Unit 2 Accounting Revision

What principle am I... Items must be recorded in the currency of that location

How do you calculate Cost of Sales?

The process of counting each item of stock to verify accuracy of stock cards is known as...

What is a depreciable asset?

What is a prepaid expense?

What is the generally accepted formula for an Income Statement?

Cheque transactions are recorded in which journal?

True or False: A stock loss is recorded in the OUT column of a stock card

Credit sales are recorded in which journal?

Which of the following is a liquidity indicator?

What principle am I... the life of the business must be divided into periods of time

What is a mark-up?

Which of the following is a profitability indicator?

What is a variance?

Which of the following is not included in a Cash Flow Statement

What accounting principle am I... The business and owner must be separate

Receipts and memos are examples of what?

What is the accounting equation?

Which of the following is not a benefit of computerised accounting systems?

What is a credit transaction?

The ratio of current assets to current liabilities is commonly known as...

What is a non current asset or liability?

How can a stock gain occur?