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Home Task 1: Important Accounting Terms

This document provides students with an assignment to review and learn important accounting terms. It lists 26 key terms related to financial accounting such as transaction, cash transaction, credit transaction, purchases, sales, assets, liabilities, capital/owner's equity, expenses, revenue and more. Students are asked to define each term for a class session to ensure they understand these essential accounting concepts.

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Malik Talha Ahmad
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50 views3 pages

Home Task 1: Important Accounting Terms

This document provides students with an assignment to review and learn important accounting terms. It lists 26 key terms related to financial accounting such as transaction, cash transaction, credit transaction, purchases, sales, assets, liabilities, capital/owner's equity, expenses, revenue and more. Students are asked to define each term for a class session to ensure they understand these essential accounting concepts.

Uploaded by

Malik Talha Ahmad
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
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Financial Accounting

Home Task 1
Important Accounting Terms
Students are required to go through the Accounting definitions of following and should be able
to explain the terms in Next Session.

i. Transaction:-
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ii. Cash Transaction:-
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iii. Credit Transaction:-
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iv. Purchases:-
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v. Purchases Return/ Return Outwards:-
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vi. Purchase Discount / Discount Received:-
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vii. Cash Purchases & Credit Purchases:-
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viii. Creditors/ Accounts Payable:-
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Session—1 1
Financial Accounting

ix. Goods or Merchandise:-


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x. Sales:-
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xi. Sales Return / Return Inwards:-
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xii. Sales Discount / Discount Allowed:-
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xiii. Cash Sales & Credit Sales:-
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xiv. Debtors / Accounts Receivable:-
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xv. Discount / Allowance:-
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xvi. Trade Discount:-
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xvii. Cash Discount:-
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Session—1 2
Financial Accounting

xviii. Assets:-
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xix. Liabilities:-
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xx. Capital / Owner’s Equity:-
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xxi. Expenses:-
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xxii. Revenue:-
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xxiii. Drawings:-
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xxiv. Expenditure:-
_________________________________________________________________________
_________________________________________________________________________
xxv. Inventory:-
_________________________________________________________________________
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xxvi. Account:-
_________________________________________________________________________
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Session—1 3

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