Notesale: Turn your study into money

Document Preview

Extracts from the notes are below, to see the PDF you'll receive please use the links above

---

Accounting revision notes – 1
Basic concepts in Accounting
1
...

2
...

3
...

4
...

5
...

6
...

7
...
Identifying debit and credit –
Debit all assets and credit all liabilities
...

Debit what comes in and credit what goes out
...
Two methods of accounting – Cash basis and accrual basis
...
Current assets – Current assets are assets that can be converted into money within one
year
...
Current liabilities – Current liabilities are liabilities that have to be repaid within one year
...
Non-current assets – Non-current assets are assets, the benefits of which extend beyond
one year
...
Non-current liabilities – Non-current liabilities are liabilities that have to be repaid within
more than a year
...
Tangible fixed assets – Tangible fixed assets are fixed assets that have physical existence
...
Non-tangible fixed assets – Non-tangible fixed assets are fixed assets that have no
physical existence
...
Examples of tangible fixed assets – Building, Machinery
...
Examples of non-tangible fixed assets – Patents, Goodwill
18
...
Examples of current liabilities – Bank overdraft, Accounts payable
20
...
Examples of non-current liabilities – Long term bonds, Bank loan
23
...

24
...

25
...

26
...




---