Terminology Flashcards
(24 cards)
Petrol and diesel are regarded as
Fuel
Accounts payable
Creditors
Accounts receivable
Debtors
Office premises
Fixed asset, it’s land and building
Accounting equation
A=OE+L
Trading stock is recorded at
Cost price
How to calculate cost price
Sp×100/100+profit %
Calculate profit
Sp-cos
Or profit in amounts/cos x 100
Calculate selling price
Cos+p
Cash ships
Are for sales received
Cash sales source document
Crt
Invoice
Records goods sold on credit
Accrued income, prepaid expense and consumables on hand
Current assets
Accrued expense and prepaid income
Liability
Capitalized interest
Amount added to the capital amount of a loan and bank
Cash surplus/deficit
Difference between cash receipts and payments
Difference between deductions and contributions
An employer deducts a portion of the employee’s salary for taxes benefits or insurance premium
Contributions are amount additional to gross salary or wages that are contributed by the employer
Fixed deposit
Asset
Uif
The Unemployment Insurance Fund (UIF) is a South African government-funded program that provides temporary financial support to workers who have lost their jobs, are on maternity leave, or are unable to work due to illness or adoption.
Net salary /wage
Net amount of earnings paid to the employee after deductions
Payed deduction
Ted deducted from the employee’s salary or wage and paid over to Sars
Clock card system
A system that contains a fingerprint and face ID recognition for a worker that clocks in and out of work.
Advantage of clock card system
Records the exact hours worked reducing errors/disputes
Prevents employees from falsifying hours worked.
Disadvantages of clock card system
Not recognized for hours you worked for oif you forget to clock in or out
Loadshedding
