Types of Organisations
An individual trades in his/her own name.
Who is a Sole Trader
Anything that adds value to the company
What are assets?
Assets plus liability equals...
What is Capital?
Operates for the benefit of it's members and not to make a profit.
What is a Non-profit organization?
Used as security for a loan
What is a collateral?
This describes when an assets is easily turned to cash
What is liquidity?
Has limited shareholder liability and can ask the public to buy their shares.
What is a public Limited Company?
Assets that are not easily turned into cash
What are fixed assets?
An accounting software that accept business payments, manage and pay bills, and payroll functions.
What is QuickBooks Online?
A group of more than 2 and a maximum of twenty carrying out business
What is a Partnership?
Gains nor losses should not be understated or overstated.
What is Prudence?
Transactions or events are recorded in the same way, from one accounting year to the next.
What is the consistency Concept?
Limited liability companies are called
What is a Corporation?
Related expenses and revenues should match the time period in which the transaction took place
What is the Accrual and Matching Concept?
In accounting every transaction carries two entries
What is Debit and Credit?