A-Level Accounting Flashcards

Created by: Nayan Higgins
Created on: 03-12-21 13:36

	8		6



		3
	2			10

		7


	1


5

	4

9

Across

1. Accounting records store information about all the financial transactions and events of a business (10, 7)
4. The difference between sales and the cost of the goods or stock sold, known as the cost of sales. Gross profit is thus the profit earned by a business before the overheads or general expenses of running the business are deducted (5, 6)
5. Profits are realised (actually earned) when cash or a debtor replaces the goods or services. A transaction is not realised when an order is received or when a debtor pays their debt (11, 7)
7. Debtors are individuals/companies that have borrowed funds from a business and therefore owe money (6)
8. Financial statements are summaries of accounting records that are drawn up to satisfy the information needs of owners and other stakeholders in the business (9, 10)
9. This concept states that profits must not be overstated, and the value of assets must not be shown to be too high. The accountants' duty is to ensure that the readers of the final accounts get a true picture of the financial state of the business (8, 7)

Down

2. A nominal ledger is the main place where accounting transactions are recorded. It contains profit and loss, balance sheet and the nominal account – a complete set of accounting records (7, 6)
3. Creditors are individuals/businesses that have lent funds to another company and are therefore owed money (8)
6. A trial balance is a list of all the balances in the nominal ledger accounts. It serves as a check to ensure that for every transaction, a debit recorded in one ledger account has been matched with a credit in another (5, 7)
10. Assets are the economic resources belonging to a business. Assets could be money in a cash register or bank account, or items such as property, fixtures and furniture, equipment, motor vehicles, and stock or goods for resale (6)

Comments

vovett

Report Fri 18th August, 2023 @ 20:59

Your document is quite interesting, thank you very much for sharing it. Thanks to you, I've been able to learn a lot about accounting, which is the field in which I soon plan to pursue a career. As you have a good experience with finances, I would like to know if you have ever used cash advance no credit check one or more times when you were in immediate need of money. I recently heard about this service and would like to have as much information as possible about it.

Get Revising

A-Level Accounting Flashcards

Across

Down

Comments

Similar Accounting resources:

Across

Down

Comments

Related discussions on The Student Room

Similar Accounting resources: