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Introductory Conceptual Basis Accounting Flashcards | StudBud
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Introductory Conceptual Basis Accounting
Introductory Conceptual Basis Accounting
15 terms
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StudBud Administration
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44 plays
Reinforce concepts and qualitative characteristics L1 Accounting
Flashcards
15 cards
F
Practice quiz
P
Host live
L
Questions
15
Answers
1
Distribution to the owner
Cheque
Cash
Capital
Drawing
2
Cost - accumulated depreciation
historical cost
Carrying value
current cost
market price
3
Personal assets are at risk to cover business debt
Bankrupt
Solvent
Unlimited liability
Limited liability
4
Transactions must be reported in the period it relate to
Going concern
Period reporting
Cash basis
Accrual basis
5
This person will check the accuracy of statements
Cost accountant
Accounting technician
Financial accountant
Auditor
6
Resources controlled by the business, will bring in FEB and purchased in the past
Income
Expenses
Liability
Assets
7
A plan of estimated receipts and payments
Cash flow
Budget
Journal
Statement
8
The business will continue with operations in the future
Going concern
Period reporting
Historical cost
Entity
9
Transactions are recorded in the currency of the country you are in
Period reporting
Going concern
Accounting entity
Monetary measurement
10
The residual value of assets over liabilities
Expense
Income
Equity
11
Systematic allocation of the depreciable amount of the asset over its lifetime
Cost price
Depreciation
Appreciation
Market value
12
Original purchase price ....
Book value
Market value
Carrying value
Historical cost
13
Communication of financial information to the users so that they can make decisions
Accounting
Literacy
Recording
Business
14
Financial affairs of the owner and business must be kept separate and distinct from each other
Historical cost
Period reporting
Accounting entity
Accrual basis
15
Statement drawn up to calculate the profitability
Balance sheet
Cash flow
Income statement
