accounting definition's and term's

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define capital
the money that a owner uses to start a buissness
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define equity
the money an individual uses to start your own buisness
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define asset
and item that is of value to the buisness
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define a current asset
an asset that can be turned into cash quickly
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define a fixed asset
asset that is expensive and will last long
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define inventory
stock things that you put on your shelves and sell
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define debitor/cash receivable
a buisness or person that owes you money because you sold to them on credit
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define creditor/trade payable
a buisness or person that you owe money to them because you brought from them on credit
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liability
money that you owe
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long term liability
a large amount of money that has to be paid back over 5 or more years
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short term liabilty
a small amount of money that has to be payed over a period shorter than five years
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income
money that you earn my selling a product or producing a service
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expense
money that is going out of the business (electricity , petrol etc)
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transaction
process of exchanging money for a product
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Other cards in this set

Card 2

Front

define equity

Back

the money an individual uses to start your own buisness

Card 3

Front

define asset

Back

Preview of the front of card 3

Card 4

Front

define a current asset

Back

Preview of the front of card 4

Card 5

Front

define a fixed asset

Back

Preview of the front of card 5
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