1
Q
What is irrecoverable debt?
A
Debt that will not be paid
2
Q
What is the double entry for irrecoverable debt?
A
Debit ‘irrecoverable debts’ - expense on income statement
Credit ‘Trade receivables’ - Decreases the figure in current assets
Accounting
flashcards
Decks in class (118)
# Cards
-
Trial Balance12
-
Control Accounts21
-
General Journal3
-
Suspense Account6
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Adjustments to income statement4
-
Accounting Concepts10
-
Preparation of financial statements of sole traders6
-
LLC Income Statements11
-
LLC Statement Of Financial Position13
-
LLC SOFP Terminology8
-
Statement of changes in equity13
-
Profitability Ratios14
-
Liquidity Ratios4
-
Capital Structure Ratios2
-
Efficiency Ratios12
-
Ratio Analysis4
-
Budgeted income statements13
-
Budgeted statement of financial position5
-
Variances3
-
Benefits of using budgets7
-
Limitations of budgets5
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Types of budgeting6
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Cash Budget4
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Sales Budget1
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Production budget2
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Purchases budget3
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Labour budget1
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Specific budgets Benefits7
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Specific Budgets Limitations6
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Types of costs7
-
Contribution and break-even analysis11
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Make or Buy decisions4
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Acceptance of additional work5
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Price Setting3
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Optimum use of scarce resources3
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Optimum production plan2
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Closure of a loss-making line or production department3
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Target Profit4
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Standard costing - Advantages6
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Standard costing - Disadvantages4
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Variance analysis9
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Materials variance7
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Labour variances7
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Sales variances6
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Causes of variances?6
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Absorption Costing12
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Overhead abosrption6
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Marginal costing v Absorption costing5
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Activity Based Costing12
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Payback9
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Net present value6
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Statement of affairs4
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Accounting ratios to calculate missing figures12
-
Missing figures using control accounts8
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Missing figures in the cash account3
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Late calculation of inventory1
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Accounting for losses of inventory2
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Expenses from incomplete records2
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Income statement from incomplete records5
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SOFP from incomplete records9
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Keeping incomplete records11
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Partnership Act 18908
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Partnership income statements9
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Partnership SOFP3
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Goodwill9
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Revaluation account5
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Accounting for retirement of a partner9
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Accounting for admission of a new partner5
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Statement of cash flows (operating activities)13
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Statement of cash flows (Investing activities)5
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Statement of cash flows (Financing activities)6
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Statement of cash flows (change in cash and cash equivalents)3
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Calculating operating profit from retained earnings / profit for the year2
-
Calculating cost of additions to non-current assets3
-
Calculating depreciation on non-current assets2
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Benefits of statements of cash flows2
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Limitations of statements of cash flows1
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Schedule of non-current assets5
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Rights issues and bonus issues9
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Published Accounts8
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Main elements of published accounts9
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Purpose and importance of the international accounting standards framework9
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Investors' ratios11
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Cash and profits6
-
The interests of stakeholders9
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Importance of effective communication8
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Accounting software9
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Principles of ethical behaviour12
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Board of Directors14
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The role of auditors and the audit report11
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The role of the remittance committee7
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Corporate governance3
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Corporate Social Responsibility6
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Finance Reporting Council (FRC)5
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Department for Business, Energy and Industrial Strategy (BEIS)3
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European Union1
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Consultative Committee of Accountancy Bodies2
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Chartered Institute of Management Accountants3
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How to act ethically11
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Safeguards5
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Source Documents17
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Books of prime entry9
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Ledgers10
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Double Entry18
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Capital Expenditure4
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Revenue expenditure2
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Capital/revenue income2
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Understanding the income statement16
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Statement of Financial Position12
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Prepayments7
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Accruals7
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Irrecoverable debt2
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Depreciation18
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Income Due3
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Income received in advance3
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Irrecoverable debts recovered3
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Provision for doubtful debts4
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Bank Reconciliation3
