Accounting System

2. a system that recognises there aretwo sides to every transaction.
6. the unsold goods of a business involved in buying and selling at a particular point in time
8. is an equation that represents the relationship between assets, liabilities and capital.
12. explain why the journal entry is being made
15. Deposited cash into bank
16. a document that a business issues to its customer asking the customer to pay for the goods or services supplied tothem on credit.
17. Increase in assets, decrease in capital
18. a bank account that has a negative balance
19. encourages a customer to pay quickly
21. a document given to a customer when goods sold on credit are returned to the seller

1. a reduction in the selling price of goods made by one trader to another
3. is an account used to record the revenue and expenses of a business
4. the net cost of the goods sold to customers
5. the owner of a business is personally responsible for all the debts and losses of that business
7. a figure that is found by adding up two or more figures but which is lower than the correct figure
9. the additional cost charged by the seller to deliver goods sold
10. the money invested in a business by its owner.
11. is a book of prime entry and is also part of the ledger system replacing separate cash and bank ledger accounts.
13. a book of prime entry for recording transactions and events for which there is no other bookof prime entry.
14. a customer that owes the business money
20. ledger the book that contains the individual accounts of all the business’s credit customers