Accounting Concepts and Practices

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Purpose of a trial balance

Back

A periodic listing of balances on all accounts within the double entry bookkeeping system for proving arithmetic accuracy.

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Asset identification

Back

An amount owed to the business by a customer to which the business has sold goods on credit.

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Capital identification

Back

Finance invested in a business by its owner(s).

Front

Liability identification

Back

An overdrawn balance on the bank current account of a business.

Front

Function of bookkeeping

Back

A form of internal accounting providing financial information for management planning and controlling.

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Retention period for business documents

Back

3 Years

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Ethical decision in accessing salary information

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Do not disclose salary information from personnel files or wages and salaries records.

Front

A document issued by a supplier to a credit customer who has returned goods.

Back

Credit Note

Front

A document from which transactions are entered in the petty cash book.

Back

Petty Cash Voucher

Front

A document issued by a business to its customer when they purchase goods on credit.

Back

Invoice