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Fundamentals Of Financial Accounting

This class was created by Brainscape user Hafsah Latif. Visit their profile to learn more about the creator.

By: Hafsah Latif
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Decks in this class (8)

topic1 the framework of accounting
Financial accounting definition 1,
Reasons for financial accounting 2,
Objectives of financial accounting 3
16  cards
topic2 the accounting equation, double entry bookkeeping and sales tax
What is the accounting equation 1,
Why is the accounting equation us...,
Traditional bookkeeping system 3
21  cards
topic3 double entry bookkeeping, settlement discounts and trial balance
Settlement discounts 1,
Equation to work out the value of...,
Vat and discounts 3
3  cards
topic4 control accounts and the bank reconciliation
If the total of the individual cu...,
Vat sales tax control account 2,
Control accounts 3
7  cards
topic5 errors and the suspense account
Errors where trial balance balanc...,
How to correct errors where the t...,
Errors where the trial balance do...
5  cards
topic6 year end adjustments: accruals and prepayments
Accruals concept 1,
If we ignored the accruals concept 2,
Basis of accrual prepayment adjus...
12  cards
topic7 year end adjustments:irrecoverable debts and allowances for doubtful debts
Irrecoverable and doubtful debts 1,
Irrecoverable debts 2,
Allowances for doubtful debts 3
3  cards
topic8 year end adjustments: inventory valuation and inventory adjustments
Accounting for inventory 1,
Valuation of inventory 2,
Double entry for inventory 3
3  cards

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Fundamentals Of Financial Accounting

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