| Question |
Answer |
| To find a missing sales figure you would.... |
Create a debtors account and fill in opening and closing balance and payments made to bank. |
| To find a missing purchases figure you would..... |
Create a creditors account and fill in opening and closing creditor balances and payments made from the bank |
| An opening accrual is on the ........ side of the T account |
Credit |
| An opening prepayment is on the ........ side of the T account |
Debit |
| In an expense account the profit and loss entry is generally on the .......side of the T account |
Credit |
| Prepayments on the balance sheet go under.... |
Current assets |
| Accruals on the balance sheet go under....... |
Current liabilities |
| When transferring money from cash to bank the entries are.... |
DR Bank CR Cash |
| Opening capital is calculated by |
Adding opening assets and deducting opening liabilities |
| An easy way to calculate profit is by calculating closing capital less..... |
Opening capital plus drawings less capital introduced |
| Closing prepayment is on the .......side of the T account |
Credit |
| Closing accrual is on the ........ side of the T account |
Debit |
| When you pay an expense the double entry is: |
DR Expense CR Bank |
| Mark up |
% added to the cost of goods sold (or purchases) to calculate the selling price |
| Margin |
% of profit made calculated by reference to the selling price |
| Cost of goods sold |
Opening stock plus purchases less closing stock |
Beef Production
