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

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

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

3. BASIC ACCOUNTING TERMS

4. CAPITAL
Capital is the investment made by
owners in the business. It is the
difference between total assets and
liabilities.

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other assets withdrawn by the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

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

7. LIABILITIES
Short term
liabilities
Long term
Liabilities

8. Assets
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. ASSETS
Current
Assets
Fixed
Assets

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

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