BASIC TERMS IN ACCOUNTING

2. 12. These are total revenues from goods or services provided to customers
4. 25. They are persons who owe to an enterprise an amount for buying goods and services on credit.
6. 7. It is an example for current asset
7. 18. The excess of expenses of a period over its related revenues its termed as
9. 5. Is an example for intangible assets.
10. 2. A event involving some value between two or more entities
14. 15. Spending money or incurring a liability for some benefit, service or property received is
15. 3. These are economic resources of an enterprise that can be usefully expressed in monetary terms.
16. 13. These are the amounts of the business earned by selling its products
19. 1. It means a thing that has a definite individual existence
20. 16. The excess of revenues of a period over its related expenses during an accounting year is.
21. 17. A profit that arises from events or transactions which are incidental to business
24. 23. It is the total amount of goods procured by a business on credit and on cash, for use or sale.
25. 20. The documentary evidence in support of a transaction
26. the future.

1. 19. It is the deduction in the price of the goods sold.
3. 8. These are obligations or debts that an enterprise has to pay at some time
5. 21. It refers to the products in which the business units is dealing
8. 4. It is an example for fixed asset.
11. 6. These assets are held on a short-term basis
12. 26. They are persons who have to be paid by an enterprise an amount for providing the enterprise goods and services on credit.
13. 10. It is a long-term liability.
17. 14. Costs incurred by a business in the process of earning revenue is known as
18. 24. It is a measure of something on hand-goods, spares and other items in a business.
22. 22. It is the amount taken from the business by the owner for personal use.
23. 11. Amount invested by the owner in the firm