Accounting terms

2. books that collect groups of similar accounts.
4. a statement that lists account names and their balances, recorded in debit and credit columns, on a certain day.
11. contains the bank and cash accounts of a business.
12. a cheque that has been rejected for payment when deposited in the bank.
13. represent an arrangement by a business with its bank for a creditor to transfer money from the business’ account on pre-arranged dates.
14. the term given to the value of assets in the form of cash or inventory withdrawn from a business by the owners for personal use.

1. cash discounts allowed by a supplier to a business when payment is made within the qualifying period. It is an income.
2. The amounts that the business owes people for resources supplied to the business.
3. a book of prime entry where credit purchases are recorded.
5. the process of collecting, recording,classifying financial data in order to allow the users of accounting information to make informed judgements
6. cash discounts given to a customer by a business for prompt payment. It is an expense incurred by the business for having its debts settled promptly.
7. the act of using one book to transfer entries into accounts in another book, thereby performing or completing double entry.
8. resources of monetary value that a business owns or are owed to the business. Examples of assets are cash, motor vehicles, trade receivables and property.
9. a record in ledgers, used to collect and store debit and credit amounts relating to an asset, a liability, capital, an income or an expense.
10. a formal written acknowledgement that a business has received money in payment following a sale.