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Asset Account
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Liability Account
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TermDefinition
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
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