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Accounting Terms and Business Items Analysis

The document discusses various business items and their corresponding accounting terms. It provides a list of common accounting terms like entity, transaction, assets, liabilities, capital, sales, revenues, expenses, expenditure, profit, gain, loss, discount, voucher, goods, drawings, purchases, stock, debtors, creditors. It then lists examples of business items and asks students to identify the most specific accounting term that applies, such as cash sales vs. credit sales. The list of business items includes examples like sale of goods, purchase of assets, receipt of income, payment of expenses, issuance of shares and dividends.

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Sidharth Ramalingam
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229 views1 page

Accounting Terms and Business Items Analysis

The document discusses various business items and their corresponding accounting terms. It provides a list of common accounting terms like entity, transaction, assets, liabilities, capital, sales, revenues, expenses, expenditure, profit, gain, loss, discount, voucher, goods, drawings, purchases, stock, debtors, creditors. It then lists examples of business items and asks students to identify the most specific accounting term that applies, such as cash sales vs. credit sales. The list of business items includes examples like sale of goods, purchase of assets, receipt of income, payment of expenses, issuance of shares and dividends.

Uploaded by

Sidharth Ramalingam
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

Analyze the business items and identify the suitable accounting terms.

Accounting terms: entity, transaction, assets, liabilities, capital, sales, revenues, expenses, expenditure, profit,
gain, loss, discount, voucher, goods, drawings, purchases, stock, debtors, creditors.
Note to the teacher: more over the items given below are transactions - please ask students to identify the most specific category like -
cash sales/credit sales.
Business items:
Business items Accounting terms Business items Accounting terms

Reliance Digital Entitiy Overdraft taken from ICICI bank Liability

Sale in cash to a customer sales Goods sold on credit liability

Goods bought on credit liability ICICI bank entity

Royalty received profit Land asset

Bills receivable accepted by debtor creditor Debentures issued by the company Capital loss

First choice entity Purchase fixed asset profit

Preference shares issued by the liability Money withdrawn by the owner drawings
company from the business

Factory building capital Apple Inc entity

Purchase of electronic items by an goods An incentive that encourages dsicount


electronic dealer prompt payment by debtors

Loan taken from ICICI bank for 5 liability Short term investment in the stock asset
years market

Issue of dividends to investors voucher Excess of revenue over expenses profit

Salary paid to an employee expenses Borrowing funds from the lender liability

Marketable securities asset Current account at ICICI bank entity

Machine installed at the factory asset Goods purchased for 5,000 asset

Profit received from the sale of a profit Amount invested by the owner in capital
fixed asset the firm

Rent received Current asset Goods lost by theft loss

Interest paid on the loan expense Commission received profit

Bills payable accepted in favour of liability Invoice received on purchases Vouvher


the creditor

Purchase of machinery, the benefit capital List of entities who owe to an debtor
of same will last for more than a enterprise an amount for buying
year goods/services on a credit.

Goods lying unsold at the end of stock Stationery purchased expense


the accounting period

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