1
Q
What does the purchases budget do?
A
It calculates the quantity and value of goods that need to be bought
2
Q
Purchases =
A
Sales - opening inventory + closing inventory
3
Q
Purchases cost =
A
Purchases x Cost per unit
Accounting
flashcards
Decks in class (118)
# Cards
-
Trial Balance12
-
Control Accounts21
-
General Journal3
-
Suspense Account6
-
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
-
Types of budgeting6
-
Cash Budget4
-
Sales Budget1
-
Production budget2
-
Purchases budget3
-
Labour budget1
-
Specific budgets Benefits7
-
Specific Budgets Limitations6
-
Types of costs7
-
Contribution and break-even analysis11
-
Make or Buy decisions4
-
Acceptance of additional work5
-
Price Setting3
-
Optimum use of scarce resources3
-
Optimum production plan2
-
Closure of a loss-making line or production department3
-
Target Profit4
-
Standard costing - Advantages6
-
Standard costing - Disadvantages4
-
Variance analysis9
-
Materials variance7
-
Labour variances7
-
Sales variances6
-
Causes of variances?6
-
Absorption Costing12
-
Overhead abosrption6
-
Marginal costing v Absorption costing5
-
Activity Based Costing12
-
Payback9
-
Net present value6
-
Statement of affairs4
-
Accounting ratios to calculate missing figures12
-
Missing figures using control accounts8
-
Missing figures in the cash account3
-
Late calculation of inventory1
-
Accounting for losses of inventory2
-
Expenses from incomplete records2
-
Income statement from incomplete records5
-
SOFP from incomplete records9
-
Keeping incomplete records11
-
Partnership Act 18908
-
Partnership income statements9
-
Partnership SOFP3
-
Goodwill9
-
Revaluation account5
-
Accounting for retirement of a partner9
-
Accounting for admission of a new partner5
-
Statement of cash flows (operating activities)13
-
Statement of cash flows (Investing activities)5
-
Statement of cash flows (Financing activities)6
-
Statement of cash flows (change in cash and cash equivalents)3
-
Calculating operating profit from retained earnings / profit for the year2
-
Calculating cost of additions to non-current assets3
-
Calculating depreciation on non-current assets2
-
Benefits of statements of cash flows2
-
Limitations of statements of cash flows1
-
Schedule of non-current assets5
-
Rights issues and bonus issues9
-
Published Accounts8
-
Main elements of published accounts9
-
Purpose and importance of the international accounting standards framework9
-
Investors' ratios11
-
Cash and profits6
-
The interests of stakeholders9
-
Importance of effective communication8
-
Accounting software9
-
Principles of ethical behaviour12
-
Board of Directors14
-
The role of auditors and the audit report11
-
The role of the remittance committee7
-
Corporate governance3
-
Corporate Social Responsibility6
-
Finance Reporting Council (FRC)5
-
Department for Business, Energy and Industrial Strategy (BEIS)3
-
European Union1
-
Consultative Committee of Accountancy Bodies2
-
Chartered Institute of Management Accountants3
-
How to act ethically11
-
Safeguards5
-
Source Documents17
-
Books of prime entry9
-
Ledgers10
-
Double Entry18
-
Capital Expenditure4
-
Revenue expenditure2
-
Capital/revenue income2
-
Understanding the income statement16
-
Statement of Financial Position12
-
Prepayments7
-
Accruals7
-
Irrecoverable debt2
-
Depreciation18
-
Income Due3
-
Income received in advance3
-
Irrecoverable debts recovered3
-
Provision for doubtful debts4
-
Bank Reconciliation3
