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15 Cards in this Set
- Front
- Back
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An explanation, record or history of an event.
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Account
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A list of account
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Ledger
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The left side of an account.
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Debit side
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The right side of an account.
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Credit side
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The abbreviation for debit
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DR
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The abbreviation for credit.
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CR
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Assets=Capital + Liabilities
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Accounting equation
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Resources owned by the business.
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Assets
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Money invested by the owner.
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Capital
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Resources which must be paid back.
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Liabilities
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Money taken out of the business for the owner's personal use.
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Drawings
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Persons who owe the business money.
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Debtors
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Person to whom the business owes money.
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Creditors
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The profit and loss account and the balanc sheet.
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Final accounts.
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The recording of financial information.
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Bookeeping.
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