Accounting Terms

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  • Created by: KatyX97
  • Created on: 04-04-15 12:19
Accounts
Financial records, where business transactions entered
1 of 16
Ledgers
Sets of accounts - purchases ledger (credit purchases), sales ledger (credit sales), nominal ledger (all other accounts)
2 of 16
Assets
Items owned by the business
3 of 16
Liabilities
Items owed by the business
4 of 16
Capital
The amount of the owners stake in the business
5 of 16
Receivables- (trade/other)
Individuals/Businesses who owe money for goods/services supplied by business
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Payables- (trade/other)
Individuals/Businesses to whom money is owed by the business
7 of 16
Purchases
Goods bought for cash or credit- for later resale
8 of 16
Credit Purchases
Goods bought- payment at later date
9 of 16
Cash Purchases
Goods bought- immediate payment
10 of 16
Sales
Sale of goods (in which the business trades) for cash or credit
11 of 16
Credit Sales
Goods sold - payment at later date
12 of 16
Cash Sales
Goods sold- immediate payment
13 of 16
Turnover
Total sales (cash and credit) over a period of time
14 of 16
Sales Returns
Goods returned by customers
15 of 16
Purchases Returns
Goods returned to suppliers
16 of 16

Other cards in this set

Card 2

Front

Sets of accounts - purchases ledger (credit purchases), sales ledger (credit sales), nominal ledger (all other accounts)

Back

Ledgers

Card 3

Front

Items owned by the business

Back

Preview of the back of card 3

Card 4

Front

Items owed by the business

Back

Preview of the back of card 4

Card 5

Front

The amount of the owners stake in the business

Back

Preview of the back of card 5
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