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What is the difference between a current and non-current asset?
A current asset is only expected to be useful to business for up to 1 year while a non current asset is used for more than a year
What is professional ethics?
Professional ethics are principles that govern the behavior of a person or group in a business environment. Like values
When you rather understate profits rather than over state we call this...
Prudence
Materiality is a type of accounting concept? Yes or No
Yes
Matching concept is an accounting concept. True or False?
True
The business entity concept means that the owner and the business are considered ONE ENTITY. Yes or No
No
Objectivity is where you allow your opinions to affect your decisions. True or False?
False
A partnership is easier to form than a company. True or False?
True
A sole trader has unlimited liability. True or False
True
How do you find Capital?
Assets - Liabilities
What is the accounting equation?
Assets= Capital + Liabilities
Give 2 examples of an Asset
Car, Machine, Equipment
Two examples of revenues
Rent received, Discounts received
Give 3 examples of an expense
rent , salary expense, insurance etc.
What is revenue?
additional source of income to the organization that may not be apart of its regular trading activity
What is an expense?
Money paid out as part of operational costs
Which class of accounts contains income and expenses?
Nominal Accounts
Which class of account contains only possessions of the business?
Real Accounts
Which type of account contains information on people and firms?
Personal Accounts
A mortgage is classed as a what?
Long term liability
A loan that was taken out for 5 years requires a portion to be paid at the end of a 3 month period. Is this an example of a non-current liability?
No
Capital is only considered as money invested in the business? True or False
False
What is a liability defined as?
economic obligations or payables of the business
What is a definition of an asset?
Assets are resources owned by an organization
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