IMPORTANT SHORT DEFINITIONS PART 1

• Define book keeping. Define equity. Define debtor Define intangible assets.
Define nominal accounts What is invoice? What are direct expenses? Define
creditors. Capital, Drawings, Going concern, Dual Concept, Matching
Concept. Credit Sales, