q

What are Fees classified under?

A

Revenue/Income

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3
Q

What is Commision Received classified under?

A

Other Income

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4
Q

What is Gain on sale of a fixed asset classified under?

A

Other Income

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5
Q

What is Interest received classified under?

A

Other Income

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6
Q

What is Rent Received classified under?

A

Other Income

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7
Q

What is Discount Received classified under?

A

Other Income

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8
Q

What is Opening Inventory classified under?

A

Cost of Goods Sold (TE)

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9
Q

What is Purchases classified under?

A

Cost of Goods Sold (TE)

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10
Q

What is Purchases Returns classified under?

A

Cost of Goods Sold (TE)

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11
Q

What is Customs Duty classified under?

A

Cost of Goods Sold (TE)

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12
Q

What is Packaging classified under?

A

Cost of Goods Sold (TE)

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13
Q

What is Freight In classified under?

A

Cost of Goods Sold (TE)

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14
Q

What is Less Closing Inventory classified under?

A

Cost of Goods Sold (TE)

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15
Q

What is the maximum number of Cost of Goods Sold?

A

7

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16
Q

What is the minimum number of Cost of Goods Sold?

A

3

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17
Q

Name the minimum Cost of Goods Sold Ledgers used.

A

Opening Inventory
Purchases
Less Closing Inventory

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18
Q

Name all the Cost of Goods Sold Ledgers.

A 
Opening Inventory
Purchases
Purchases Returns
Less Closing Inventory
Customs Duty
Packaging
Freight
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19
Q

What is Interest - Loan classified under?

A

Finance Expenses

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20
Q

What is Interest - Overdraft classified under?

A

Finance Expenses

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21
Q

What is Interest - Hire Purchase classified under?

A

Finance Expenses

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22
Q

What is Inventory on Hand classified under?

A

Current Assets

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23
Q

What is Bank if Positive classified under?

A

Current Assets

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24
Q

What is Petty Cash classified under?

A

Current Assets

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25
What is Accounts Receivable classified under?
Current Assets
26
What is Prepayments classified under?
Current Assets
27
What is Accrued Revenue classified under?
Current Assets
28
What is GST Refund classified under?
Current Assets
29
What is Advertising classified under?
Distribution Costs
30
What is Cartage Outwards classified under?
Distribution Costs
31
What is Commision classified under?
Distribution Costs
32
What is Delivery Expenses classified under?
Distribution Costs
33
What is Depreciation on Shop Fittings classified under?
Distribution Costs
34
What is Depreciation on Delivery Vehicles classified under?
Distribution Costs
35
What is Freight Outwards classified under?
Distribution Costs
36
What is Repairs to Delivery Vehicles classified under?
Distribution Costs
37
What is Repairs and Maintenance (Shop Fittings) classified under?
Distribution Costs
38
What is Sales, Wages and Salaries classified under?
Distribution Costs
39
What is Travelling Expenses classified under?
Distribution Costs
40
What is Loss on Sale of Distribution Asset classified under?
Distribution Costs
41
What is Term Deposit classified under?
Investment
42
What is Shares classified under?
Investment
43
What is Goodwill classified under?
Intangible Asset
44
What is Equipment classified under?
Plant, Property and Equipment
45
What is Buildings classified under?
Plant, Property and Equipment
46
What is Property classified under?
Plant, Property and Equipment
47
What is Vehicles classified under?
Plant, Property and Equipment
48
What is Plant classified under?
Plant, Property and Equipment
49
What is Machinery classified under?
Plant, Property and Equipment
50
What are Investments, Intangible Assets and Plant, Property and Equipments classified under?
Non-Current Asset
51
What are Accounting Fees classified under?
Administrative Expenses
52
What are Audit Fees classified under?
Administrative Expenses
53
What is Depreciation classified under?
Administrative Expenses
54
What is Electricity classified under?
Administrative Expenses
55
What are General Expenses classified under?
Administrative Expenses
56
What is Insurance classified under?
Administrative Expenses
57
What are Office Expenses classified under?
Administrative Expenses
58
What is Postage classified under?
Administrative Expenses
59
What is Printing classified under?
Administrative Expenses
60
What are Rates classified under?
Administrative Expenses
61
What is Rent classified under?
Administrative Expenses
62
What is Repairs and Maintenance classified under?
Administrative Expenses
63
What are Salaries classified under?
Administrative Expenses
64
What is Stationary classified under?
Administrative Expenses
65
What are Telephone and Tolls classified under?
Administrative Expenses
66
What are Vehicle Expenses classified under?
Administrative Expenses
67
What are Wages classified under?
Administrative Expenses
68
What are Donations classified under?
Administrative Expenses
69
What are Loss on Sale of Assets classified under?
Administrative Expenses
70
What is Bank Overdraft classified under?
Current Liabilities
71
What is Accounts Payable classified under?
Current Liabilities
72
What are Accrued Expenses classified under?
Current Liabilities
73
What is Revenue Received in Advance classified under?
Current Liabilities
74
What are Loans classified under?
Current Liabilities
75
What is GST classified under?
Current Liabilities
76
What are Loans That Extend Past The Current Accounting Period classified under?
Non-Current Liabilities
77
What is Mortgages classified under?
Non-Current Liabilities
78
What is Hire Purchase of Plant, Property and Equipment classified under?
Non-Current Liabilities
79
What is Debentures classified under?
Non-Current Liabilities

Accounting 1.3 (2 decks)

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