Some Important Terms & Definitons of Accounting
Definition of Accounting
“Accounting is the art of recording ,classifying and summarising in a significant manner and in terms of money,transactions and event which are, in part at least ,of a financial charecter and interpreting the result thereof “.
What is Business Transaction
Simply Transaction is the buying and selling of goods and services.I think no need of much explanation.
Fixed Asset :- These type asset are purchased for longer run of business for example : land an buildng, machineries, these assets are not for reselling but for the purpose of smooth running of the business.
Current Asset :-Assets That are held for a short period and are meant for converting in to cash. for exaple cash, stock, debtors etc.
No related posts.