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Accounting Term
Here is quick list
If you are an accountant or tally user or starting commerce after 10th class, you must have these accounting term & definition in your mind for better understanding. In this blog, i try to cover very important topic which definitely makes your accounting journey easy.
So Lets start now!
1.Capital
- 💶 It is the amount invested by the proprietor of the business.
- ➕ Capital increased when profit of the business or the amount of additional capital is introduced on business.
- ➖ Capital Decreased when loss of business or the amount withdrawn by the business owner.
2.Drawing
- 💶 It is the amount of cash or value of Goods withdrawn by the business from the proprietor for his personal use.
- ➖ Drawing deducted from the capital.
3.Asset
- 🥋 Asset are the properties of every description belonging to the business.
- Asset are 2 type :
- 🖨 Tangible asset :
- 🖥 Tangible asset has physical existence.
- 👀 Tangible asset can be touched or seen.
- 💶 Example of tangible asset are : cash, machinery, land, goods etc.
- 📄 Intangible asset :
- ✨ Intangible asset are those asset which does not has physical existence.
- 🎆 Intangible asset can not be seen or touched.
- 💶 Intangible asset possession give rise to some rights and the benefits to the owner.
- ™ Intangible asset examples are : goodwill, trademark, patents etc.
4.Liability
- 📑 Liabilities refers to the financial obligations of the business.
- 💵 This denote the amount which a business owes to others.
- 👨🔬 Example : creditors for good supplied, bill payable, outstanding expenses, bank overdraft and loan from bank etc.
5.Creditor
- 👨🔧 A person who gives benefit without receiving money or money’s worth immediately but to claim in future.
- 📄 The creditors showed on the liability side of the balance sheet.
- 👤 For example, Suman computer shop is your creditor because they give benefits without taking money at the point of sale.
6.Debitors
- 👤Debitors take benefits without giving money while purchasing goods from the company, but surely they need to pay that amount in the future.
- 🏭 debtors are customers of the company.
- 👤 For example, “Chandan computer shop” is a debtor because they purchase goods on credit.
6.Contra
- 📃A voucher is a supportive document in business.
- 📃 The voucher show any transaction that occurs between two-party.
- 📃 Vouchers needs for auditing purposes in business.
Conclusion
So, i hope these knowledge gives you enough information about most used accounting term. Thank you so much for your valuable time.
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