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30 Cards in this Set
- Front
- Back
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what is petty cash?
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cash at hand or right next to you.
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what is cash at bank?
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money that you already have in the bank
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what are debtors?
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people that owe money
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what is inventory?
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when you buy something to re-sell
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what are creditors/accounts payable?
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people that you owe money to.
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what is capital amount?
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whatever the owner puts into the business
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what is bank overdraft?
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when the bank allows you to spend more money than you have
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what is royalty?
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money earned after you have dome something
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what is subscription fee?
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a one time fee that you pay at the beginning of the year yp get monthly periodicals
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what is considered profit?
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when your revenue is greater than your expense
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what is considered revenue?
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when your expense is less than your revenue
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what is a loss?
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amount spent for goods
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what are sales?
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amount for goods sold for custom
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what are drawings?
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the amount the owner takes out for personal use
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what is commission?
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a percentage you get off the sales you make
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what is capital amount?
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whatever the owner puts into the business
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what is bank overdraft?
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when the bank allows you to spend more money than you have
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what is royalty?
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money earned after you have dome something
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what is subscription fee?
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a one time fee that you pay at the beginning of the year yp get monthly periodicals
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what is considered profit?
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when your revenue is greater than your expense
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what is a current asset?
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holds shorter than a fixed asset
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what is a fixed asset?
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something you can't move or can move
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what are the different types of current asset?
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cash,petty cash,cash at hand etc
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what are the different types of fixed asset?
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buildings,vehicles,fixtures and fitting etc
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the objectives of accounting are...
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...if they are making a profit or loss
what their business is worth how much cash they have how much they are owed how much they owe to someone else |
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What is bookeeping?
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recording data relating to the transactions in the accounting books
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the ingredients of accounts are...
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...private property
capital commerce credit writing money arithmetic |
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the people who uses accounting are...
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...managers
a prospective buyer the bank tax inspectors a prospective partner investors |
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what is accounting?
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identifying,measuring,communicating economic information
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