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Service Firm a/c

Business Studies-Junior Cycle- Service Firm a/c

TermDefinition
Balance Brought Down Placed on the bigger side of the account to show the difference between the two.
Balance Carried Down Placed on the smaller side of the account to balance it. It is then carried down to the bigger side.
T-Account Total The total of the biggest side. This is entered on both sides of the account.
Balance The difference between the two sides.
Capital When the owner invests money in the business. (Money in=Debit side)
Drawings When the owner withdraws money from the business for personal use.(Money out=Credit side)
Credit Side The right hand side of an account.Money out.
Debit Side The left hand side of an account.Money in.
Analysed Cash Book Records all the receipts and payments for a business. It splits into sections giving a breakdown of information.
Overdraft (OD) When the money in the account goes below zero.
Service Firms Businesses that do not trade goods. They provide a service.
Profit When there is more money coming in than going out.
Opening Balance The balance at the start of accounting period.
Closing Balance The balance at the end of the accounting period.
OD Overdraft-When the money in the account goes below zero.
A/c This is an abbreviation for "Account"
Goods This is something you can hold after purchase e.g Food
A service This is something you experience after purchase e.g Hairdresser
Created by: linsher36
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