BASIC TERMS IN ACCOUNTING

5. The documentary evidence in support of a transaction
7. It is the amount taken from the business by the owner for personal use.
9. It is a measure of something on hand goods, spares, and other items in a business.
11. It is the total amount of goods procured by a business on credit and on cash, for use or sale.
13. They are persons who owe to an enterprise an amount for buying goods and services on credit.
16. The excess of revenues of a period over its related expenses during an accounting year is.
17. Spending money or incurring liability for some benefit, service, or property received is
18. It refers to the products in which the business unit is dealing
19. A event involving some value between two or more entities
20. It is the deduction in the price of the goods sold.
21. Is an example of an intangible asset.
22. It is a long-term liability.
24. These are total revenues from goods or services provided to customers
26. the future.

1. These are the amounts the business earned by selling its products
2. It is an example of a current asset
3. It is an example of a fixed asset.
4. These are economic resources of an enterprise that can be usefully expressed in monetary terms.
6. Costs incurred by a business in the process of earning revenue are known as
8. It is an example of liabilities.
10. These assets are held on a short-term basis
12. They are persons who have to be paid by an enterprise an amount for providing the enterprise goods and services on credit.
14. The excess of expenses of a period over its related revenues is termed as
15. These are obligations or debts that an enterprise has to pay at some time
18. A profit that arises from events or transactions which are incidental to the business
23. Amount invested by the owner in the firm
25. It means a thing that has a definite individual existence