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Accounting Basic

Learn Accounting Terms

TermDefinition
Amount invested by the owner CAPITAL
Monthly payment to employees SALARY
Resources owned by the business ASSETS
Claims owes by the business LIABILITIES
Money taken by the owner form the business for personal use DRAWINGS
Items purchased for re-sale purpose GOODS
Long-Term Properties FIXEDASSETS
Short-Term Properties CURRENTASSETS
Closing Capital Less Opening Capital NETPROFIT
Money over withdrawn from the bank BANKOVERDRAFT
Created by: rkabra