Key terms, flash cards

Capital

Fixed Assets (FA)

Current Assets (CA)

Drawings

Long Term Liabilities (LTL)

Current Liabilities (CL)

Creditors

Debtors

Stock

Bank Overdraft

Bank

Cash

Net Profit

Gross Profit

Break Even

Purchase Order

Delivery Note

Goods Received Note

Invoices

Credit Note

Statements of Account sent by the Business

Remittance advice slips

Cheques

Receipts

Credit Card

Debit Card

Credit transfer / direct debit

Income

Expenditure

Opening Balance

Closing Balance

Total Costs

Break even formula

Sales

Cost of Sales