Basic terms
•Download as PPT, PDF•
0 likes•200 views
Business transactions refer to dealings between a business and external parties that impact the business financially. Capital refers to the initial investment made by business owners in the form of cash or other assets. Liabilities are future obligations owed by the business in the form of money or goods. Drawings refer to cash or goods withdrawn by the owner for personal use. Creditors are entities owed money by the business for credit purchases. Sales represent the total revenue earned by a business through selling goods and services to customers, including both cash and credit sales. Revenue also includes other sources such as rent, interest, dividends, fees and commissions.
Report
Share
Report
Share
Recommended
Innovative lesson plan sabitha
This lesson plan teaches students about sources of recruitment. It begins with defining recruitment and identifying internal and external sources. Internal sources include transfer, promotion, and recalling laid-off employees. External sources are advertisement, employment agencies, recommendations, and job contractors. Students participate in activities to classify sources as internal or external and discuss examples. The teacher uses presentations, discussions, and charts to reinforce the key concepts and sources of recruitment.
B Ed Teaching Material
1. The document is a lesson plan for teaching 8th standard students about isosceles triangles in mathematics.
2. It outlines the objectives, concepts, principles and process that will be used to help students understand the characteristics of isosceles triangles.
3. The lesson plan involves showing students examples of different types of triangles, demonstrating how to identify an isosceles triangle, and having students work in groups on activities to recognize and draw isosceles triangles.
Innovative lesson plan
This lesson plan introduces students to irrational numbers through an activity where they observe and group examples. The teacher presents examples like 1.5, 3, 5, 3 and asks students to group them in two stages - first by variables and numbers, then by variables, rational and irrational. Students learn that numbers that cannot be expressed as a ratio of two integers, like 1.5 and √2, are called irrational numbers. The lesson concludes with students practicing identifying irrational numbers in examples.
B.ed innovative work
This document describes an innovative learning aid for teaching vocabulary to students. The aid uses pictures with words and their meanings to help students easily learn and remember new vocabulary. It consists of sheets with pictures in holes and windows covering the words and meanings. Teachers rotate the sheets to reveal the pictures, words, and meanings to students one by one. This keeps students engaged and makes vocabulary learning an enjoyable activity. The goal is to help students better understand and retain difficult words from their textbooks in a memorable way.
project work on BIG BAZAAR
This document provides information about a project conducted on consumer shopping behavior at Big Bazaar. It includes an executive summary that outlines the objectives, scope and key findings of the research project. The project was conducted under the guidance of Mrs. Meenal Pendse at Matrix Business School in Pune, India. It involved preparing a questionnaire and conducting a market survey to understand consumer behaviors and identify strategies to attract customers. The document also provides background information on Big Bazaar, Future Group, the Indian retail market scenario, and the current retail landscape in Pune.
Innovative lesson plan
This lesson plan teaches students about the simple present tense by having them discuss and describe their daily routines. It begins with introducing vocabulary by having students match verbs to pictures of daily activities. Students then work in pairs, asking each other questions about the routines of different people. Finally, students answer questions about their own schedules in simple present sentences. The plan aims to help students learn and review simple present tense through discussing daily activities.
Ict (2)
This lesson plan introduces basic accounting terms including transactions, assets, liabilities, capital, expenses, profit, loss, drawings, purchases, sales, debtors, and creditors. Assets are items of value owned by a business, like cash. Liabilities are amounts owed, while capital refers to the owner's investment. Expenses are costs to earn revenue, and the difference between revenue and expenses is either profit or loss. Purchases and sales refer to goods, while debtors and creditors are amounts owed to or owed by the business.
Book Keeping and Accounting (Basic Level)
Basic information about book keeping and accounting part 1 is provided. You will understanding about what is book keeping and accounting and how book keeping and accounting work. all basic accounting terminologies are provided. Plus accounting principles and concepts and conventions are detailly given. You will get information regards to Double entry book keeping system and preparation of journal, subsidiary books and ledger accounts.
Recommended
Innovative lesson plan sabitha
This lesson plan teaches students about sources of recruitment. It begins with defining recruitment and identifying internal and external sources. Internal sources include transfer, promotion, and recalling laid-off employees. External sources are advertisement, employment agencies, recommendations, and job contractors. Students participate in activities to classify sources as internal or external and discuss examples. The teacher uses presentations, discussions, and charts to reinforce the key concepts and sources of recruitment.
B Ed Teaching Material
1. The document is a lesson plan for teaching 8th standard students about isosceles triangles in mathematics.
2. It outlines the objectives, concepts, principles and process that will be used to help students understand the characteristics of isosceles triangles.
3. The lesson plan involves showing students examples of different types of triangles, demonstrating how to identify an isosceles triangle, and having students work in groups on activities to recognize and draw isosceles triangles.
