Accounting Concepts

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Economical Management Science
lalasniffles
Mind Map by lalasniffles, updated more than 1 year ago
lalasniffles
Created by lalasniffles over 9 years ago
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Resource summary

Accounting Concepts
  1. Capital- funds that you need to start a business
    1. - Borrowed Capital, money loaned. e.g. Bank - Own Capital, personal possessions used in a business.
    2. Assets- everything that belongs to a business
      1. E.g.- freezer, fryer, cars, tables, cutlery, ovens. After you have all the items you price them all and this is only when you sell a business so you add the amount to the selling price.
        1. Fixed assets- possessions that do not change for more than 1 year, e.g. land and building, vehicles, equipment
          1. Current assets- possessions that change during the course of a year, e.g. trading inventory, bank account, petty cash, debtors control, fixed deposit
          2. Liabilities- debt that a business or person has to pay
            1. Long-term- debts paid over more than 12 months
              1. Current- debts paid within 1 year
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