BASIC ACCOUNTING TERMS
1 . CAPITAL - capital is the amount invested by the proprietor or partner in the business . 2 . BUSINESS TRANSACTIONS- the term " business transaction " means a financial transaction or event entered into by two parties and is recorded in the books of accounts .
3 . DRAWINGS-it is the amount withdrawn or goods taken by the proprietor or partner for personal use .
4 . LIABILITIES- liabilities mean amouint owed ( payable ) by the business .
5 . ASSETS- assets are the proprietor ( tangible assets and intengible assets ) ownedby a business .
6 . RECEIPT- receipt is the amount received or receivable for selling assets , goods for services .
7 . EXPENSE- expense is the cost incurred for generating revenue . 8 . INCOME- income is the profit earned during a period . 9 . DEPRECIATION- depreciation is a fall in the value of an assets .
10 . SOLVENT- solvent is a person or enterprise which is in a position to pay its debts . Amreen Khan
XI C " A HORRIBLE DREAM "
Yesterday night I saw a bright light reflecting on my eyes . I heard a fearful sound of blowing with heavy rainfall . I came to my terrace . I saw creature with shiny coat , just de-boarding from a space shuttle in my backyard . pg . 26