Creditors Definition in terms of Accounting
Accounting

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
Accounting

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
Accounting

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
Accounting

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A drawing account is an accounting record preserved to follow money withdrawn from a company by its owners.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
Accounting

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
Accounting

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
Accounting

Transactions: Definition in Accounting

Transactions are those activities of a business, which involve the transfer of money or goods or services between two persons or two accounts. It is…
Who is Proprietor?
Accounting

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…
Distinction between Book-keeping and Accounting
Accounting

Distinction between Book-keeping and Accounting

Distinction between Book-keeping and Accounting In general the following are the differences between book-keeping and accounting. Book-keeping Scope: Recording and maintenance of books of accounts.…
Users of Accounting Information
Accounting

Users of Accounting Information

Users of Accounting Information The fundamental purpose of accounting is to make available information which is helpful for persons and groups inside and outside the…
Load More