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Business Banagher

Bookkeeping Keywords

QuestionAnswer
transaction An agreement between two people to carry out a business activity
ledger It records all the business' transactions.
Accounts A ledger is divided into accounts.
debit side We use the Debit side to record that the account is receiving.
credit side We use the Credit side to record that the account is giving.
Assets They are things of value that the business owns.
Fixed Assets These stay in the business for longer than one year, eg land, premises, machinery or motor vehicles
Current Assets These are asset which usually change in their value during the year, stock, bank or debtors.
Liabilities These are things that the business owes.
Current Liabilities These are bills owed by the firm that must be paid within one year and usually a lot sooner eg ESB and creditors
Long Term Liabilities Money owed by the firm that must be paid back over a long period of time eg 20 year loan
Expenses Bills the business must pay to cover the day to day costs of runing the busiess eg wages
Gains Any income received by the firm other than that from normal sales eg rent received
Trial Balance Is is a list of balances brought down from the accounts,the debit column should equal the credit column.
Created by: Banagher13