Elements of Financial Statements Flashcards

1
Q

Profit and Loss contains

A

Income

Expenses

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2
Q

Balance sheet contains

A

Assets

Liabilities

Capital

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3
Q

Income is made up of

A

Revenue
Sales
Bank interest received
Gain on disposal

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4
Q

Expense is made up of

A
Purchase 
Opening inventory
Rent
Rates
Wages
Electric
Depreciation 
Loss on disposals 
Bank interest expense
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5
Q

Fixed assets are

A

Land
Building
Machinery
Vehicles

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6
Q

Current assets are

A
Stock (inventories)
Trade debtors 
Bank
Cash
Prepayments
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7
Q

Non current liabilities are

A

Loans

Leases

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8
Q

Current liabilities are

A

Trade creditors
Vat
Lease

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9
Q

If in same year what do you do with accrual

A

Credit accrual

Debit the payment (e.g cash, rent)

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10
Q

If in same year what do you do with prepayments?

A

Debit prepayment

Credit cash

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