Show:
Financial Documents
Expenses & Revenues
Profits
Concepts
Processing
100
Income Statement
The statement that lists income and expenses?
100
Interest Received or Rent Received or Commission Received
examples of "Other Revenue"
100
Net Profit
What is the final profit called?
100
Accounting Entity
The financial affairs of the business must be kept separate from the financial affairs of the owner
100
Debit, credit and balance
What are the columns in a ledger account
200
Balance Sheet or Statement of Financial Position
The statement that shows assets, liabilities and owners equity
200
Insurance on delivery vehicles
Example of a Distribution and Selling Expense
200
For every $1 of sales selling expense take 12cents.
Explanation of selling expenses 12%
200
Accounting Period
The lifetime of the business is divided into equal time periods so that profit can be calculated and compared.
200
A ledger balance decreases
If a debit is added to a credit balance, or a credit is added to a debit balance .......
300
Cash Flow Statement
A statement of all cash in and cash out over a set period of time?
300
Salesmen wages
An example of Distribution and Selling expenses
300
Revenue - Expenses =
How is net profit calculated?
300
Monetary Concept
All transactions are recorded in NZ $
300
Ledger balances increase
If a credit is added to a credit balance, or a a debit is added to a debit balance .....
400
A + E =L + OE + I
The accounting equation
400
Interest on Mortage
A type of Financial expense
400
SE x 100 ________ Sales
Formula to calculate the selling expense %
400
Historical Cost
An asset is recorded at the original purchase price
400
It decreases
If a credit is entered to an account with a debit balance, the balance ............
500
Balance Sheet as at a specified date
What is the heading for a Balance sheet
500
Distribution, administration and Financial expenses
What are the expense categories in an Income Statement?
500
Gross Profit
Sales less cost of Goods Sold =
500
Accrual Accounting
Transactions are recorded when they occur but are reported in the period they relate to.
500
Trial Balance
A list showing all the ledger accounts and their balances is called a ...........................