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JC Bookkeeping

Bookkeeping Key Terms

QuestionAnswer
A transaction Refers to any agreement between two people to carry out a business activity
Creditors People we owe money to for goods and services.
Debtors People who owe us money.
Assets The value of things that a business owns.
Liabilities Anything that the business owes to others
Ledger The book where a firm keeps a record of their business transactions.
Double-entry bookkeeping Both parts of a business transaction has two parts -a giving part and a receiving part. Both parts must be recorded in the ledger.
Debit Side The receiving side. The left hand side of an account.
Credit side The giving side. The right hand side of an account.
Fixed Assets Assets (things of value) that stay in the business for longer than one year.
Current Assets Assets which will usually change their value within the year.
Current Liabilities These are bills owed by a firm that must be paid within one year.
Long-Term Liabilities Any money owed by the business that must be paid back over a long period of time.
Expenses These are the various bills the business must pay to cover the day-to-day costs of running the business.
Gains Refers to any income received by the firm other than from their normal sales.
The Receiver, Assets and Expenses are recorded on which side? Debit Side
The Giver, Liabilities and Gains are recorded on which side? Credit Side
Created by: ms.scahill