Innovative lesson plan
This lesson plan introduces students to irrational numbers through an activity where they observe and group examples. The teacher presents examples like 1.5, 3, 5, 3 and asks students to group them in two stages - first by variables and numbers, then by variables, rational and irrational. Students learn that numbers that cannot be expressed as a ratio of two integers, like 1.5 and √2, are called irrational numbers. The lesson concludes with students practicing identifying irrational numbers in examples.
B.ed innovative work
This document describes an innovative learning aid for teaching vocabulary to students. The aid uses pictures with words and their meanings to help students easily learn and remember new vocabulary. It consists of sheets with pictures in holes and windows covering the words and meanings. Teachers rotate the sheets to reveal the pictures, words, and meanings to students one by one. This keeps students engaged and makes vocabulary learning an enjoyable activity. The goal is to help students better understand and retain difficult words from their textbooks in a memorable way.
project work on BIG BAZAAR
This document provides information about a project conducted on consumer shopping behavior at Big Bazaar. It includes an executive summary that outlines the objectives, scope and key findings of the research project. The project was conducted under the guidance of Mrs. Meenal Pendse at Matrix Business School in Pune, India. It involved preparing a questionnaire and conducting a market survey to understand consumer behaviors and identify strategies to attract customers. The document also provides background information on Big Bazaar, Future Group, the Indian retail market scenario, and the current retail landscape in Pune.
Innovative lesson plan
This lesson plan teaches students about the simple present tense by having them discuss and describe their daily routines. It begins with introducing vocabulary by having students match verbs to pictures of daily activities. Students then work in pairs, asking each other questions about the routines of different people. Finally, students answer questions about their own schedules in simple present sentences. The plan aims to help students learn and review simple present tense through discussing daily activities.
Ict (2)
This lesson plan introduces basic accounting terms including transactions, assets, liabilities, capital, expenses, profit, loss, drawings, purchases, sales, debtors, and creditors. Assets are items of value owned by a business, like cash. Liabilities are amounts owed, while capital refers to the owner's investment. Expenses are costs to earn revenue, and the difference between revenue and expenses is either profit or loss. Purchases and sales refer to goods, while debtors and creditors are amounts owed to or owed by the business.
Book Keeping and Accounting (Basic Level)
Basic information about book keeping and accounting part 1 is provided. You will understanding about what is book keeping and accounting and how book keeping and accounting work. all basic accounting terminologies are provided. Plus accounting principles and concepts and conventions are detailly given. You will get information regards to Double entry book keeping system and preparation of journal, subsidiary books and ledger accounts.
Accounting
Accounting involves recording, classifying, and summarizing financial transactions and interpreting the results. There are several types of accounting including financial, cost, management, and tax accounting. Financial accounting provides information on the resources, obligations, and activities of an economic entity. Cost accounting determines the cost of products and helps management control costs. Management accounting provides information to assist management in decision making and controlling activities. Tax accounting prepares tax returns based on financial accounting information but adjusted for tax reporting requirements.
Basic Accounting terms and terminology upload.pptx
The document defines key accounting and business terms related to debtors, creditors, assets, liabilities, expenses, income, and transactions. It explains that debtors owe money to a business for goods or services purchased on credit, while creditors are owed money by a business for goods or services provided on credit. Assets are items of value owned by a business, and can be classified as fixed, current, tangible, or intangible. Liabilities are amounts owed by a business, while expenses are costs that reduce income, which is defined as revenue minus expenses.
Basic Accounting Terms
Business transactions involve the exchange of value, such as goods or services for money, between two or more entities. There are two main types of transactions: cash transactions involving an exchange of cash, and credit transactions where payment is promised at a future date. Capital refers to the value invested in a business by its owner, while drawings refer to amounts withdrawn by the owner. Assets are items owned by a business that have value, and liabilities are amounts owed to outside parties. Revenue is the income generated from sales or services, while expenses are costs incurred to generate that revenue.
Basic accounting terms
This document defines key accounting terms related to transactions, financial statements, and business operations. It discusses capital, withdrawals, assets, liabilities, equity, revenue, expenses, purchases, sales, debtors, creditors, bills receivable, bills payable, stock/inventory, vouchers, and discounts. All of these terms are essential elements in accounting that are used to record, organize, and analyze the financial activities and performance of a business.
Accounting Terminology.pptx
This document defines key accounting terminology used in recording and analyzing financial transactions and activities. It explains that a transaction involves the exchange of money or value between accounts, and defines common transaction types like purchases, sales, and expenses. It also defines important accounting concepts like assets, liabilities, equity/capital, revenue, and expense. Debtors and creditors are described as people who owe or are owed money by the business. Inventory is defined as goods purchased but not yet sold.
Different Terms in Entrepreneurship.pptx
This document defines various terms used in entrepreneurship including:
- Angel investors who provide financial support in exchange for equity in early stage businesses.
- Assets and liabilities, with assets being things owned and liabilities being legal debts owed.
- Other terms like brand, breakeven point, cashflow, conversion rate, enterprise, expenditure, fail fast fail cheap, fixed and variable costs, gross and net profit, hiring, marketing, networking, pivoting, revenue, and scalability.
