Accounting Consepts Flashcards
What is expense
Money that us as a business page 2 others for Dumple pay for services rendered or for a good
What are salaries and wages
Hey salaries affix pay a fixed amount and date I do which is a non-fixed usually best of time you work
What is rent income and rent expense
Rent income is when you rent out your house you get money for it so others pay you money for use in your building and rent expense and then you pay someone else to rent something so you have to pay them so grant income isn’t actually in expense but I just put it under expenses because you
What are the different expenses
They are 13 of them cost of sale packing material advertising insurance salary wages deprecation bank charges rent expense water and electricity fuel storage telephone stationary Wi-Fi
What is an asset
Things I need to get something done if position of the business it was action of the business that helps the business succeed
What are the three types of assets in the column
Fixed in current
Under fixed assets it is Land and buildings vehicles and equipment and undercurrent acid is trading stock debited control bank petty cash
What is income
Income is money that you receive from rendering a service were from a profit of a sale a product
What is under income on the columns
Current income sales rand income interest income donations donations received commission income
What are liabilities
Liabilities are how liable you are to pay back I debts or credit like if you buy something on credit you are liable to pay the money back
What falls under liabilities in the column
One) Long-term liabilities and Andrew that is loans
2)Current liabilities under that is bank overdraft and debiter
What is owners equity
Capital
Money or an assets invested in the business to get the business started
What is owners equity drawings
My need the owner takes out of the business
What is profits
A primary aim to make a big profit this is not the amount of money take home because you still need to pay other assets like Staff buildings and other expenses such as Wi-Fi telephone bill storage space rent income I mean expense
