1568852
Beschreibung
Mindmap von Maggie May Hosking, aktualisiert more than 1 year ago
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Erstellt von Maggie May Hosking
vor etwa 10 Jahre
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Bussiness Accounting
- Glossary
Of terms
used
- Company- Busniess
organisation owned
by shareholders
- Financial
period- Period
of time usually
12 months in
which financial
reporting is
done
- Financial
Statements-
reports prepared
from accn Records
- ShareHolders-
Collective name
for owners of
company
- Transaction-
Any business
deal of a
financial
nature
- Members-
Collective
name of
owners of a
CC
- Depreciation-
the amount
charged each
year for the
usage of
depreciable
fixed assets.
As the
allocation of
the cost of
the asset over
its useful life
- Company- Busniess
organisation owned
by shareholders
- Forms of companies
- Sole Trader, no
legal
personality,
limited life
span no limited
liability, owners
manage,
personal tax
- Partnership- no legal
personality, limited
life span, 2-20
partners, jointly and
severally liable for
debts, partners
manage, personal tax
- Close Corportion- jurustic personality, seperate
legal entity, unlimited life, 1-10 members,
members have limited liability, members
manage, company tax and tax on distributions
- Companies- Juristic personality, seperate legal entity,
1-50 shareholders if private, if public min of 7 no max,
BOD manage, Companies pay tax and tax on
distributions
- Sole Trader, no
legal
personality,
limited life
span no limited
liability, owners
manage,
personal tax
- Users of Accn Informations
- Primary Users- Ownership
interest, providers of
capital, investors
- Secondary Users-
Financial Interest, No
ownership,
Managements &
employees
- Tertiary Users- No Ownership, No
Financial interest, Financial analysts,
SARS, Government
- Primary Users- Ownership
interest, providers of
capital, investors
- Underlying Assumptions
- Accrual
Basis
- Going
Concern
- Entity
Convention
- Accrual
Basis
- The Qualitative Characteristics
of Financial statements
- Understandability
- Reliability
- Relavance & Reliability
- Timeliness
- Cost/Benefit
- Timeliness
- Comparability
- Materilality
- Understandability
- Asset- Controlled by business, Past event, Future benefit
- Current
- Realised within 12 months
- Inventories
- Realised within 12 months
- Non Current
- Tangable
- Property,Plant,Equipment
- Property,Plant,Equipment
- Intangable
- BrandNames, Licenses, CopyRights
- BrandNames, Licenses, CopyRights
- Tangable
- Current
- Liabitltiy- Obligation, past event, outflow of resouces
- Current
- Short Term (Within 12 Months)
- Short Term (Within 12 Months)
- NonCurrent
- Long Term(Longer than normal operating cycle)
- Long Term(Longer than normal operating cycle)
- Current
- A=OE+L
- Assets
- Owners Equity
- Capital
- Income
- -Expenses
- -Dividends
- If OE is (-) business
is insolvent
- Capital
- Liabilities
- Assets
- Depreciation------strightline method (Cost/UL)
- +A-
-L+
+D-
-I+
-C+
+E-
- No Gross
Profit/Cost
of sales for
services
rendered
- Selling Price =
Original Cost +
Mark up
- Gross Profit= Sales- COS
- COMPUTATIONAL COST OF SALES
- Value of inventory @ Beginning of Period
- + Purchases
- = Cost of goods available for sale
- -Value of Inventory @ End of period
- =Cost of sales
- =Cost of sales
- -Value of Inventory @ End of period
- = Cost of goods available for sale
- + Purchases
- Value of inventory @ Beginning of Period
- Selling Price =
Original Cost +
Mark up
- Bad Debts
- DR BAD DEBTS
- CR ACC RECEIVABLE
- DR BAD DEBTS
- SOFP
- Assets
- Non Current
- Current
- Current
- Total Assets
- Equity (CDIE)
- Liabilities
- Current
- Non Current
- Current
- Liabilities
- Equity (CDIE)
- Non Current
- Assets
- Ratios
- Profitability
- Efficiency
- Gearing
- Investment
- Profitability
- FIFO =First in first out
- Average Cost
- Average Cost
- Periodic
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