Business Cheat Sheet
Hi! Look what we have prepared for you, this is business cheat sheet that you were looking for.
http://www.domysciencehomework.com/business-homework-help-our-experts-are-waiting-for-you/
Understanding financial statements
Financial statements include the balance sheet, income statement, and statement of cash flows. The balance sheet provides a snapshot of a company's assets, liabilities, and equity at a point in time. The income statement measures profit and loss over a period of time. The statement of cash flows provides insight into a company's sources and uses of cash. Together these statements help stakeholders understand a business's performance, financial position, and cash flow activities.
P acc bcs
The document provides an introduction to accounting concepts and principles. It discusses how accounting records and measures financial transactions and provides information to various stakeholders. It defines accounting and outlines its objectives and users. It also describes key accounting terms, concepts and conventions like double-entry system, accounting equation, debits and credits rules. Finally, it discusses various books of accounts like journal, ledger, trial balance and accounting cycle.
Introduction-to-Financial-Statements.pptx
Sure, let's go through the main concepts of financial statements, their advantages and disadvantages, and provide examples and relevant ratio calculations.
Main Financial Statements
1. Income Statement
2. Balance Sheet
3. Cash Flow Statement
4. Statement of Changes in Equity
1. Income Statement
Concept:
• Shows the company's revenues, expenses, and profits or losses over a specific period.
• Key components include revenues, cost of goods sold (COGS), gross profit, operating expenses, operating income, interest, taxes, and net income.
Advantages:
• Provides a clear picture of profitability.
• Helps in assessing operational efficiency.
• Useful for trend analysis over different periods.
Disadvantages:
• Can be manipulated through accounting practices.
• Does not provide a complete financial health picture (e.g., cash flow).
Example:
Sure, let's go through the main concepts of financial statements, their advantages and disadvantages, and provide examples and relevant ratio calculations.
Main Financial Statements
1. Income Statement
2. Balance Sheet
3. Cash Flow Statement
4. Statement of Changes in Equity
1. Income Statement
Concept:
• Shows the company's revenues, expenses, and profits or losses over a specific period.
• Key components include revenues, cost of goods sold (COGS), gross profit, operating expenses, operating income, interest, taxes, and net income.
Advantages:
• Provides a clear picture of profitability.
• Helps in assessing operational efficiency.
• Useful for trend analysis over different periods.
Disadvantages:
• Can be manipulated through accounting practices.
• Does not provide a complete financial health picture (e.g., cash flow).
Example:
Sure, let's go through the main concepts of financial statements, their advantages and disadvantages, and provide examples and relevant ratio calculations.
Main Financial Statements
1. Income Statement
2. Balance Sheet
3. Cash Flow Statement
4. Statement of Changes in Equity
1. Income Statement
Concept:
• Shows the company's revenues, expenses, and profits or losses over a specific period.
• Key components include revenues, cost of goods sold (COGS), gross profit, operating expenses, operating income, interest, taxes, and net income.
Advantages:
• Provides a clear picture of profitability.
• Helps in assessing operational efficiency.
• Useful for trend analysis over different periods.
Disadvantages:
• Can be manipulated through accounting practices.
• Does not provide a complete financial health picture (e.g., cash flow).
Example:
Sure, let's go through the main concepts of financial statements, their advantages and disadvantages, and provide examples and relevant ratio calculations.
Main Financial Statements
1. Income Statement
2. Balance Sheet
3. Cash Flow Statement
4. Statement of Changes in Equity
1. Income Statement
Concept:
• Shows the company's revenues, expenses, and profits or losses over a specific period.
• Key components include revenues, cost of goods sold (COGS), gross profit, op
understanding the accounting equation.pptx
The document discusses the accounting equation and its components - assets, liabilities, and owner's equity. It defines each term and provides examples. It also summarizes 10 sample transactions to demonstrate how the accounting equation is impacted by business activities like purchases, sales, expenses and owner withdrawals. Understanding the accounting equation and how it is affected is important for financial analysis, decision making, and regulatory compliance.
Basic Terms in Accounting
Accounting is the process of recording and reporting financial transactions and events, while bookkeeping is the process of recording transactions in the accounting system. The key differences are that bookkeeping is the initial recording of data, while accounting includes additional steps of analyzing, summarizing, and communicating financial information. Accounting requires specialized skills to interpret results, whereas bookkeeping is more routine data entry that can be performed by less experienced staff. Some basic accounting terms include assets, liabilities, expenses, revenues, profits, losses, and capital, which are used to track the financial position and performance of a business.
Introductiontoaccounting 131110115322-phpapp02
This document provides an introduction to accounting concepts. It defines accounting as the process of identifying, measuring, recording, classifying, summarizing, analyzing and communicating financial information about an entity. The key objectives and functions of accounting are also outlined, including maintaining records, calculating profits/losses, and communicating financial information to both internal and external users of the data. The accounting cycle and basic accounting terms like assets, liabilities, capital, revenue and expenses are then explained. Finally, the document discusses the different branches of accounting such as financial, cost, and management accounting.
