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JC Bookkeeping
Bookkeeping Key Terms
| Question | Answer |
|---|---|
| A transaction | Refers to any agreement between two people to carry out a business activity |
| Creditors | People we owe money to for goods and services. |
| Debtors | People who owe us money. |
| Assets | The value of things that a business owns. |
| Liabilities | Anything that the business owes to others |
| Ledger | The book where a firm keeps a record of their business transactions. |
| Double-entry bookkeeping | Both parts of a business transaction has two parts -a giving part and a receiving part. Both parts must be recorded in the ledger. |
| Debit Side | The receiving side. The left hand side of an account. |
| Credit side | The giving side. The right hand side of an account. |
| Fixed Assets | Assets (things of value) that stay in the business for longer than one year. |
| Current Assets | Assets which will usually change their value within the year. |
| Current Liabilities | These are bills owed by a firm that must be paid within one year. |
| Long-Term Liabilities | Any money owed by the business that must be paid back over a long period of time. |
| Expenses | These are the various bills the business must pay to cover the day-to-day costs of running the business. |
| Gains | Refers to any income received by the firm other than from their normal sales. |
| The Receiver, Assets and Expenses are recorded on which side? | Debit Side |
| The Giver, Liabilities and Gains are recorded on which side? | Credit Side |
Created by:
ms.scahill
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