Year 12 · SACE / Accounting
Flashcards and recall.
Make a short deck from material you need to recall without notes.
Try this with Accounting
- Write one prompt per card. Use definitions, explanations or examples from your current topic.
- Answer aloud before turning the card. Split a card if it asks for several unrelated facts.
- Set aside missed cards and revisit them in a later session.
Recall topics
- Define accrual accounting
- What is the accounting entity concept?
- Define the accounting period concept
- What is the going concern concept?
- Define the monetary unit concept
- What is the consistency concept?
- Define duality (or the dual aspect principle)
- What is the historical cost concept?
- Define the prudence (conservatism) concept
- What is the realisation concept?
- Define materiality in accounting
- What is the relevance characteristic?
- Define faithful representation
- Define a sole trader
- What is a partnership?
- Distinguish accounting entity from legal entity
- State the accounting equation
- Explain why the accounting equation always balances
- What is a general journal entry?
- Define the debit and credit convention for assets
- Define the debit and credit convention for liabilities
- Define the debit and credit convention for equity
- Define the debit and credit convention for revenue
- Define the debit and credit convention for expenses
- What is the general ledger?
- What is formal balancing of a ledger account?
- What is a trial balance?
- List the four accounting reports
- What is the purpose of the income statement?
- What is the purpose of the balance sheet?
- What is the purpose of the statement of changes in equity?
- What is the purpose of the statement of cash flows?
- Explain the link between the income statement and statement of changes in equity
- Explain the link between the balance sheet and the statement of changes in equity
- What does classification mean in the income statement?
- Define cost of goods sold (COGS)
- Define gross profit
- What does current/non-current classification mean on the balance sheet?
- Give an example of a current asset
- Give an example of a non-current asset
Resource inventory inspected 4 November 2026. The main ATARMAXXING study platform is separate from tutoring. Topic labels show what was found, not a guarantee of complete curriculum coverage or tutor availability.
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