Basic Accounting Terms
This document defines key accounting terms and concepts. It discusses the different types of businesses (manufacturing, trading, servicing, hybrid), business organizations (sole proprietorship, partnership, corporation), and the basic accounting equation (assets = liabilities + equity). It also explains double-entry bookkeeping, common accounts (assets, liabilities, equity, revenue, expenses), accounting journals, and accounting transactions.
Accounting_Basics_For_Beginners_ACCOUNTI-57141571.pdf
This document provides an introduction to accounting basics for beginners. It discusses the importance of understanding financial accounting for managers and defines key terms. The three main financial statements are identified as the balance sheet, income statement, and statement of cash flows. Important users of financial statements are shareholders, lenders, customers, suppliers, and regulators. Four key assumptions of financial accounting are also outlined: reporting entity, going concern, periodicity, and consistency.
Accounting Basics For Beginners ACCOUNTING BASICS FOR BEGINNERS Module 1 Nat...
This document provides an introduction to accounting basics for beginners. It discusses the importance of understanding financial accounting for managers and defines key terms. The three main financial statements are identified as the balance sheet, income statement, and statement of cash flows. Important users of financial statements are listed as shareholders, lenders, customers, suppliers, and regulators. Four basic assumptions of financial accounting are described: reporting entity, going concern, periodicity, and consistency. Key terms such as assets, liabilities, revenues, expenses, capital expenditures and revenue expenditures are also defined.
Basic accounting terminology
This PPT Objective is
Understand basic accounting
Exploring the accounting terminology and its meaning
Basic Accounting Terms Class 11
Basic Accounting Terms Class 11
In accounting, an asset refers to any resource that a company or individual owns or controls, which is expected to provide future economic benefits. These resources can be both tangible and intangible.
Thus assets are those sources which provide benefits in future. For example,
Machine, Land, Building, Truck, Cash, etc. These are shown in the assets section of the balance sheet.
Types of Assets : There are two types of assets
1. Non current Assets -- Tangible Assets -- Intangible Asset
2. Current Assets -- Liquid Asset
Liabilities :
The money that the business enterprise owes to others is called a liability; Such as creditors, bills payable, loans and overdrafts, etc. Thus, "liabilities are liabilities, these are amounts that are payable to creditors in the future." In other words, liabilities are financial liabilities that do not involve owner's funds.
Capital :
That amount of money or goods is called capital which the owner of the business invests in the business. Business is started with this amount. Capital is the liability and claim of the owner on the assets of the business. Hence, it is shown in the liabilities side of the balance sheet.
Introduction to accounting
This document provides an introduction to the concepts of accounting. It defines accounting as a system that collects and processes financial information to allow informed decisions by users. It discusses the need for accounting to determine results of business transactions and the financial position. It outlines the key functions of accounting like identifying, recording, classifying, summarizing, analyzing, interpreting and communicating financial information. It also discusses the accounting cycle and different branches and users of accounting information. Finally, it provides definitions of some basic accounting terms.
Introduction to accounting
This document provides an introduction to the concepts of accounting. It defines accounting as a system that collects and processes financial information to allow informed decisions by users. It discusses the need for accounting to determine results of business transactions and the financial position. It outlines the key functions of accounting like identifying, recording, classifying, summarizing, analyzing, interpreting and communicating financial information. It also discusses the accounting cycle and different branches and users of accounting information. Finally, it provides definitions of some basic accounting terms.
Your Skill Boost Masterclass: Strategies for Effective Upskilling
Your Skill Boost Masterclass: Strategies for Effective UpskillingExcellence Foundation for South Sudan
Strategies for Effective Upskilling is a presentation by Chinwendu Peace in a Your Skill Boost Masterclass organisation by the Excellence Foundation for South Sudan on 08th and 09th June 2024 from 1 PM to 3 PM on each day.More Related Content
Similar to Basic terms
Accounting
Accounting involves recording, classifying, and summarizing financial transactions and interpreting the results. There are several types of accounting including financial, cost, management, and tax accounting. Financial accounting provides information on the resources, obligations, and activities of an economic entity. Cost accounting determines the cost of products and helps management control costs. Management accounting provides information to assist management in decision making and controlling activities. Tax accounting prepares tax returns based on financial accounting information but adjusted for tax reporting requirements.
Basic Accounting terms and terminology upload.pptx
The document defines key accounting and business terms related to debtors, creditors, assets, liabilities, expenses, income, and transactions. It explains that debtors owe money to a business for goods or services purchased on credit, while creditors are owed money by a business for goods or services provided on credit. Assets are items of value owned by a business, and can be classified as fixed, current, tangible, or intangible. Liabilities are amounts owed by a business, while expenses are costs that reduce income, which is defined as revenue minus expenses.
