Accounting as a profession
This user needs to know if they are going to get paid.
What are employees?
Balance Sheet Equation
What is Assets=Capital+Liabilities
Source document used for Return Outwards Journal.
What is a debit note?
This concept states that there are two aspects of accounting.
What is the dual aspect concept?
Concepts that guide accountants when preparing financial statements.
What are principles of Accounting?
Money the owner takes from the business.
What are drawings?
What is used to record cash sales?
What is a cash book?
This concept states that the affairs of the business are separate from the owner's transactions
What is the separate entity/business entity concept?
To be straightforward and honest in all professional and business relationships
What is integrity?
Resources which are purchased for long term use.
What are fixed assets?
Another word for return inwards
sales returns
Another heading other than the words balance Sheet
What is the Statement of Financial Position?
Underpayment of tax
What is tax evasion?
Money that the owner invests in a business.
What is capital?
To record an increase in an asset in double entry
What is a debit entry?
Another term for Debtors
What is Accounts Receivable?