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foundations of accounting

This class was created by Brainscape user Hellen Le Bacq. Visit their profile to learn more about the creator.

By: Hellen Le Bacq
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Decks in this class (11)

Chapter 1 - Introduction to Accounting
What is accounting,
What is financial data give examp...,
What happens to transactions
82  cards
Chapter 2 - Types of Business Entity
What are the main types of busine...,
What are four ways in which we ca...,
Define profit
31  cards
Chapter 3 - Double Entry Bookkeeping
What is a sales order,
What is a purchase order,
What is a goods received note whe...
36  cards
Chapter 4 - Trial Balance
Define a trial balance,
What is a debit balance on an acc...,
What is a credit balance on an ac...
7  cards
Chapter 5: Books of Primary Entry & Subsidiary Ledgers
What are the main books of prime ...,
Define books of primary entry,
What is the sales day book what i...
37  cards
Chapter 6: Accruals and Prepayments
What are accrued expenses accrual...,
What are prepaid expenses prepaym...,
What is the accruals or matching ...
12  cards
Chapter 7 - Receivables and Payables
When is sales revenue recognized,
What is a credit sale,
What are the costs of providing c...
11  cards
Chapter 8: Property, Plant & Equipment
What is capital expenditure,
What is revenue expenditure,
How is capital expenditure accoun...
46  cards
Chapter 9: Inventory
How do you calculate the cost of ...,
Define cost of goods sold,
What is carriage
19  cards
Chapter 10: Closing Entries
What has to happen to ledger acco...,
What is the fist step in the proc...,
What happens in the profit and lo...
7  cards
Chapter 11: Subsidiary Ledgers and Reconciliations
What are some internal control pr...,
What is a control account,
What are the receivables and paya...
3  cards

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foundations of accounting

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