Basic Costing Chapter 1 Summary
- Created by: dami
- Created on: 19-06-14 11:20
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- Chapter 1 Basic Costing System
- Types of Business
- Sole Trader
- Partnership
- Limited Liability
- Limited Companies
- Types of Transactions
- Cash Transaction
- Credit Transaction
- Trade Receivable
- Trade Payable
- Capital Transaction
- Purchase of non current assets
- Revenue Transaction
- Everyday income and expense of the business
- Types of Industry
- Manufacturing
- Services
- Retail
- Purpose of accounting
- Statement of Financial Position
- Assets - Liabilities equals Capital
- Statement of Profit and Loss
- Income- Expenses equals profit or loss
- Statement of Financial Position
- Role of management accounting
- Decision
- Planning
- Control
- Types of Business
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