Business Students
PREPARATION FOR NTS, CTS, FPSC, PPSC JOBS FOR BUSINESS STUDENTSNTS PAST PAPERS MCQsNTS PAPERS PREPARATION FOR PUNJAB FOOD AUTHORITY JOB 2019PUNJAB FOOD AUTHORITY PAPERS PREPARATION
Accounting Terms:
Book Keeping?It is an art of recording business transactions in books in
a systematic manner. Transaction?
Any dealing between two persons or things is called
transaction. There are two types of transactions.
Cash Transaction and Credit Transaction.
Business? Any legal entity undertaking for to earn profit is called
Business. Capital?
The amount with the owner start his business is called
Capital.
Drawing?
Cash Discount?
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| Accounting Glossary |
Commission?
It is a form of remuneration for services rendered by one
person to another.
An expenditure takes place when assets or service is
acquired.
Expenses?
It means an expenditure whose benefit is finished or enjoyed
immediately such as salearies, Utilities etc.
Account?
A systematic record of transaction relating to a person of
thing is called an account.
It is also called account receivable. It is a person who
owes money to another is called debtor.
Creditors?
It is also called account payable. A person who pays out
something or to whom money is owing is a Creditor.
Assets?
These are things of value possessed by a trader such as
building, land etc.
They are the debts due by business to its owners.
Voucher?
It is a written evidence in support of a business transaction
is called voucher.
Goods?
It is also called Merchandise. It includes all merchandise
commodities which are purchased by the business for selling purpose.
Stock?
Goods that is remaining on hand is called stock. It is also
called Inventory.
Equity?
Equity is a claim which can be enforced against the assets
of the business. In other words, the rights to properties of business is called
equities. There are two types, the right of Creditors and the right of owners.
The equities of creditors represent debts of the business and are called
liabilities. The equities of the owners is called capital.
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| Accounting Terms |
Casts and Carry
forwards?
In book keeping casting means totaling. The first page of
the journal will be cast by drawing a line across the money column. The total
of this page will be carried forward to the top of second page. The total of
the second page will be carried forward to the third page and so on until the
last page gives the final total.
Compound Journal
Entries?
Drawing?
The Cash or Goods taken away by the owner from the business
for his personal use is called Drawing. Cash Discount?
It is deduction or allowance allowed by a creditor to a
debtor. If a person pays his debts before the due date of payment the recipient
may grant him an allowance for doing so. Commission?
It is a form of remuneration for services rendered by one
person to another. Expenditure?
An expenditure takes place when assets or service is
acquired.
Expenses?
It means an expenditure whose benefit is finished or enjoyed
immediately such as salaries, Utilities etc. Account?
A systematic record of transaction relating to a person of
thing is called an account. Debtors?
It is also called account receivable. It is a person who
owes money to another is called debtor. Creditors?
It is also called account payable. A person who pays out
something or to whom money is owing is a Creditor. Assets?
These are things of value possessed by a trader such as
building, land etc. Liabilities?
They are the debts due by business to its owners. Voucher?
It is a written evidence in support of a business transaction
is called voucher. Goods?It is also called Merchandise. It includes all merchandise
commodities which are purchased by the business for selling purpose. Stock?Goods that is remaining on hand is called stock. It is also
called Inventory.
Equity? Equity is a claim which can be enforced against the assets
of the business. In other words, the rights to properties of business is called
equities. There are two types, the right of Creditors and the right of owners.
The equities of creditors represent debts of the business and are called
liabilities. The equities of the owners is called capital. Casts and Carry
forwards?In book keeping casting means totaling. The first page of
the journal will be cast by drawing a line across the money column. The total
of this page will be carried forward to the top of second page. The total of
the second page will be carried forward to the third page and so on until the
last page gives the final total. Compound Journal
Entries?When two or more transactions of the same nature take palace
on the same date is called compound Journal Entries.
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