Chapter 2 Classification of account balances

?
What is ACED
Assets, Cost, Expenses, Liabilities(DEBITS)
1 of 6
What is CLI?
Capital, Liabilities, Income(CREDITS)
2 of 6
Costs
Expenditure associated with making or buying goods for resale
3 of 6
Expenses
Expenditure associated with day to day running of the business
4 of 6
Drawings
monies taken from a business by its owner(S)
5 of 6
Income
Earned by the business from trading or non-trading activities
6 of 6

Other cards in this set

Card 2

Front

Capital, Liabilities, Income(CREDITS)

Back

What is CLI?

Card 3

Front

Expenditure associated with making or buying goods for resale

Back

Preview of the back of card 3

Card 4

Front

Expenditure associated with day to day running of the business

Back

Preview of the back of card 4

Card 5

Front

monies taken from a business by its owner(S)

Back

Preview of the back of card 5
View more cards

Comments

No comments have yet been made

Similar Accounting resources:

See all Accounting resources »See all Book keeping resources »