Bookkeeping Level 1

What is the definition of ACCOUNTS?

What is the definition of LEDGER?

What are ASSETS?

What are LIABILITIES?

What is CAPITAL?

Who/What are DEBTORS?

Who/What are CREDITORS?

What are PURCHASES?

What is the difference between a CREDIT and a CASH purchase?

What are SALES?

What is the difference between a CREDIT and a CASH sale?

What is the definition of a TURNOVER?

What is VAT?

What is a JOURNAL?

What are DRAWINGS?

What is a TRIAL BALANCE?

What is a TRADING ACCOUNT?

What is a PROFIT AND LOSS ACCOUNT?

What is a BALANCE SHEET?

What is the definition of INCOME CAPITAL?

*** What is the definition of INCOME REVENUE?

*** What is CAPITAL EXPENDITURE?

What is REVENUE EXPENDITURE?

*** What is the definition of STOCK?

What is the difference between INPUT and OUTPUT TAX?

What is the acronym used to increase amounts on nominal codes?

What is DOUBLE ENTRY accounting?

What are some examples of ASSETS?

What are some examples of LIABILITIES?

What is the difference between INCOME and EXPENDITURE?

*** What is CAPITAL EXPENDITURE?

What are some examples of NON-CURRENT ASSETS?

*** Where is CAPITAL EXPENDITURE APPLIED?

What is REVENUE EXPENDITURE?

What are some examples of CURRENT ASSETS?

What is CAPITAL INCOME?

What are some examples of CAPITAL INCOME?

What is REVENUE INCOME?

What are some examples of REVENUE INCOME?

What is the acronym used for double entry?

What are DEBIT ENTRIES?

What are CREDIT ENTRIES?

How is CREDIT and DEBIT shown in accounting?

How do CREDITS and DEBITS relate in double entry accounting?

What is the definition of HISTORICAL COST?

What are some exceptions to the HISTORICAL COST CONVENTION?