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Flashcards in Final Accounts Deck (18):
1

Trading account

3 points
Formulae:
Gross profit
Cost of goods sold
Net purchases

2

Features of trading a/c

6 points

3

Need of preparing trading a/c

4 points

4

P&L a/c

6 points

5

Need of P&L a/c

3 points

6

Balance Sheet

2 points

7

Features of balance sheet

6 points

8

Functions of balance sheet

3 points

9

Fixed assets

8 points

10

Investment

3 points

11

Current assets

2 points

12

Fictitious assets

3 points

13

Fixed liabilities

2 points

14

Current liabilities

2 points

15

Contingent liabilities

3 points

16

Marshalling

Meaning + 2 types

17

Diff between P&L a/c and balance sheet

5 points

18

Diff between balance sheet and trading a/c

5 points