Accounting Terms 0.0 / 5 ? AccountingTermsASAQA Created by: KatyX97Created 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 6 of 16 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
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