Accounting Terminology
Basic accounting terminology covering capital, liabilities, assets, revenue, expenses, purchases, sales, inventory, trade receivables, payables, discounts, and essential terms.
Topics(8)
Assets
Meaning and characteristics of assets, classification into non-current, current, and fictitious assets with examples and Companies Act 2013 criteria.
Capital and Drawings
Meaning of capital, owner's equity, the business entity concept, and drawings with examples.
Cost, Discounts and Bad Debts
Cost, voucher types, trade discount, cash discount, rebate, and bad debts with treatment in books of account.
Essential Accounting Terms
Balance sheet, book value, books of account, debit and credit, depreciation, entry, insolvent, solvent, proprietor, and financial statements.
Liabilities
Meaning of liabilities, internal vs external liabilities, classification into non-current and current liabilities with examples and Companies Act 2013 criteria.
Purchases, Sales and Inventory
Purchases and sales, returns, revenue from operations, goods, stock and inventory types including opening stock, closing stock, raw materials, work-in-progress with valuation methods.
Revenue, Expenses and Profit
Revenue receipts and capital receipts, capital and revenue expenditure, deferred revenue expenditure, expenses, prepaid and outstanding expenses, revenue, income, profit, gain, and loss with examples.
Trade Receivables and Payables
Trade receivables, debtors, bills receivable, trade payables, creditors, and bills payable with definitions and Schedule III references.