Vocab Flashcards
What is the owner
The person who started the business by supplying initial money necessary to start out this amount is called capital
What is it customer
The people the business sells to you whether it is service rendered or selling goods we can sell for cash or on crediti. Meaning the customer will pay back the money
What is the supplier
Suppliers another business which sells goods to another business like if I own a hotel I would have to buy toilet paper from another business
What is a bookkeeper
The person employed by the business to keep record of trance Zach shins
What is income
Money generated by business
What is capital
Morning the owner uses that he takes out his own pocket to start the business
What is net profit
Total income minus total expense equals net profit
What is owners equity never mind what is a transaction
A transaction is an activity which involves money or items for value that is being traded
What is a source documents
Hi A book that keeps transactions this source document must have debt amount who is involved and what was the reason for the transaction that is four point
What Izzy ledger
I ledger book is a file containing business accounts
What is petty cash
This is money that is kept aside a little mouse to buy cheap assets for the business such as coffee hand sanitiser tissues
Is a cash float
Money that is kept the side to give to customers for a change
What is material
Material is an item used by the business to win chance the service that they render to the customers so you can have a salon but you have to buy the shampoo is to use on the customers hair or hair dye
What is a receipt
Source document issued for cash transactions
Do you need accounting
To keep track of what’s happening and to control the business, to plan ahead, do you calculate profit, to minimise corruption, to show others that the business is a good investment, and to report authorities like the government
