This class was created by Brainscape user Chee Bee Seok. Visit their profile to learn more about the creator.
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Chee Bee Seok
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Decks in this class (20)
1. Introduction to accounting
Two roles of accounting,
How does accounting help in decis...,
How does accounting play the role...
13
cards
2. Accounting equation
State the accounting equation,
Define assets,
Define liabilities
25
cards
3. Double entries
State the double entry rule,
Give the double entries owner con...,
Give the double entries owner too...
16
cards
4. Trial balance
What is a trial balance,
Why is a trial balance prepared o...,
Identify the class nature of the ...
23
cards
5. Control accounts
What is trade receivable control ...,
In which ledger is trade receivab...,
What is trade payable control acc...
19
cards
6. Discounts
Name the two types of discounts,
What is trade discount,
What is cash discount
14
cards
7. Corrections of Errors
List the six errors not disclosed...,
Describe error of omission,
Describe error of commission
14
cards
8. Inventory
Give the double entries to record...,
Give the double entries to record...,
What becomes of inventory when th...
18
cards
9. Impairment loss on trade receivables
Why does business create allowanc...,
What does allowance for impairmen...,
How does allowance for impairment...
15
cards
10. Special Journals
Name the 4 special journals,
State purpose of purchases journal,
State purpose of sales journal
17
cards
11. Bank Reconciliation
0
cards
12. Non-Current Assets and Depreciation
What are non current assets,
What are current assets,
Give three differences between no...
17
cards
13. Capital and Revenue Expenditure
Explain capital expenditure,
Give two examples of capital expe...,
Explain revenue expenditure
22
cards
Accounting Terms & Definition
Assets,
Current assets,
Liabilities
27
cards
Accounting Principles
Accrual concept,
Matching concept,
Prudence concept
17
cards
19. Company accounting
State two features of company,
Explain the term share,
What is dividend
18
cards
Financial Ratios (Profitability)
What is profitability,
State the profitability ratios,
Give the formula for gross profit...
16
cards
Financial Ratios (Liquidity)
What is liquidity,
State the formula for current ratio,
What is working capital
14
cards
Financial Ratios (Inventory Management)
What is inventory,
State the formula for inventory t...,
State the unit for inventory turn...
10
cards
Accounting terms
To learn the technical terms used in accounting
20
cards
More about
accounting
- Class purpose General learning
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