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