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Basic Accounting Terms

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Published in: Accounting
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Basic accounting terms is the important topic of accountancy.It is very essential to understand before understanding the concept of Accountancy.

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  1. BASIC ACCOUNTING TERMS
  2. I .CAPIIAL It refers to the amount invested by the proprietor or owner in a business enterprise. Ram 10,000 as cash 5,000 as goods Net worth = Owner's Equity Capital = Asset - Outside liability
  3. 2. DRAWINGS :- It refers to the cash or value of goods withdrawn by the owner for his personal use. Ram 15,000 as capital 4 2,000 as cash 1,000 as goods Withdrawn for his personal use Drawing reduces the capital
  4. 3.LIABILITIES:- It refers to the amount which the business owes to outsiders. : Burden Non Current Liabilities Current Liabilities 1. Non Current These liabilities are due after a year or more.lt Liabilities :- is also called long term liabilities. 2. Current These liabilities are due and payable within Liabilities :-one year.lt is also called short term liabilities.
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