Accounting defentions 4.0 / 5 based on 3 ratings ? AccountingASAQA Created by: Rachael JenkinsCreated on: 12-01-13 15:35 24713105869 Across 1. Resources the trader owns and intends to turn into cash such as stock and debtors and therefore will be kept for less than one year. (7, 6) 5. The cash generate from the sales of a good/service to the customers - income statement 1st (7) 6. The profits made by deducting cost of sales from sales revenue and represent the profit made before taking into account overheads - recorded in income statement (5, 6) 7. The cost of the transportation of goods to the customer - expense in profit and loss of income statement (8, 3) 8. The investment in the business by the owner - difference between credit and debit on the trial balance (7) 9. Goods returned by the trader to the supplier - credit note recieved - added to revenue in the income statement (7, 3) Down 2. The cost of the transportation of goods from the supplier to the trader - expense in the trading income statement (8, 2) 3. Non trading expeneses such as insurance - deducted from gross profit to give net profit in the income statement (8) 4. The reduction in the value of fixed assets because these resources have a finite life and will need to be replaced. (12) 10. Resources withdrawn by the owner from the business such as stock or cash and so reduce the owner’s equity - deducted capital account in the balance sheet (8)
Comments
No comments have yet been made