Basic Accounting Terms
Business transactions involve the exchange of value, such as goods or services for money, between two or more entities. There are two main types of transactions: cash transactions involving an exchange of cash, and credit transactions where payment is promised at a future date. Capital refers to the value invested in a business by its owner, while drawings refer to amounts withdrawn by the owner. Assets are items owned by a business that have value, and liabilities are amounts owed to outside parties. Revenue is the income generated from sales or services, while expenses are costs incurred to generate that revenue.
Basic accounting terms
This document defines key accounting terms related to transactions, financial statements, and business operations. It discusses capital, withdrawals, assets, liabilities, equity, revenue, expenses, purchases, sales, debtors, creditors, bills receivable, bills payable, stock/inventory, vouchers, and discounts. All of these terms are essential elements in accounting that are used to record, organize, and analyze the financial activities and performance of a business.
Accounting Terminology.pptx
This document defines key accounting terminology used in recording and analyzing financial transactions and activities. It explains that a transaction involves the exchange of money or value between accounts, and defines common transaction types like purchases, sales, and expenses. It also defines important accounting concepts like assets, liabilities, equity/capital, revenue, and expense. Debtors and creditors are described as people who owe or are owed money by the business. Inventory is defined as goods purchased but not yet sold.
Different Terms in Entrepreneurship.pptx
This document defines various terms used in entrepreneurship including:
- Angel investors who provide financial support in exchange for equity in early stage businesses.
- Assets and liabilities, with assets being things owned and liabilities being legal debts owed.
- Other terms like brand, breakeven point, cashflow, conversion rate, enterprise, expenditure, fail fast fail cheap, fixed and variable costs, gross and net profit, hiring, marketing, networking, pivoting, revenue, and scalability.
Business Cheat Sheet
Hi! Look what we have prepared for you, this is business cheat sheet that you were looking for.
http://www.domysciencehomework.com/business-homework-help-our-experts-are-waiting-for-you/
Understanding financial statements
Financial statements include the balance sheet, income statement, and statement of cash flows. The balance sheet provides a snapshot of a company's assets, liabilities, and equity at a point in time. The income statement measures profit and loss over a period of time. The statement of cash flows provides insight into a company's sources and uses of cash. Together these statements help stakeholders understand a business's performance, financial position, and cash flow activities.
P acc bcs
The document provides an introduction to accounting concepts and principles. It discusses how accounting records and measures financial transactions and provides information to various stakeholders. It defines accounting and outlines its objectives and users. It also describes key accounting terms, concepts and conventions like double-entry system, accounting equation, debits and credits rules. Finally, it discusses various books of accounts like journal, ledger, trial balance and accounting cycle.
Introduction-to-Financial-Statements.pptx
Sure, let's go through the main concepts of financial statements, their advantages and disadvantages, and provide examples and relevant ratio calculations.
Main Financial Statements
1. Income Statement
2. Balance Sheet
3. Cash Flow Statement
4. Statement of Changes in Equity
1. Income Statement
Concept:
• Shows the company's revenues, expenses, and profits or losses over a specific period.
• Key components include revenues, cost of goods sold (COGS), gross profit, operating expenses, operating income, interest, taxes, and net income.
Advantages:
• Provides a clear picture of profitability.
• Helps in assessing operational efficiency.
• Useful for trend analysis over different periods.
Disadvantages:
• Can be manipulated through accounting practices.
• Does not provide a complete financial health picture (e.g., cash flow).
Example:
Sure, let's go through the main concepts of financial statements, their advantages and disadvantages, and provide examples and relevant ratio calculations.
Main Financial Statements
1. Income Statement
2. Balance Sheet
3. Cash Flow Statement
4. Statement of Changes in Equity
1. Income Statement
Concept:
• Shows the company's revenues, expenses, and profits or losses over a specific period.
• Key components include revenues, cost of goods sold (COGS), gross profit, operating expenses, operating income, interest, taxes, and net income.
Advantages:
• Provides a clear picture of profitability.
• Helps in assessing operational efficiency.
• Useful for trend analysis over different periods.
Disadvantages:
• Can be manipulated through accounting practices.
• Does not provide a complete financial health picture (e.g., cash flow).
Example:
Sure, let's go through the main concepts of financial statements, their advantages and disadvantages, and provide examples and relevant ratio calculations.
Main Financial Statements
1. Income Statement
2. Balance Sheet
3. Cash Flow Statement
4. Statement of Changes in Equity
1. Income Statement
Concept:
• Shows the company's revenues, expenses, and profits or losses over a specific period.
• Key components include revenues, cost of goods sold (COGS), gross profit, operating expenses, operating income, interest, taxes, and net income.
Advantages:
• Provides a clear picture of profitability.
• Helps in assessing operational efficiency.
• Useful for trend analysis over different periods.
Disadvantages:
• Can be manipulated through accounting practices.
• Does not provide a complete financial health picture (e.g., cash flow).
Example:
Sure, let's go through the main concepts of financial statements, their advantages and disadvantages, and provide examples and relevant ratio calculations.
Main Financial Statements
1. Income Statement
2. Balance Sheet
3. Cash Flow Statement
4. Statement of Changes in Equity
1. Income Statement
Concept:
• Shows the company's revenues, expenses, and profits or losses over a specific period.
