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  • Home Task 1: Important Accounting Terms

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    Malik Talha Ahmad
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    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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    Home Task-1

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    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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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    Download as pdf or txt
    15 views3 pages

    Home Task 1: Important Accounting Terms

    Uploaded by

    Malik Talha Ahmad
    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.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    of 3

    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:-
    _________________________________________________________________________
    _________________________________________________________________________
    ii. Cash Transaction:-
    _________________________________________________________________________
    _________________________________________________________________________
    iii. Credit Transaction:-
    _________________________________________________________________________
    _________________________________________________________________________
    iv. Purchases:-
    _________________________________________________________________________
    _________________________________________________________________________
    v. Purchases Return/ Return Outwards:-
    _________________________________________________________________________
    _________________________________________________________________________
    vi. Purchase Discount / Discount Received:-
    _________________________________________________________________________
    _________________________________________________________________________
    vii. Cash Purchases & Credit Purchases:-
    _________________________________________________________________________
    _________________________________________________________________________
    viii. Creditors/ Accounts Payable:-
    _________________________________________________________________________
    _________________________________________________________________________

    Session—1 1
    Financial Accounting

    ix. Goods or Merchandise:-


    _________________________________________________________________________
    _________________________________________________________________________
    x. Sales:-
    _________________________________________________________________________
    _________________________________________________________________________
    xi. Sales Return / Return Inwards:-
    _________________________________________________________________________
    _________________________________________________________________________
    xii. Sales Discount / Discount Allowed:-
    _________________________________________________________________________
    _________________________________________________________________________
    xiii. Cash Sales & Credit Sales:-
    _________________________________________________________________________
    _________________________________________________________________________
    xiv. Debtors / Accounts Receivable:-
    _________________________________________________________________________
    _________________________________________________________________________
    xv. Discount / Allowance:-
    _________________________________________________________________________
    _________________________________________________________________________
    xvi. Trade Discount:-
    _________________________________________________________________________
    _________________________________________________________________________
    xvii. Cash Discount:-
    _________________________________________________________________________
    _________________________________________________________________________

    Session—1 2
    Financial Accounting

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

    Session—1 3

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