Flashcards and recall.

Try this with Accounting

1. Write one prompt per card. Use definitions, explanations or examples from your current topic.
2. Answer aloud before turning the card. Split a card if it asks for several unrelated facts.
3. Set aside missed cards and revisit them in a later session.

View Accounting resources on ATARMAXXING ↗

Recall topics

• What are the three main categories of cash flows in a cash flow statement?
• Define 'operating cash flow'.
• What are examples of investing activities in a cash flow statement?
• Define 'financing activities'.
• What is the direct method in cash flow reporting?
• Name three direct-method line items for operating cash flows.
• Define the 'cash flow to sales ratio'.
• What does the 'cash flow to total liabilities ratio' measure?
• Define 'separation of duties' in internal control.
• What is the principle of 'authorisation' in internal controls?
• Explain the role of 'reconciliation' as an internal control.
• What is a 'tax invoice' in the context of GST?
• Define 'Business Activity Statement' (BAS).
• What is an 'input tax credit' (ITC)?
• Explain 'GST collected' in accounting.
• Define 'GST paid' in the BAS context.
• What is a 'debtor'?
• Define 'creditor'.
• What is a 'control account' in accounts receivable/payable?
• Define 'subsidiary ledger'.
• What is an 'ageing schedule' in accounts receivable?
• Explain the 'perpetual inventory system'.
• Define 'FIFO' (First-In, First-Out) inventory method.
• What is the 'weighted-average cost' inventory method?
• Define 'cost of goods sold' (COGS).
• What is a 'computerised accounting system'?
• Name two advantages of a computerised accounting system.
• What is an 'audit trail' in computerised accounting?
• Explain the relationship between the control account and subsidiary ledger.
• Define 'cash conversion cycle'.
• Define accrued revenue.
• Define accrued expense.
• Define prepayment (or prepaid expense).
• Define unearned revenue (or deferred revenue).
• Name the three depreciation methods.
• Describe the straight-line depreciation method.
• Describe the declining-balance depreciation method.
• Describe the units-of-production depreciation method.
• Define allowance for doubtful debts.
• List the eight main steps of the accounting cycle in order.