Accounting terminology NZ

This is a plan of your income and spending for a future period of time

• Statement of Financial Affairs

• Bank Statement

• Budget

• Trial Balance

This is a list of all the account balances for a business

• Statement of Financial Affairs

• Bank Statement

• Budget

• Trial Balance

This hows the bank account holder the opening balance of the account, deposits, withdrawals and the closing balance

• Statement of Financial Affairs

• Bank Statement

• Budget

• Trial Balance

This shows the assets and liabilities and net worth for an individual

• Statement of Financial Affairs

• Bank Statement

• Budget

• Trial Balance

These are where transactions are recorded e.g. receipt, invoices etc.

• invoice

• source documents

• receipt

• pay slip

This is a document to record a sale or purchase of goods on credit

• invoice

• source documents

• receipt

• pay slip

This is a document which is proof of payment

• invoice

• source documents

• receipt

• pay slip

This is spending that is not necessary and can be given up in order reduce our overall spending

• Loan

• Essential spending

• Non-essential spending

• Credit

Money usually borrowed from a bank which must be repaid plus interest

• Loan

• Essential spending

• Non-essential spending

• Credit

This is spending that is necessary in our budget in order conduct our daily lifestyle

• Loan

• Essential spending

• Non-essential spending

• Credit