Basic Accounting TerminologyBasic Accounting Terminology

Entity Event Transaction Voucher Entry Narration Assets Current Assets

Fixed Assets Tangible Assets Intangible Assets Liabilities Short - term liabilities Long - term liabilities Capital Drawings

Basic Accounting TerminologyBasic Accounting Terminology

Purchases Purchases Return Sales Sales Return Stock Raw Material Work – in - progress

Finished Goods Opening Stock Closing Stock Receivables Payables Expenditure Income

Basic Accounting TerminologyBasic Accounting Terminology

Expenses Gains Revenue Trading Account Gross Profit Gross Loss

Profit & Loss Account Net Profit Net Loss Balance Sheet Trade Debtors Trade Creditors