AccountingCreditors 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…
AccountingDebtors 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…
AccountingDefine 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.…
AccountingDefine Drawings in Accounting A drawing account is an accounting record preserved to follow money withdrawn from a company by its owners.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…
AccountingDefine 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…
AccountingDefine 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…
AccountingTransactions: 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…
AccountingWho 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…
AccountingDistinction 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.…
AccountingUsers 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…