893627
Descrição
FlashCards por umer.sabir, atualizado more than 1 year ago
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Criado por umer.sabir
mais de 10 anos atrás
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| Questão | Responda |
| Why do businesses have incomplete records? | 1. Usually sole traders of partnerships because they don't have either the time, expertise or money. |
| Advantages of keeping incomplete records? | 1. Simple and easy to do for businesses that don't have financial expertise. 2. Don't require an accountant 3. Don't need expensive accounting software |
| How can you use statement of affairs to calculate capital? | Assets - Liabilities = Capital |
| How can you calculate profit/loss using statement of affairs? | Closing capital - Opening capital = Profit/loss (after drawings) You can find net profit before drawings by simply adding drawings on. |
| Disadvantages of calculating profit/loss using statement of affairs | 1. Not detailed enough for VAT or tax purposes 2. Not enough information for management purposes |
| Layout of cash account |
Image:
CASH.JPG (image/JPG)
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| Layout of a sales ledger control account |
Image:
slca.JPG (image/JPG)
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| Layout of purchase ledger control account |
Image:
plca.JPG (image/JPG)
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| How to calculate stock losses | Opening stock + Purchases =Cost of stock available Sales - Gross profit (using margin) = Cost of sales Cost of stock available - Cost of sales = Expected closing stock - Actual closing stock =Value of stock lost or stolen |
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