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AC1103

Week 2

TermDefinition
Accounting Equation Assets = Liabilities + Capital
Entity's Net Profit Closing Capital + Drawings - Capital Introduced - Opening Capital
Capital Expenditure Expenditure on items which benefit the business over several financial periods
Closing Capital = Opening Capital - losses - Drawings
Statements Historic lists of invoices, debit and credit notes
What is in SOPL? Income and Expenses
What is in SOFP? Assets, Liabilities, Equity and reserves
Books of Prime Entry Show more detail relating to each transaction that appears in the general ledger
Credit Note Sent by the seller to the buyer
Debit Note A document which is sent by the seller to the buyer; if they undercharged the buyer on the invoice
General Ledger The main book of account in which all transactions are recorded directly or being summarised in another book
Journal Records transactions that are not included in any of the other book or prime entry
Created by: peadarbailey1206
 

 



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