• Key components include revenues, cost of goods sold (COGS), gross profit, op
understanding the accounting equation.pptx
The document discusses the accounting equation and its components - assets, liabilities, and owner's equity. It defines each term and provides examples. It also summarizes 10 sample transactions to demonstrate how the accounting equation is impacted by business activities like purchases, sales, expenses and owner withdrawals. Understanding the accounting equation and how it is affected is important for financial analysis, decision making, and regulatory compliance.
Basic Terms in Accounting
Accounting is the process of recording and reporting financial transactions and events, while bookkeeping is the process of recording transactions in the accounting system. The key differences are that bookkeeping is the initial recording of data, while accounting includes additional steps of analyzing, summarizing, and communicating financial information. Accounting requires specialized skills to interpret results, whereas bookkeeping is more routine data entry that can be performed by less experienced staff. Some basic accounting terms include assets, liabilities, expenses, revenues, profits, losses, and capital, which are used to track the financial position and performance of a business.
Introductiontoaccounting 131110115322-phpapp02
This document provides an introduction to accounting concepts. It defines accounting as the process of identifying, measuring, recording, classifying, summarizing, analyzing and communicating financial information about an entity. The key objectives and functions of accounting are also outlined, including maintaining records, calculating profits/losses, and communicating financial information to both internal and external users of the data. The accounting cycle and basic accounting terms like assets, liabilities, capital, revenue and expenses are then explained. Finally, the document discusses the different branches of accounting such as financial, cost, and management accounting.
Basic Accounting Terms
This document defines key accounting terms and concepts. It discusses the different types of businesses (manufacturing, trading, servicing, hybrid), business organizations (sole proprietorship, partnership, corporation), and the basic accounting equation (assets = liabilities + equity). It also explains double-entry bookkeeping, common accounts (assets, liabilities, equity, revenue, expenses), accounting journals, and accounting transactions.
Accounting_Basics_For_Beginners_ACCOUNTI-57141571.pdf
This document provides an introduction to accounting basics for beginners. It discusses the importance of understanding financial accounting for managers and defines key terms. The three main financial statements are identified as the balance sheet, income statement, and statement of cash flows. Important users of financial statements are shareholders, lenders, customers, suppliers, and regulators. Four key assumptions of financial accounting are also outlined: reporting entity, going concern, periodicity, and consistency.
Accounting Basics For Beginners ACCOUNTING BASICS FOR BEGINNERS Module 1 Nat...
This document provides an introduction to accounting basics for beginners. It discusses the importance of understanding financial accounting for managers and defines key terms. The three main financial statements are identified as the balance sheet, income statement, and statement of cash flows. Important users of financial statements are listed as shareholders, lenders, customers, suppliers, and regulators. Four basic assumptions of financial accounting are described: reporting entity, going concern, periodicity, and consistency. Key terms such as assets, liabilities, revenues, expenses, capital expenditures and revenue expenditures are also defined.
Basic accounting terminology
This PPT Objective is
Understand basic accounting
Exploring the accounting terminology and its meaning
Basic Accounting Terms Class 11
Basic Accounting Terms Class 11
In accounting, an asset refers to any resource that a company or individual owns or controls, which is expected to provide future economic benefits. These resources can be both tangible and intangible.
Thus assets are those sources which provide benefits in future. For example,
Machine, Land, Building, Truck, Cash, etc. These are shown in the assets section of the balance sheet.
Types of Assets : There are two types of assets
1. Non current Assets -- Tangible Assets -- Intangible Asset
2. Current Assets -- Liquid Asset
Liabilities :
The money that the business enterprise owes to others is called a liability; Such as creditors, bills payable, loans and overdrafts, etc. Thus, "liabilities are liabilities, these are amounts that are payable to creditors in the future." In other words, liabilities are financial liabilities that do not involve owner's funds.
Capital :
That amount of money or goods is called capital which the owner of the business invests in the business. Business is started with this amount. Capital is the liability and claim of the owner on the assets of the business. Hence, it is shown in the liabilities side of the balance sheet.
Introduction to accounting
This document provides an introduction to the concepts of accounting. It defines accounting as a system that collects and processes financial information to allow informed decisions by users. It discusses the need for accounting to determine results of business transactions and the financial position. It outlines the key functions of accounting like identifying, recording, classifying, summarizing, analyzing, interpreting and communicating financial information. It also discusses the accounting cycle and different branches and users of accounting information. Finally, it provides definitions of some basic accounting terms.
Introduction to accounting
This document provides an introduction to the concepts of accounting. It defines accounting as a system that collects and processes financial information to allow informed decisions by users. It discusses the need for accounting to determine results of business transactions and the financial position. It outlines the key functions of accounting like identifying, recording, classifying, summarizing, analyzing, interpreting and communicating financial information. It also discusses the accounting cycle and different branches and users of accounting information. Finally, it provides definitions of some basic accounting terms.
