A bad debt is a debt which cannot be recovered. When a debtor is unable to repay the debt, the money is written off as a non-recoverable loss. It is treated as an expense in the Income Statement (profit and loss account). - Bad Debt, The transport and delivery costs associated with selling goods to customers. This expense is different from carriage inwards, which is entered in the trading account. - Carriage Outwards, An auditor’s role is to examine company accounts in order to ensure that they have been properly prepared and that the accounts present a true and fair picture of the financial position of the business. - Audit fees, is a reduction in the value of a fixed asset due to age, usage, and wear and tear. Businesses generally ‘write off’ a portion of the asset’s value each year. - Depreciation, the cost of goods held in stock at the beginning of the financial year. This may be stock of finished goods and/or raw materials. - Opening Stock, the value of goods held in stock at the end of the financial year. This may be stock of raw materials and /or finished goods. - Closing Stock, is the cost of goods bought during the year. These g - Purchases, Is the cost of having purchases delivered to the business. - Carriage inwards, is a tax paid on the purchases from countries outside of the EU. Also known as Import duty - Custom duty, is the profit or loss generated by a business as a result of making and selling its products. It does not include expenses (e.g. electricity) - Gross profit (or Loss), The value of the goods sold during the year - Sales, The value of goods sold that were returned to the firm by customers - Sales Returns(returns in), The cost of goods purchased that were returned by the firm to its suppliers - Purchases returns (returns out), are items of value owned by the organisation - Assets, refers to money owed by the organisation - Liabilities, is all the money invested in the organisation and used to generate income. It comes from shareholder investments, long-term borrowings and retained profits (reserves). - Capital, This is cash or any asset that can be converted to cash in the short term (within one year), e.g. debtor - Current Asset, refers to someone who owes money to another person or business, usually because they have been sold goods or services on credit. - Debtor, These are short-term debts owed by the business - Current Liabilities, is someone that an organisation owes money to, usually because they have sold goods or services to the organisation on credit - A Creditor, refers to cash flow and shows whether the business can generate enough short-term income to pay its short-term debts. - liquidity, is the total of the ‘financed by’ section of the statement of financial position (balance sheet). It sets out the capital structure of a business. - Capital Employed, of a company indicates the number of shares it has actually issued (sold) to date. - Issued Share capital, These are items owned by a business and intended for long-term use - Fixed assets,

Final accounts 3rd Year Flash Cards

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