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Club Accounts

Key vocabulary for club accounts

TermDefinition
Asset Is something of value a business owns or is owed. eg. a butcher owns the shop premises and a restaurant owner might owe the butcher for meat bought on credit.
Liability Is something of value a business may ow. eg. a butcher may have taken out a long term loan to purchase the premises.
Revenue Is money earned(gained) by the business for example sales, interest received and commission received
Expense Is a cost associated with running the business. eg. could include paying wages to an employee hired by the butcher.
Created by: pdstaccounting