RAIL Flashcards
1
Q
Asset
A
Everything owned by a business
2
Q
Example of an asset
A
Vehicles, stock, inventory, property, trade receivables, cash in the bank
3
Q
Liability
A
Anything that is owed by a business
4
Q
Example of a liability
A
Bank, investors, loans
5
Q
Income
A
Money received from a business
6
Q
Example of an income
A
Sales, revenue, capital
7
Q
Running costs
A
Regular cost that are incurred by a business
8
Q
Example of running costs
A
Electricity bill, water bill, gas bill, rent, purchases, wages, salary, drawings
9
Q
RAIL meaning
A
Running costs, Assets, Income, Liabilities
10
Q
Dr meaning
A
Debit
11
Q
Cr meaning
A
Credit
