A-Level Accounting Flashcards
- Created by: Nayan Higgins
- Created on: 03-12-21 13:36
T | H | I | S | T | O | R | I | C | C | O | S | T | C | O | N | C | E | P | T | W |
S | W | W | G | W | C | V | A | U | E | C | A | J | L | K | T | V | N | X | S | Q |
X | T | F | O | A | V | Q | A | T | J | O | D | G | Y | P | E | T | B | B | W | M |
M | P | R | O | F | I | T | L | O | S | S | A | C | C | O | U | N | T | K | E | E |
F | K | B | A | L | A | N | C | E | C | A | R | R | I | E | D | D | O | W | N | B |
D | F | D | W | W | H | Q | M | P | Q | K | I | V | S | A | Q | M | I | Q | S | N |
R | E | A | L | I | S | A | T | I | O | N | C | O | N | C | E | P | T | W | W | N |
P | M | N | Y | N | K | E | S | Q | D | O | D | F | I | X | C | H | A | A | Y | R |
G | O | I | N | G | C | O | N | C | E | R | N | C | O | N | C | E | P | T | A | G |
J | X | P | N | E | T | O | V | E | R | A | L | L | P | R | O | F | I | T | J | F |
F | K | U | L | Y | E | M | X | S | K | S | W | N | N | H | L | V | N | D | F | Y |
M | A | T | E | R | I | A | L | I | T | Y | C | O | N | C | E | P | T | X | A | R |
S | N | E | O | S | A | L | W | C | K | W | T | D | D | Q | A | U | O | W | L | J |
G | X | W | D | U | A | L | A | S | P | E | C | T | C | O | N | C | E | P | T | C |
W | J | X | L | C | O | N | X | F | M | R | H | C | B | A | N | V | D | M | I | J |
M | A | N | U | F | A | C | T | U | R | I | N | G | C | O | N | C | E | R | N | M |
H | N | U | X | G | X | X | O | N | Y | K | J | A | H | N | N | B | H | L | X | Y |
W | A | C | C | O | U | N | T | I | N | G | R | E | C | O | R | D | S | E | E | M |
H | W | G | G | M | G | Q | D | I | B | I | O | G | E | V | X | U | L | H | U | L |
A | G | U | A | P | D | M | Q | V | P | K | O | N | B | R | V | G | Y | S | V | H |
C | O | J | A | M | T | R | U | L | Y | M | B | D | M | V | X | L | M | M | V | J |
Clues
- Accounting records store information about all the financial transactions and events of a business (10, 7)
- All transactions are recorded at their cost to the business (8, 4, 7)
- Balance carried down is the closing balance of a ledger account that is carried forward to the next accounting period (7, 7, 4)
- It is assumed that a business will continue to exist for a long period of time (5, 7, 7)
- Manaufacturing products to then be sold (13, 7)
- 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)
- The dual aspect concept is that every transaction has two aspects which must be equal in order to keep in balance the accounting equation, A – L= C (4, 6, 7)
- The increase in the financial value or worth of a business after all expenses have been deducted from income (10, 6)
- The profit and loss account is a financial statement which sets out the results of the trading activities of an enterprise in a detailed breakdown of income generated and expenses incurred (6, 4, 7)
- This concept implies that you should not waste time recording transactions that are trivial (involving very small amounts of money) (11, 7)
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