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 DRAWINGS-it is the amount withdrawn or goods taken by the proprietor or partner for personal use.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