Accounting - Introduction - Accounting terminology, D - L
Accounting terminology, D - L
* the view that a perpetual inventory system of recording for stock is a
better system than a physical inventory system for recording stock.
* accounting terms.
* that 'equalling' totals at the foot of the trial balance does not
ensure that accuracy has been achieved in ledger recording;
* that profit is an estimated measure.
* the accounting process in terms of its recording, reporting,
interpreting and budgeting functions;
* what is involved in recording subsidiary ledger stock records using
identified cost, and in using assumed FIFO cost flows.
* columnar special journals to record transactions of a like nature;
* suitable headings for reports which specifically state the name of the
firm, the type of report, and the exact length and/or exact date of the
* alternative methods of revenue recognition and expense recognition;
* each accounting principle in terms of the effect on each of the
recording and reporting procedures.
* between the asset approach to recording a payment in advance and the
expense approach to prepaid expenses;
* between a current asset, and a non-current asset and a current
liability and a non-current liability.
* with explanations, the reasons for a business adopting a perpetual
system of recording for stock.
* the consequences for both the Profit and Loss statement, and the
balance sheet of alternative values for stock;
* why the historical cost balance sheet does not show the current worth
of the firm.
* alternative methods of determining the cost of stock;
* alternative procedures in the recording and reporting of inventory.
* the effect of alternative methods of depreciation on the balance sheet
value of a particular non-current asset;
* a firm's rate of return on investment over a number of equal-length
* ledger accounts in drawing up a chart of accounts;
* transactions according to their effect on the accounting equation.
* the accounting principles involved in accounting for non-current assets
* the significance of a stocktake held at the end of the accounting
* how the entity principle effects the recording of transactions;
* how a firm may experience an increase in cash but have operated at a
* information provided on the profitability and liquidity of a firm.
* accounting data in assessing the performance (including profitability
and liquidity) of a business from an internal management point of view.
* the treatment of depreciation as an allocation of cost;
* the application of the 'lower of cost and net realisable value' to
individual items and groups of items but not to aggregate stock valuations.
* sources of finance available to a sole trader for normal trading and
* advantages resulting from the use of a subsidiary ledger.
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