Accounting flashcards

What this deck covers

• Unit 3: Financial Accounting (52 cards, 12 dot points)

  • Accounting for Companies, Shares and Dividends WACE Year 12 Accounting and Finance (3)
  • Accrued and Prepaid Items WACE Accounting and Finance Unit 3 (3)
  • Bad and Doubtful Debts WACE Accounting and Finance Unit 3 (4)
  • Balance Day Adjustments and Company Financial Statements WACE Year 12 Accounting and Finance (4)
  • Definition and Recognition of the Elements WACE Accounting and Finance Unit 3 (5)
  • Depreciation of Non-Current Assets WACE Year 12 Accounting and Finance (6)
  • Dividends, Reserves and Retained Earnings WACE Accounting and Finance Unit 3 (4)
  • Inventory Valuation FIFO and Cost of Sales WACE Accounting and Finance Unit 3 (4)
  • Qualitative Characteristics of Financial Information WACE Accounting and Finance Unit 3 (4)
  • Statement of Cash Flows WACE Accounting and Finance Unit 3 (5)
  • Statement of Changes in Equity WACE Accounting and Finance Unit 3 (4)
  • The Conceptual Framework and Accounting Standards WACE Year 12 Accounting and Finance (6)
• Unit 4: Cost and Management Accounting (38 cards, 11 dot points)

  • Budgeted Financial Statements and the Master Budget WACE Accounting and Finance Unit 4 (3)
  • Budgeting and Cash Budgets WACE Year 12 Accounting and Finance (4)
  • Cost Classification and Behaviour WACE Year 12 Accounting and Finance (5)
  • Cost-Volume-Profit and Break-Even Analysis WACE Year 12 Accounting and Finance (4)
  • Internal Control over Cash WACE Accounting and Finance Unit 4 (3)
  • Limitations of Ratio Analysis and Financial Decision Making WACE Accounting and Finance Unit 4 (3)
  • Liquidity and Gearing Ratios WACE Accounting and Finance Unit 4 (2)
  • Manufacturing Cost Flows and Cost of Goods Manufactured WACE Accounting and Finance Unit 4 (5)
  • Profitability and Efficiency Ratios WACE Accounting and Finance Unit 4 (2)
  • Ratio Analysis and Business Performance WACE Year 12 Accounting and Finance (4)
  • Variance Analysis WACE Accounting and Finance Unit 4 (3)

Sample cards from this deck

1. Definition

   Accounting for Companies, Shares and Dividends WACE Year 12 Accounting and Finance

   Define Share capital

   Share capital is the amount contributed by shareholders in exchange for ordinary shares.

2. Definition

   Budgeted Financial Statements and the Master Budget WACE Accounting and Finance Unit 4

   Define Master budget

   The master budget is a comprehensive set of budgets covering all areas of a business for a future period, comprising operating budgets (sales, production, purchases and expenses), the cash budget, and the budgeted financial statements.

3. Definition

   Accrued and Prepaid Items WACE Accounting and Finance Unit 3

   Define Accrual basis

   Under the accrual basis, the effects of transactions are recognised when they occur, not when cash is received or paid. Revenue is recognised when it is earned and expenses when they are incurred.

4. Definition

   Budgeting and Cash Budgets WACE Year 12 Accounting and Finance

   Define Budget

   A budget is a quantified financial plan for a defined future period.

5. Definition

   Bad and Doubtful Debts WACE Accounting and Finance Unit 3

   Define Bad debt and doubtful debt

   A bad debt is a specific receivable now considered uncollectable, for example because the customer has become insolvent. A doubtful debt is an estimate, made at balance day, of receivables that may not be collected in future.

6. Definition

   Cost Classification and Behaviour WACE Year 12 Accounting and Finance

   Define Direct and indirect costs

   A direct cost can be traced economically to a specific product or job, such as the timber in a table. An indirect cost (overhead) cannot be traced economically to a single product, such as factory rent or the supervisor's salary, and must be allocated.

7. Definition

   The Conceptual Framework and Accounting Standards WACE Year 12 Accounting and Finance

   Define Conceptual Framework

   The Conceptual Framework for Financial Reporting is a set of agreed concepts, issued by the AASB, that describes the objective of, and the ideas behind, general purpose financial reports.

8. Definition

   Cost-Volume-Profit and Break-Even Analysis WACE Year 12 Accounting and Finance

   Define Contribution margin

   The contribution margin per unit is the selling price per unit less the variable cost per unit.

9. Definition

   Definition and Recognition of the Elements WACE Accounting and Finance Unit 3

   Define Asset and liability

   An asset is a present economic resource controlled by the entity as a result of past events, where an economic resource is a right that has the potential to produce economic benefits. A liability is a present obligation of the entity to transfer an economic resource as a result of past events.

10. Definition

    Internal Control over Cash WACE Accounting and Finance Unit 4

    Define Internal control

    Internal control is the system of methods and procedures adopted by a business to safeguard its assets, ensure the accuracy and reliability of its accounting records, promote operational efficiency, and encourage adherence to management policies. Good internal control reduces the opportunity for error and fraud.