Chapter 25: Incomplete Records

• What are Incomplete Records?

  Incomplete records refer to situations where not all transactions are fully recorded.
• What are the 6 steps used to do an incomplete records?

  ㆍBank and Cash Accounts

  ㆍAccruals and Prepayments

  ㆍDepreciation and Disposals

  ㆍControl Accounts

  ㆍFundamental Accounting Equations

  ㆍPrice Model: Mark-up and Margin
• What is capital injection?

  Capital injection is when a company or organization receives additional money or funds to help improve its financial situation.
• What is the layout for profit and loss when completing the statement of affairs account?

  Layout:

  
• What is a trading account?

  Trading account is a section within the income statement of a business. Main purpose is to calculate gross profit
• What is the layout for trade account ?

  (Drawing is sometimes featured)

  
• If cost of sales value isn't given, what can you use to calculate the COS?

  Mark-up and Margin