This class was created by Brainscape user Sophie Milne. Visit their profile to learn more about the creator.
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Sophie Milne
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Decks in this class (16)
Key Business Documents
What is the purpose of an invoice,
What are the details included in ...,
What is the purpose of a credit note
14
cards
break even key terms
What are fixed costs,
What are variable costs,
What is contribution
7
cards
break even formulae
Contribution formula,
Break even point in units,
Break even point in sales value
10
cards
FIFO ( inventory valuation )
What is first in first out,
Describe 4 advantages of fifo,
Describe 2 disadvantages of fifo
3
cards
labour theory
Describe the time rate payment me...,
Describe the piece rate method of...,
Describe the flat rate method of ...
5
cards
sources of finance
Describe personal savings invest ...,
Advantages of personal savings in...,
Disadvantages of personal savings...
15
cards
sole trader theory
What is a sole trader,
Outline 3 advantages of being a s...,
Outline 4 disadvantages of being ...
3
cards
role of the financial accountant
Outline 4 roles of the financial ...
1
cards
role of the management accountant
Outline 4 roles of the management...
1
cards
job costing theory
What is profit mark up,
What is a direct cost,
What is an indirect cost
4
cards
cash budgets
What is a cash budget,
What does a cash budget allow own...,
What are the two categories of sale
11
cards
trial balance
What are the two main purposes of...,
How is the trial balance prepared
2
cards
decision making
What is a limiting factor
1
cards
ratio analysis
Suggest a reason for a difference...,
Suggest a reason for a difference...,
Suggest a reason for a difference...
6
cards
extra theory/ stuff that needs more revision
One benefit of buys inventory on ...,
What is depreciation,
What are bad debts
8
cards
Correction of errors
Errors of omission,
Errors of commission,
Compensating errors
9
cards
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N5 accounting
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