Accounting terminology

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  • Created by: silvia
  • Created on: 21-04-15 11:32

Asset

Asset 

someting the business owns such as a building, car or inventories.

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NCA

Non-current Asset

something the business owns for more that one year such as a building. 

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CA

Current Asset

Something the business owns for less than one year for example inventories. 

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TR

Trade Receivables 

someone who owes the busienss money

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TP

Trade Payables

someone the business owes monet to such as their supplier.

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Liability

Current liability

something the business owes for less than one year such as a trade payable.

Non-current Liability

Something the business owes for more than one year such as a loan. 

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Drawings

Drawings

money or stock taken out of the business by th owner for their own use.

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profit

Profit

Sales (revenue), less expenses 

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PP

Prepayment 

An expense paid in advance

(part of next year’s or next month’s)

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Accrual

Accruals

An expense that has not been paid (some of this years)

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