Accounting basics

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  • Created by: apple87
  • Created on: 13-01-15 11:51
What is an Non-current asset?
Something that the business owns and is used for longer than 12 months, eg premises
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What is a current asset?
Something used or owned by the business within 12 months, eg stock
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What is a current liability?
Something the business owes someone else and is paid off within 12 months, eg bank loan
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What is a non current liability?
Something the buisness owes someone else for more than 12 months, eg a mortgage
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What is income?
Money comming into the business, eg sales
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What is expenditure?
Money leaving the business, eg purchases
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What is returns in?
When a debtor returns goods to a business. (Sales returns)
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What is returns out?
When a business returns goods to a creditor. (Purchase returns)
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What is carriage in?
When the buyer pays the carriage costs of purchases.
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What is carriage out?
When the seller pays the carriage charge. (Free delivery)
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Other cards in this set

Card 2

Front

What is a current asset?

Back

Something used or owned by the business within 12 months, eg stock

Card 3

Front

What is a current liability?

Back

Preview of the front of card 3

Card 4

Front

What is a non current liability?

Back

Preview of the front of card 4

Card 5

Front

What is income?

Back

Preview of the front of card 5
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