Bookkeeping Flashcards

5407944144	Capital	The amount of the owner's/shareholders' stake in the business	0
5414320221	Expenses	The costs of running the business, eg wages, rent, rates, telephone, etc.	1
5414324296	Assets	Items owned by the business	2
5414331663	Purchases	Goods bought, either on credit or for cash, which are intended to be resold later	3
5414336090	Credit Purchases	Goods bought, with payment to be made at a later date	4
5414341629	Cash Purchases	Goods bought and paid for immediately	5
5414347719	Liabilities	Items owed by the business	6
5414353788	Revenue	The total of sales, both cash and credit, for a particular time period	7
5414358704	Trade Payables	Individuals or businesses to whom money is owed by the business	8
5414362406	Trade Receivables	Individuals or businesses who owe money in respect of goods or services supplied by the business	9
5414368164	Accounts	Financial records, where business transactions are entered	10
5414371103	Trial Balance	List of the balances of all of the double-entry accounts from the general ledger	11