Accrual accounting
10 important questions on Accrual accounting
What are the 4 steps of a transaction?
2. Invoice
3. Payment
4. Delivery
The order is not fixed though
What is the difference between expenses and costs?
What are the 3 categories of the trial balance?
2. Accruals
3. Depreciations
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What are the 2 types of deferrals?
2. Deferred revenue - liability, receive money for service not yet performed
What are the 2 types of accruals?
2. Accrued revenue - realising revenue which will only be paid at the end of a period
What are suspense accounts?
What 2 things do we use depreciation costs for?
2. We put them on the balance sheet, where we decrease the value of the machine by the depreciation cost
What is the debt ratio?
What are the 2 investment ratios?
2. Price-Earnings ratio - how much investors are willing to pay for €1 profit, price per share/earnings per share
What are the 2 efficiency ratios?
2. Receivables turnover - indicates how many times a year a company receives money from credit accounts, sales revenue on credit/ average debtors
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