accounting definition's and term's 0.0 / 5 ? Business Studies-IGCSENone Created by: lilphillips31555Created on: 04-11-15 06:34 define capital the money that a owner uses to start a buissness 1 of 14 define equity the money an individual uses to start your own buisness 2 of 14 define asset and item that is of value to the buisness 3 of 14 define a current asset an asset that can be turned into cash quickly 4 of 14 define a fixed asset asset that is expensive and will last long 5 of 14 define inventory stock things that you put on your shelves and sell 6 of 14 define debitor/cash receivable a buisness or person that owes you money because you sold to them on credit 7 of 14 define creditor/trade payable a buisness or person that you owe money to them because you brought from them on credit 8 of 14 liability money that you owe 9 of 14 long term liability a large amount of money that has to be paid back over 5 or more years 10 of 14 short term liabilty a small amount of money that has to be payed over a period shorter than five years 11 of 14 income money that you earn my selling a product or producing a service 12 of 14 expense money that is going out of the business (electricity , petrol etc) 13 of 14 transaction process of exchanging money for a product 14 of 14
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