1. BUSINESS
TRANSACTION
Business Transaction refers any
business dealings or event which has a
value measurable in terms of money

2. A business transaction
involves transfer of
money or money’s
worth between business
and others

5. Drawings is the amount of cash or
other assets withdrawn by the owners
for personal use

6. Liabilities are the amount of cash or
other a firm owes to other in future.

7. SHORT TERM
LIABILITIES
LONG TERM
LIABILITIES

8. Assets are things of value owed by a
person or a company, regarded as having
value and available to meet commitments
or legacies of business. They fetch cash or
other benefits in the future

9. Current
Assets
Fixed
Assets

10. Amount spent for service obtained or cost
of resources consumed to earn profit are
known as expenses.
Eg: salaries , rent etc

11. Income derived by the business from
its normal activities are called revenues