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Double Entry


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Category: Term

 
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Popular Accounting sets

 

 


Asset AccountDefinition: Record of what the firm owns and what is owed to the firm.10false
Expense AccountDefinition: Record of the firm’s day to day running expenses.20false
Purchases BookDefinition: A list of all goods bought on credit for resale30false
Liability AccountDefinition: Record of what the firm owes50false
Sales Return BookDefinition: A list of all goods previously sold on credit which have been returned.60false
Cash BookDefinition: Used for cash or cheque transactions70false
creditA list of all goods sold on _____81true
Revenue ExpenseDefinition: Record of day to day income earned by the firm90false