Sales Return or Returns Inward Definition in Accounting

Sales Return or Returns Inward When goods are returned from the consumers due to faulty quality or not as per the conditions of sale, it......

Sales Definition in terms of Accounting

Sales are an exchange of money for goods, services or other assets. In accounting, sales refer to the revenues earned when a business sells its......

Purchases Return or Returns Outward Definition in Accounting

Purchases Return or Returns Outward When merchandise are returned to the suppliers due to faulty quality or not as per the terms of purchase, it......

Purchases Definition in terms of Accountimg

Purchases Purchases refer to the quantity of merchandise bought by a business for resale or for utilize in the production. Purchase means to acquire ownership......

Creditors Definition in terms of Accounting

Creditors A person who gives a advantage without receiving cash or money’s worth instantly but to assert in future, is a creditor. A creditor is......

Debtors Definition in terms of Accounting

Debtors A debtor is an individual or entity that owes money. An individual (person or firm) who receives a profit without giving cash or money’s......

Define Liabilities in Accounting

Liabilities refer to the financial obligations of a business. These are established over time during the transfer of financial profit including money, goods or services.......

Define Drawings in Accounting

A drawing account is an accounting record preserved to follow money withdrawn from a company by its owners. It is the sum of cash or......

Define Capital in terms of Accounting

Capital can refer to funds raised to maintain a particular business or project. It is the quantity invested by the owner/s in the business. This......

Define Assets in terms of Chemistry

Assets are the properties of every description belonging to the business. Assets are sometimes defined as resources or things of value that are owned by......

Transactions: Definition in Accounting

Transactions are those activities of a business, which involve transfer of money or goods or services between two persons or two accounts. It is conformity......

Who is Proprietor?

Proprietor A person who owns a business is called its proprietor. Proprietor is an individual owner of a business that is not incorporated. This person......