Basic Accounting Terms

2. term used for only purchasing of goods
4. an individual or organisation that owes the money. In case the debt is in the form of a loan from a financial institution
7. Amount taken out from the business for personal use
9. Some customers might return the goods sold to them
11. when a transaction or event is recorded.
12. payments that are not made until several days or weeks after a product has been delivered.
14. Amount which the owner invests in the business
15. things which are purchased for resale purposes
16. cost of operations that a business incurs to generate revenue.
18. Anything which is in the possession or is in the property of the business
19. An economic activity which changes the financial position of the business

1. Purchases goods are returned to the supplier
3. Excess of total revenues over
5. sales in which the payment obligation of the buyer is settled at once.
6. transfer of ownership of goods or services to the customer
7. is allowed by a seller to its customers at a fixed rate.
8. A business that provides supplies or services and does not demand immediate payment
10. Amount which the firm owes to outsiders
13. Surplus of revenue over expenses
17. the goods on hand which is to be sold to customers.