Basic accounting terms

Basic accounting terms
 Business transaction
 Account
 Capital
 Drawings
 Liability (Non – current and current)
 Asset (Non – current; tangible and intangible assets and current assets)
 Receipts (capital and revenue)
 Expenditure (capital, revenue and deferred)
 Expense
 Income
 Profits
 Gains and Losses
 Purchases
 Purchases Returns
 Sales
 Sales Returns
 Stock
 Trade Receivables (debtors and bills receivable)
 Trade payables (creditors and bills payable)
 Goods
 Cost
 Vouchers
 Discount – trade and cash