Term
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Term
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Double Entry
Term | Definition |
---|---|
Asset Account | Record of what the firm owns and what is owed to the firm. |
Liability Account | Record of what the firm owes |
Expense Account | Record of the firm’s day to day running expenses. |
Revenue Expense | Record of day to day income earned by the firm |
Sales Book | A list of all goods sold on credit |
Sales Return Book | A list of all goods previously sold on credit which have been returned. |
Cash Book | Used for cash or cheque transactions |
Purchases Book | A list of all goods bought on credit for resale |
Purchases Returns Book | A list of goods that were previously bought which have been returned |