Similar to Basic terms (20)
Basic Accounting terms and terminology upload.pptx
Basic Accounting terms and terminology upload.pptx
Accounting_Basics_For_Beginners_ACCOUNTI-57141571.pdf
Accounting_Basics_For_Beginners_ACCOUNTI-57141571.pdf
Accounting Basics For Beginners ACCOUNTING BASICS FOR BEGINNERS Module 1 Nat...
Accounting Basics For Beginners ACCOUNTING BASICS FOR BEGINNERS Module 1 Nat...
Recently uploaded
Your Skill Boost Masterclass: Strategies for Effective Upskilling
Your Skill Boost Masterclass: Strategies for Effective UpskillingExcellence Foundation for South Sudan
Strategies for Effective Upskilling is a presentation by Chinwendu Peace in a Your Skill Boost Masterclass organisation by the Excellence Foundation for South Sudan on 08th and 09th June 2024 from 1 PM to 3 PM on each day.What is Digital Literacy? A guest blog from Andy McLaughlin, University of Ab...
What is Digital Literacy? A guest blog from Andy McLaughlin, University of Aberdeen
Community pharmacy- Social and preventive pharmacy UNIT 5
Covered community pharmacy topic of the subject Social and preventive pharmacy for Diploma and Bachelor of pharmacy
South African Journal of Science: Writing with integrity workshop (2024)
South African Journal of Science: Writing with integrity workshop (2024)Academy of Science of South Africa
A workshop hosted by the South African Journal of Science aimed at postgraduate students and early career researchers with little or no experience in writing and publishing journal articles.BÀI TẬP BỔ TRỢ TIẾNG ANH 8 CẢ NĂM - GLOBAL SUCCESS - NĂM HỌC 2023-2024 (CÓ FI...
BÀI TẬP BỔ TRỢ TIẾNG ANH 8 CẢ NĂM - GLOBAL SUCCESS - NĂM HỌC 2023-2024 (CÓ FI...Nguyen Thanh Tu Collection
https://app.box.com/s/y977uz6bpd3af4qsebv7r9b7s21935vdAdvanced Java[Extra Concepts, Not Difficult].docx
This is part 2 of my Java Learning Journey. This contains Hashing, ArrayList, LinkedList, Date and Time Classes, Calendar Class and more.
ISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...
Denis is a dynamic and results-driven Chief Information Officer (CIO) with a distinguished career spanning information systems analysis and technical project management. With a proven track record of spearheading the design and delivery of cutting-edge Information Management solutions, he has consistently elevated business operations, streamlined reporting functions, and maximized process efficiency.
Certified as an ISO/IEC 27001: Information Security Management Systems (ISMS) Lead Implementer, Data Protection Officer, and Cyber Risks Analyst, Denis brings a heightened focus on data security, privacy, and cyber resilience to every endeavor.
His expertise extends across a diverse spectrum of reporting, database, and web development applications, underpinned by an exceptional grasp of data storage and virtualization technologies. His proficiency in application testing, database administration, and data cleansing ensures seamless execution of complex projects.
What sets Denis apart is his comprehensive understanding of Business and Systems Analysis technologies, honed through involvement in all phases of the Software Development Lifecycle (SDLC). From meticulous requirements gathering to precise analysis, innovative design, rigorous development, thorough testing, and successful implementation, he has consistently delivered exceptional results.
Throughout his career, he has taken on multifaceted roles, from leading technical project management teams to owning solutions that drive operational excellence. His conscientious and proactive approach is unwavering, whether he is working independently or collaboratively within a team. His ability to connect with colleagues on a personal level underscores his commitment to fostering a harmonious and productive workplace environment.
Date: May 29, 2024
Tags: Information Security, ISO/IEC 27001, ISO/IEC 42001, Artificial Intelligence, GDPR
-------------------------------------------------------------------------------
Find out more about ISO training and certification services
Training: ISO/IEC 27001 Information Security Management System - EN | PECB
ISO/IEC 42001 Artificial Intelligence Management System - EN | PECB
General Data Protection Regulation (GDPR) - Training Courses - EN | PECB
Webinars: https://pecb.com/webinars
Article: https://pecb.com/article
-------------------------------------------------------------------------------
For more information about PECB:
Website: https://pecb.com/
LinkedIn: https://www.linkedin.com/company/pecb/
Facebook: https://www.facebook.com/PECBInternational/
Slideshare: http://www.slideshare.net/PECBCERTIFICATION
How to Make a Field Mandatory in Odoo 17
In Odoo, making a field required can be done through both Python code and XML views. When you set the required attribute to True in Python code, it makes the field required across all views where it's used. Conversely, when you set the required attribute in XML views, it makes the field required only in the context of that particular view.
