Terms Used in Accounting

TERMS USED IN ACCOUNTING (MUST KNOW WORDS)



Accrued Income
Asset
Audit
Bad Debts

Balance Sheet
Bank
Bills Payable
Bills Receivable
Capital
Carriage Inwards
Cash
Cash in bank
Closing Stock
Commission
Creditors
Debtors
Depreciation
Direct Expenses
Discount
Dishonored
Dividend
EBIT
Equity
Expense
Freight
Furniture
Gains
Gross Profit
Income
Insurance
Investment
Ledger
Liabilities
Liability
Liquidity
Machinery
Net Profit
Opening Stock
Operating Profit
Outstanding
Outstanding Expenses
Patents
Premium
Profit and Loss Account
Purchase Return A/c
Purchases
Receipt
Rent of Building
Revenue
Salaries
Sales
Sundry Debtors
Sundry Creditors
Trademark
Traders
Trading A/c
Trial Balance
Wages