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Accounting

QuestionAnswer
Accounting The processing and communication of financial information to enable economic decisions to be made
Accounting Equation Assets less (-) liabilities = Equity
Accounts Payable Amounts owed by the business for items bought on credit
Accounts Recievable Amounts owed to the business for items sold on credit
Asset A future economic benefit presently controlled by an entity as a result of a past transaction
Current Assets Those that are expected to be turned into cash in the coming year. E.g. Cash, Accounts recievable
Non- Current Assets Those that are expected to be turned into cash in more than one year. E.g. Building, Vechiles
Balance Sheet Statement used to calculate the equity/net worth of a business
Company 1 or more owners; limited liability; continuos existence
Partnership 2-25 owners usually, unlimited liability; non-continuos existence E.g. Law firm
Sole Trader 1 owner; unlimited liability; non-continuos existence E.g. Butcher
Continuos Existence The ownership of the business can be transferred to another person
Non Continuos Existence The ownership of the business cannot be transferred to another person
Credit Purchase Buy a good or service now and pay later
Expenses Payment made for ongoing costs in the operation of the business
Group One Expenses Those relating to the provision of the good or service itself. E.g. Plumbers wages for a plumbing business; Advertising
Administration Expenses Those relating to the daily running of the business. E.g. Rent; Telephone
Financial Expenses Those relating to the funds of the business. E.g. Interest on loan
Income What a persons earns. E.g. Wages; Salary; Interest
Income Statement Statement used to calculate the net profit of a business
Share A unit of ownership in a company
Diviend A return on a share
Liability A future economic sacrifice an entity is presently obliged to make, as a result of a past transaction
Current Liability Those items owing that are expected to be repaid in the coming year. E.g. Bank overdraft; Accounts Payable
Limited Liability If the business fails, the owner's personal assets may not be used to repay the debts of the business
Unlimited Liability If the business fails, the owner's personal assets may be used to repay the debts of the business
Revenue The earnings of a firm. They increase owner's equity. E.g. Sales; Fees charged
Other Revenue Earnings of the business not relating to the core work of the business. E.g. Interest/Dividends Earned
Net Loss Expenses are greater than revenue
Net Profit Revenue less (-) Expenses= Net Profit
Net Worth A person's assets less (-) their liabilities
(Owner's) Equity The amount that the business owes the owner. The net worth of the business
Drawings The assets or value of assets of a business taken by the owner for their own personal use. E.g. Cash from the till
Created by: Alice Brockie on 2013-11-09



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