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7 Cards in this Set

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Trial balance :

List of all balances extracted from ledgers by balancing accounts. Credit balances must equal debit balances.

In a trial balance and the income statement which accounts have Dr and which have cr balances ?

DAX accounts have dr balances ( debtors , assets and expenses )


LIC accounts have cr balances ( liabilities, income , creditors )

Gross profit :

Revenue generated - cost of goods sold

Statement of financial position :

Balance sheet

Aim of statement of financial position :

To show capital / net assets

Derive expression for structure of statement of financial position:

Assets : liabilities + equity



Non current assets + current assets : Non current liabilities+ current liabilities+ capital



Non current assets+ current assets- non current liabilities - current liabilities: capital

Rearrange equation : assets : liabilities+ capital

Profit

Positive change in net assets