Accounting basics 0.0 / 5 ? AccountingAccounting basicsASAQA Created by: apple87Created 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 1 of 10 What is a current asset? Something used or owned by the business within 12 months, eg stock 2 of 10 What is a current liability? Something the business owes someone else and is paid off within 12 months, eg bank loan 3 of 10 What is a non current liability? Something the buisness owes someone else for more than 12 months, eg a mortgage 4 of 10 What is income? Money comming into the business, eg sales 5 of 10 What is expenditure? Money leaving the business, eg purchases 6 of 10 What is returns in? When a debtor returns goods to a business. (Sales returns) 7 of 10 What is returns out? When a business returns goods to a creditor. (Purchase returns) 8 of 10 What is carriage in? When the buyer pays the carriage costs of purchases. 9 of 10 What is carriage out? When the seller pays the carriage charge. (Free delivery) 10 of 10
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