Accounting- Chapter 1 0.0 / 5 ? AccountingUnit 1 Chapter 1ASAQA Created by: gahraceCreated on: 16-12-15 19:54 If I had cash and credit sales, who do I sell these to? Trade Receivables 1 of 8 If I purchase something via cash or credit, who have I bought off? Trade Receivables 2 of 8 What's the accouting equation? Assets-Liabilites=Capital 3 of 8 What is accouting known as? The language of business 4 of 8 What are the two basic accounting concepts which apply to all business accounts? Business entity and Money measurement 5 of 8 The set of double-entry accounts of a business is called the...? Ledger 6 of 8 State a purpose of accouting (do 2 more if you can) To asses a business 7 of 8 If Liability= £2560 and Assets=£9852, what does capital equal? £7,292 8 of 8
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