Accounting Terms

1. is the money invested in the business .
8. is exchange of goods and services with an aim of earning profit.
9. Keeping Is the process of recording daily detailed business monetary activities
12. These are such persons who will pay the business after some time usually a period of 30 days. They are also called Debtors.
13. The goods that are left unsold in the godown.

2. The raw material bought for producing goods or finished goods bought for resale.
3. When a business borrows money from a third party usually a bank or financial institution then it is called a loan . This has to be returned after a certain period of time and interest is charged on loan by the lender
4. It is usually a period of 12 months
5. The items that do not belong to the business and are owed to someone else by the business are liabilities. The business has to pay the other party also called creditors. For example. Business took a loan from a bank and has to pay it back is a liability.
6. The items that belongs to the business
7. is the process of synthesising the information from book keeping records
10. These are such persons who will be paid by the business after some time usually a period of 30 days. They are also called Creditors.
11. The goods sold to the ultimate consumer /customer.