IMPORTANT SHORT DEFINITIONS PART 1
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Define book keeping. Define equity. Define debtor Define intangible assets. Define nominal accounts What is is invoice? What are direct expenses? Define Define creditors. Capital, Drawings, Going concern, Dual Concept, Matching Concept. Credit Sales, Credit Purhcase, Trade Discount. Cash Discount, Define Commission. Define voucher, Define Assets, Define Liabilities. Define accounting cycle
Define journal. Define ledger. What is balance? What is debit balance, what is credit balance .Define trial balance? What is narration? What is posting Define bill of exchange. exchange. Define renewal of a bill. bill. Define retirement retirement of a bill.define Endorsement of bill. Define “Bank reconciliation statement” what is Pass book, what is Cash book, Define single Column cash book, and Define three column Cash book. What are current liabilities? Define balance sheet. What is working capital? What are fixed assets?What is bad debts? Current assets Define depreciation..Define depreciation..Define accrued expenses.Define expenses.Define accrued income. Define capital expenditures.Define capital receipts. Define Revenue Expenditure; Define Revenue Receipts, Capital Profit. Define errors of commission. Define errors of principles.. What is suspense account.. Define Define cash book. What is a cheque? cheque? What is a debit note •
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IMPORTANT SHORT DEFINITIONS PART II • •
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Single entry system of book-keeping. Non-trading concerns. Subscription, Receipts and payments account. Income and expenditures account Define legacy. Surplus, Donation Consignment account. Proforma invoice. Consignment, Consignor, Consignee, Delcredre Commission, Normal Loss, Abnormal Loss Define partnership. Define partnership deed. Define Good-will. Revaluation account. Realization account, New Ratio, Admission of Partner. Dissolution of Firm. Public limited company.. Memorandum of association. Debenture. Articles of association. Private limited company, Authorized Capital, Issued Capital, Naked Debentures, what is share. Preferred Shares. General Reserves. Depreciation. Preliminary Preliminary expenses. Name four methods methods of depreciation. depreciation. Define provision. Pass journal entry to record depreciation. Depletion, Efflux of time.
