Accountancy Unit 1 Key Terms 0.0 / 5 ? AccountingAccountingASAQA Created by: LucyBaylis1707Created on: 14-03-17 20:30 What is DEAD CLIC? D-Debit E-Expenses A-Assets D-Drawings C-Credit L-Liabilities I-Incomes C-Capital 1 of 12 What is an asset? Resources that are available for use by the business 2 of 12 What are liabilities? Monies owed by the business 3 of 12 What is capital? Resources introduced by the owner to run the business 4 of 12 What are drawings? Funds withdrawn from the business by the owner for personal use 5 of 12 What is an income? Value of resources received in course of business 6 of 12 What is liquidity? Ability of business to access sufficient cash resources to pay its short term liabilities 7 of 12 What is a stakeholder? Someone with an interest in the business 8 of 12 What are payables? (creditors) Amounts owed to suppliers 9 of 12 What are recievables? (debtors) Amounts owed by customers 10 of 12 Source Documents Sales Invoice, Purchase Invoice, Sales Credit Note, Purchase Credit Note, Till Reciept, Bank Statement, Cheque Counterfoil 11 of 12 Books of Original Entry Sales Day Book, Sales Return Day Book, Purchase Day Book, Purchase Return Day Book, Cash Book, Journal 12 of 12
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