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Terminologies in accounting
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Which transaction are called as credit transaction?
Payment made on a future date
What is called as purchase return?
We have returned goods to supplier
Customer returned goods that are already purchased are called as
sales return
Financial position means.......
Assets and liability position of the company
What are called as non current assets?
Assets purchased by the business to keep it for long time and have high life span
What are called as inventory?
Goods purchased for resale
Double entry means 6 entries in accounting books
incorrect
Another term for account payable
Creditor/Trade payable
Balance sheet shows the
financial position of the business
Trade payable and account receivable is the same
incorrect
Trade receivable and accounts receivable is the same
correct
Another term for Debtor?
Trade receivable
When you see cheque in business transaction you will consider it as
bank
What is called as book keeping
Detailed recording of all the financial transactions of a business
Capital is also called as
Owners equity
Accounting equation is also called as
Balance sheet equation
What you owe are called as
Liability
What you own are called as
Asset
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