RPMS TEMPLATE FOR SCHOOL YEAR 2023-2024 FOR TEACHER 1 TO TEACHER 3
RPMS Template 2023-2024 by: Irene S. Rueco
How to Manage Your Lost Opportunities in Odoo 17 CRM
Odoo 17 CRM allows us to track why we lose sales opportunities with "Lost Reasons." This helps analyze our sales process and identify areas for improvement. Here's how to configure lost reasons in Odoo 17 CRM
How to Add Chatter in the odoo 17 ERP Module
In Odoo, the chatter is like a chat tool that helps you work together on records. You can leave notes and track things, making it easier to talk with your team and partners. Inside chatter, all communication history, activity, and changes will be displayed.
How to Setup Warehouse & Location in Odoo 17 Inventory
In this slide, we'll explore how to set up warehouses and locations in Odoo 17 Inventory. This will help us manage our stock effectively, track inventory levels, and streamline warehouse operations.
Walmart Business+ and Spark Good for Nonprofits.pdf
"Learn about all the ways Walmart supports nonprofit organizations.
You will hear from Liz Willett, the Head of Nonprofits, and hear about what Walmart is doing to help nonprofits, including Walmart Business and Spark Good. Walmart Business+ is a new offer for nonprofits that offers discounts and also streamlines nonprofits order and expense tracking, saving time and money.
The webinar may also give some examples on how nonprofits can best leverage Walmart Business+.
The event will cover the following::
Walmart Business + (https://business.walmart.com/plus) is a new shopping experience for nonprofits, schools, and local business customers that connects an exclusive online shopping experience to stores. Benefits include free delivery and shipping, a 'Spend Analytics” feature, special discounts, deals and tax-exempt shopping.
Special TechSoup offer for a free 180 days membership, and up to $150 in discounts on eligible orders.
Spark Good (walmart.com/sparkgood) is a charitable platform that enables nonprofits to receive donations directly from customers and associates.
Answers about how you can do more with Walmart!"
Recently uploaded (20)
Your Skill Boost Masterclass: Strategies for Effective Upskilling
Your Skill Boost Masterclass: Strategies for Effective Upskilling
Pride Month Slides 2024 David Douglas School District
Pride Month Slides 2024 David Douglas School District
What is Digital Literacy? A guest blog from Andy McLaughlin, University of Ab...
What is Digital Literacy? A guest blog from Andy McLaughlin, University of Ab...
Community pharmacy- Social and preventive pharmacy UNIT 5
Community pharmacy- Social and preventive pharmacy UNIT 5
South African Journal of Science: Writing with integrity workshop (2024)
South African Journal of Science: Writing with integrity workshop (2024)
BÀI TẬP BỔ TRỢ TIẾNG ANH 8 CẢ NĂM - GLOBAL SUCCESS - NĂM HỌC 2023-2024 (CÓ FI...
BÀI TẬP BỔ TRỢ TIẾNG ANH 8 CẢ NĂM - GLOBAL SUCCESS - NĂM HỌC 2023-2024 (CÓ FI...
ISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...
ISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...
RPMS TEMPLATE FOR SCHOOL YEAR 2023-2024 FOR TEACHER 1 TO TEACHER 3
RPMS TEMPLATE FOR SCHOOL YEAR 2023-2024 FOR TEACHER 1 TO TEACHER 3
Digital Artefact 1 - Tiny Home Environmental Design
Digital Artefact 1 - Tiny Home Environmental Design
How to Manage Your Lost Opportunities in Odoo 17 CRM
How to Manage Your Lost Opportunities in Odoo 17 CRM
Film vocab for eal 3 students: Australia the movie
Film vocab for eal 3 students: Australia the movie
How to Setup Warehouse & Location in Odoo 17 Inventory
How to Setup Warehouse & Location in Odoo 17 Inventory
Walmart Business+ and Spark Good for Nonprofits.pdf
Walmart Business+ and Spark Good for Nonprofits.pdf
Liberal Approach to the Study of Indian Politics.pdf
Liberal Approach to the Study of Indian Politics.pdf
Basic terms
- 1. welcome
- 2. 1.Business transactions The dealings of a business man with an external party, which have an impact on his business and can be expressed in monetary terms is called business transactions.
- 3. Cash or any valuable owned by the business that can be converted into cash or any thing beneficial to the future operation of business can be
- 4. CAPITAL IT IS THE INVESTMENT MADE BY THE OWNERS IN THE BUSINESS. IT IS GENERALLY TERMED AS OWNERS EQUITY OR NETWORTH.
- 5. LIABILITIES IT IS THE OBLIGATIONS OR DEBT PAYABLE BY THE ENTERPRISE IN THE FUTURE IN THE FORM OF MONEY OR GOODS.
- 6. DRAWINGS WITHDRAWAL OF CASH OR GOODS BY THE OWNER FROM THE BUSINESS FOR HIS PERSONAL USE
- 7. creditorsCCc Creditors are persons or entities to whom the business owes on account of credit purchases made.
- 8. sales Sales represents total revenue earned by a business through sale of goods and services to customers. Sales include cash sales and credit sales.
- 9. •Revenue represents the amount a business earns through sale its products or providing services to customers •Other items of revenue are rent received, interest received, dividend received , fees, commission etc;
- 10. Thank you