✅ FOUNDATION LEVEL – Flashcards (Sample Set of 10)
Each flashcard includes a question (front) and answer (back), based on
core topics like accounting principles, basic IFRS, and simple tax or audit
terms.
🟦 Flashcard 1
Front (Q): What is the accounting equation?
Back (A): Assets = Liabilities + Equity
🟦 Flashcard 2
Front (Q): What does IFRS stand for?
Back (A): International Financial Reporting Standards
🟦 Flashcard 3
Front (Q): Define “depreciation” in accounting.
Back (A): The systematic allocation of the cost of an asset over its useful
life.
🟦 Flashcard 4
Front (Q): What is a journal entry?
Back (A): A record of a transaction where at least one account is debited
and another credited.
🟦 Flashcard 5
Each flashcard includes a question (front) and answer (back), based on
core topics like accounting principles, basic IFRS, and simple tax or audit
terms.
🟦 Flashcard 1
Front (Q): What is the accounting equation?
Back (A): Assets = Liabilities + Equity
🟦 Flashcard 2
Front (Q): What does IFRS stand for?
Back (A): International Financial Reporting Standards
🟦 Flashcard 3
Front (Q): Define “depreciation” in accounting.
Back (A): The systematic allocation of the cost of an asset over its useful
life.
🟦 Flashcard 4
Front (Q): What is a journal entry?
Back (A): A record of a transaction where at least one account is debited
and another credited.
🟦 Flashcard 5
