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    arun neupane
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    This document defines basic finance and accounting terminology such as capital, assets, liabilities, revenue, profit/loss, expenses, and debtors. It also distinguishes between an account, which records financial transactions, and accounting and accountancy, which are the principles and study of maintaining accounts. The overall goal of financial accounting is to record a business's financial transactions accurately in order to determine profit or loss over time.

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    This document defines basic finance and accounting terminology such as capital, assets, liabilities, revenue, profit/loss, expenses, and debtors. It also distinguishes between an account, which records financial transactions, and accounting and accountancy, which are the principles and study of maintaining accounts. The overall goal of financial accounting is to record a business's financial transactions accurately in order to determine profit or loss over time.

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    5 views1 page

    Finance

    Uploaded by

    arun neupane
    This document defines basic finance and accounting terminology such as capital, assets, liabilities, revenue, profit/loss, expenses, and debtors. It also distinguishes between an account, which records financial transactions, and accounting and accountancy, which are the principles and study of maintaining accounts. The overall goal of financial accounting is to record a business's financial transactions accurately in order to determine profit or loss over time.

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    © All Rights Reserved
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    MODULE: FINANCE ACCOUNTANT

    Basic Terminology

    Business: Any entity established with profit motive.

    Capital: cash/own property invested in a business.

    Assets: what we own.

    Labilities: What we owe.

    Goods: That we Trade.

    1. SALES
    2. PURCHASE
    3. STOCK

    Revenue: Actual sales proceed.

    Profit/loss: Revenue - cost price (+ profit, - loss)

    Expense: short term (Cash out flow)

    Expenditure: Long term (invested which may result in addition of assets)

    Debtors: Good sold on credit

    Creditor: good purchase in credit

    Outstanding income: services

    Outstanding expenses: service

    Account:

    Accounting: principle that govern to maintain account.

    Accountancy: study of account and accounting.

    Goal of Financial Accounting

    Retainearning

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