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