Accountancy Unit 1 Key Terms

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What is DEAD CLIC?
D-Debit E-Expenses A-Assets D-Drawings C-Credit L-Liabilities I-Incomes C-Capital
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What is an asset?
Resources that are available for use by the business
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What are liabilities?
Monies owed by the business
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What is capital?
Resources introduced by the owner to run the business
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What are drawings?
Funds withdrawn from the business by the owner for personal use
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What is an income?
Value of resources received in course of business
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What is liquidity?
Ability of business to access sufficient cash resources to pay its short term liabilities
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What is a stakeholder?
Someone with an interest in the business
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What are payables?
(creditors) Amounts owed to suppliers
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What are recievables?
(debtors) Amounts owed by customers
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Source Documents
Sales Invoice, Purchase Invoice, Sales Credit Note, Purchase Credit Note, Till Reciept, Bank Statement, Cheque Counterfoil
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Books of Original Entry
Sales Day Book, Sales Return Day Book, Purchase Day Book, Purchase Return Day Book, Cash Book, Journal
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Other cards in this set

Card 2

Front

Resources that are available for use by the business

Back

What is an asset?

Card 3

Front

Monies owed by the business

Back

Preview of the back of card 3

Card 4

Front

Resources introduced by the owner to run the business

Back

Preview of the back of card 4

Card 5

Front

Funds withdrawn from the business by the owner for personal use

Back

Preview of the back of card 5
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