Save
Busy. Please wait.
or

show password
Forgot Password?

Don't have an account?  Sign up 
or

Username is available taken
show password

why


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
We do not share your email address with others. It is only used to allow you to reset your password. For details read our Privacy Policy and Terms of Service.


Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't know
Remaining cards (0)
Know
0:00
share
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Accounting terms

General accounting terms

QuestionAnswer
Mark up Relationship between cost of sales and sales
Margin Relationship between gross profit and sales
Accrual Period end adjustment which increases the expense and goes as current liability on b/s
Prepayment Period end adjustment which decreases the expense and goes as current asset on b/s
Depreciation Reduction in cost of asset due to wearing out
Prudence Concept of taking no profit and anticipating all losses
Matching Concept of making period end adjustments so that income and expenses occur in the same period
Asset Something the business owns - debit on statement of financial position
Liability Something the business owes - credit on statement of financial position
Income Money coming into the business - credit in income statement
Expense Money paid out of the business - debit in income statement
Bad debt Known amount of money that will not be paid to the business
Provision for doubtful debt Guess/estimation of money that will not be received from debtors
Reducing balance Method of depreciation where the expense for the year is calculated on the NBV brought forward
Net book value Cost of asset minus accumulated depreciation
Accumulated depreciation Depreciation that has been accrued over a period of time against the cost of an asset
Non-current asset Asset which is expected to have use in the business of more than one year
Current asset Asset which is expected to be used in the business within one year
Current liability Amount of money which is expected to be paid by the business within one year
Drawings Money taken out of the business by the owner
Share capital Money invested in the company by shareholders
Inventory Assets held by the business for resale
Goods returned inwards Sales returns sent back by the customer
Goods returned outwards Purchases returned by the business to the seller
Discount allowed Reduction in the amount to be collected by the business from debtors - expense
Discount received Reduction in the amount owing to creditors - income
Opening capital Opening assets less opening liabilities
Closing capital Closing assets less closing liabilities
Sole trader One owner/investor in the business. But may still employ others
Limited company Business financed by share capital from shareholders.
Limited liability Investors can only lose the amount they have invested and their other assets are safe in case of debt.
Created by: amandacavanagh
 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!

"Know" box contains:
Time elapsed:
Retries:
restart all cards