Financial Reports
This report measures profit by comparing revenues and expenses
Income Statement
This concept explains that all events must be able to be recorded in the same currency
Monetary Unit
The section of the cash budget that includes cash sales and receipts from debtors
Estimated Cash Receipts
Duality
How many weeks has Miss Jones been here at St Peter's so far?
3 Weeks
Another name for Accounts Payable
Creditors
This concept divides the life of a business into regular reporting intervals
Accounting Period
This section of the cash budget includes estimated cash that is going out of the business
Estimated Cash Payments
Assets increase on this side of the ledger
Debit Side OR Left Side
Who has scored goals for Australia in the FIFA World Cup this year?
Nestory Irankunda and Connor Metcalfe
This report explains movements in capital, drawings, and profit
Statement of Changes in Equity
Recording drawings is an example of this accounting concept
Accounting Entity
The amount of cash the business starts the month with
Bank Balance at the Beginning OR Opening Balance
A way of remembering which side to increase accounts on
DEAD CLOR or DEALOR
Within 2c, what is the current value of AUD to USD
70c
This classification separates items based on whether they will be used or settled within 12 months
Current and Non-Current
Recording the market value of an asset instead of the value paid goes against this accounting concept
Historical Cost
The calculation to find the bank balance at the end of the month
Opening Bank Balance + Receipts less Payments
The name of the list of accounts showing their closing balances
Trial Balance
Top Team on the AFL ladder as of this morning
Fremantle
The link between the Income Statement and Statement of Changes in Equity
Net Profit
Recording items as non-current assets rather than expenses when they are purchased demonstrates this accounting concept
Going Concern
Explain the ledger entries for this transaction:
Business buys a vehicle, paying a deposit in cash with the rest on credit
Dr Vehicle (Left), Cr Bank (Right), Cr Creditors (Right)
Name the Adelaide Thunderbirds co-Captains
Shamira Sterling-Humphrey and Georgie Horjus