Accounting Unit 1

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  • Created by: Liv134
  • Created on: 22-03-16 13:53
Debtors
Trade receivables (who owe money to the business)
1 of 15
Creditors
Trade payables (who we owe money to)
2 of 15
Liquid
How easily assets can be turned into cash
3 of 15
Revenue expenditure
spending money on everyday expenses
4 of 15
Capital expenditure
Income derived from the 'usual' activities of the business
5 of 15
Carriage in
When a supplier charges for delivery on goods purchased
6 of 15
Carriage out
Expense- paying for delivery to customers
7 of 15
Six books of prime entry (Subsidiary books)
Sales day book, Purchase returns day book, Cash book, Journal, Sales returns day book, Purchase day book
8 of 15
Sales day book (Sales journal)
Source document- sales invoice, total is credited to the general ledger as the goods are given, Each customer in G.L is debited as they receive the goods
9 of 15
Purchase day book
Source document- purchase invoice , credit individuals account and debit general ledger
10 of 15
Sales returns day book
source document - credit note, Debit sales returns account
11 of 15
Purchase returns day book
Source document- Credit note Total is credited of Returns out ledger, debit individuals accounts.
12 of 15
Cash book
Receipts, Cheque counterfoil, paying in slip, Till roll
13 of 15
Journal
When cannot find an appropriate book of prime entry
14 of 15
D.E.A.D C.L.I.C
Debit, Expenses, Assets, Drawings Credit, Liabilities, Income, Capital
15 of 15

Other cards in this set

Card 2

Front

Trade payables (who we owe money to)

Back

Creditors

Card 3

Front

How easily assets can be turned into cash

Back

Preview of the back of card 3

Card 4

Front

spending money on everyday expenses

Back

Preview of the back of card 4

Card 5

Front

Income derived from the 'usual' activities of the business

Back

Preview of the back of card 5
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