Terms of Accounting

1. Debts not recoverable from debtors.
4. Income earned by the business from its operating activities
7. Cost incurred to earn revenue.
9. Return of goods purchased.
10. Amount invested into the business by the owner.
11. Amount owed by the entity to outsiders.
12. Income due but not received.
13. Person or entity to whom amount is payable against credit purchse of goods.
14. Reduction in price of goods sold or in amount.
16. Amount or goods withdrawn by the proprietor for personal use.
18. Amount spent or liability incurred for purchasing assets, goods or rendering services
19. Person who owns the business.

2. Statement of balances of assets and liabilities.
3. Profit earned during an accounting period.
5. Person or entity unable to pay his/ its debts.
6. Decrease in book value of a fixed asset because of its use.
8. Return of goods sold.
15. Reduction allowed in the sale value due to poor quality.
16. Person or entity who owes amount to the enterprise against credit sale of goods.
17. They are the properties owned by the business that will give economic benefit in the future.