WorksheetsAccounting Concepts
Total questions: 11
Worksheet time: 6mins
They are also known as long-term assets, are tangible or intangible assets held by a company for long-term use in the production or supply of goods and services, for rental to others, or for administrative purposes.
Investment assets
Current assets
Fixed Assets
Money assets
financial obligations that a company needs to settle within a short period, typically within one year.
Long term assets
Current assets
Obligation liabilities
Current liabilities
A Customer or client who has purchased goods or services on credit and has an outstanding obligation to pay the amount owed at a later date.
Customer
Creditor
Debtor
Liability
(a) are those who loan money to friends or family or a business that provides immediate supplies or services to a company or individual but allows for a delay in payment
Profit a company makes after deducting the costs associated with producing and selling its products or the costs associated with its services.
Net profit
Gross profit
Income profit
Business profit
Price that a business pays for acquiring or producing a product or service. It represents the total cost incurred by a company to purchase raw materials, manufacture a product, or obtain goods for resale
Selling Price
Cost Price
Mark-up Price
Revenue price
Direct costs associated with producing or purchasing the goods that a company sells during a specific period.
Cost price
Input costs
Cost of sales
Sales cost
Amounts owed to a company by customers and other parties for goods sold or services rendered on credit.
Trade and other payables
Non-current liabilities
Bad debts
Trade and other receivables
Acts as a control account to ensure that the total of all individual creditor balances in the subsidiary ledger match.
Debtors control
Creditors Control
Creditors Ledger
Creditors reconciliation
Cost of borrowing money from a lender, typically expressed as an annual percentage rate (APR).
Interest on overdraft
Interest on loan
Interest on current account
Interest on investments
An interest-bearing account refers to a type of account that pays interest on the funds deposited in the account.
Current account
Loan account
Current liability
Funeral account
