Accounting: EMS 1

most important thing a business has, can be owned by business and generates income

• income

• assets

• expenses

• owners equity

over a year

• Non- curing Assets

• Current assets

• Non- current assets

• Bound/income assets

within a year

• Non- curing Assets

• Current assets

• Non- current assets

• Bound/income assets

What is true?

• Current assets: Land & buildings, vehicles, equipment, Financial statement(Recurring deposits).

• Non-current assets: Land & buildings, vehicles, equipment, Financial statement(fixed deposits).

• Non-current assets: Land & buildings, vehicles, Trading stock, equipment, Financial statement(fixed deposits).

• Non-current assets: Land & buildings,

• Current assets: trading stock

Debtors control

• Someone who pays back money

• Money kept in safe/box to buy extra things

• Used every time money goes in business bank account

• Extra money in the register for change

Bank

• Someone who pays back money

• Money kept in safe/box to buy extra things

• Used every time money goes in business bank account

• Extra money in the register for change

Petty cash

• Someone who pays back money

• Money kept in safe/box to buy extra things

• Used every time money goes in business bank account

• Extra money in the register for change

Cash float

• Someone who pays back money

• Money kept in safe/box to buy extra things

• Used every time money goes in business bank account

• Extra money in the register for change

Capital (2)

• Owners equity

• Used to start a business

• Loan

• Business owes them.

Liabilities(2)

• Owners equity

• Used to start a business

• Loan

• Business owes them.