Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
17 Cards in this Set
- Front
- Back
|
Accounting equation? |
Assets - liabilities = capital |
|
|
In an asset account, money in is______ Money out us _____? |
Debit is more Credit is less |
|
|
Liability accounts debit means_____ Credit means less____ |
Debit less Credit more |
|
|
Accounts for assets Accounts for expenses Debit means_____ Credit means_____ |
More Less |
|
|
Accounts for liabilities Accounts for income Debit means _____ Credit means _____ |
Less More |
|
|
When posting sales return daybook, Amounts posted to individual customers in sales ledger should equal what? |
Total posted to the credit side of sales ledger control account |
|
|
Expense + purchases = |
Net |
|
|
Are both credit sale and cash sales recorded to sales ledger? |
No |
|
|
When balancing, Debit balances brought down respresent either? |
-asset -expense - drawings |
|
|
When balancing, Credit balances brought down represents either? |
-liability - income - capital |
|
|
Credit balance brought down on supplier account. This means who owes who what? |
We owe the supplier |
|
|
Balance brought down on general expenses was a debit. Who owes who ? |
Business owes expenses to someone |
|
|
Chloe's assumption, If balance brought down is on the wrong expected side... |
E.g supplier should be liability (credit)Then I guess they owe us money? |
|
|
When doing a credit note for ppd? Where do we post it?
|
Ppd on net amountPpd on vat Separately
Discounts allowed day book Then... Cr SLCA Dr vat Dr vat Post in credit side of the customer T chart |
|
|
Whatever you do in sales ledger control, repeat exactly in the______? |
Sales ledger |
|
|
Once the credit payment has been made?? |
Dr bank ledger account Cr SLCA |
|
|
Control A/C reconciliation ? |
The balance of the control account needs to equal the total of individual subsidiary ledger accounts |
