A reduction in the value of an asset over time, due in particular to wear and tear.
Depreciation
1 of 15
Each year members will pay a subscription which will entitle them to use the facilities of the club.
Subscriptions
2 of 15
The value of partly completed work in the factory at the start and end of the financial year.
Stock of work in progress
3 of 15
Costs that vary directly with the level of output, also known as direct costs.
Variable Costs
4 of 15
Costs that remain the same irrespective of changes in the volume of production, also known as indirect costs.
Fixed Costs
5 of 15
Paid by a tenant to a landlord.
Rent Received
6 of 15
Expenditure on purchasing goods for resale or paying other day to day expenses such as rent, rates, insurance, etc.
Revenue Expenditure
7 of 15
Expenditure on fixed assets such as premises, furniture, fittings, motor vehicles, etc.
Capital Expenditure
8 of 15
An arithmetical check on the accuracy of the entries in the ledger accounts.
Trial Balance
9 of 15
A person or firm we owe money to.
Creditor
10 of 15
A person or firm who owes us money.
Debtor
11 of 15
The buildings a business owns, e.g. shops, factories, warehouses etc.
Premises
12 of 15
Account where cheques paid and money received is recorded.
Bank
13 of 15
Part of the internal furnishings - items that are bolted to the floor or walls, free standing or hung by a nail or hook. Such as shelves in the supermarket.
Fixtures & Fittings
14 of 15
Account where the owner's investment is recorded.
Capital
15 of 15
Other cards in this set
Card 2
Front
Each year members will pay a subscription which will entitle them to use the facilities of the club.
Back
Subscriptions
Card 3
Front
The value of partly completed work in the factory at the start and end of the financial year.
Back
Card 4
Front
Costs that vary directly with the level of output, also known as direct costs.
Back
Card 5
Front
Costs that remain the same irrespective of changes in the volume of production, also known as indirect costs.
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