Advance bookkeeping

Front

The statement of _____________ shows the profitability of the business

Back

Profit or Loss

Front

Cost of a non-current asset less accumulated depreciation is

Back

Carrying Amount

Front

Type of error that occurs when the wrong class of account is used

Back

Error of Principle

Front

IAS 2 requires that inventories are to be valued at the lower of cost and ___ __________ _____

Back

Net Realisable Value

Front

Method of funding non-current assets which enables a business to have the use of the asset against regular rental payments

Back

Hire purchase

Front

Control account which shows the total of the trade receivables’ accounts of a business

Back

Receivables Ledger Control

Front

An account which is debited with the original cost of a non-current asset when it is sold.

Back

Disposal Account

Front

At the beginning of a new accounting period, a prepaid expense entry is: Debit, Credit, Balance b/d, Balance c/d

Back

Debit

Front

An extended trial balance records irrecoverable debts in the debit column of the statement of

Back

Profit or Loss

Front

An error where a transaction is not recorded in the accounting system is...

Back

Error of Omission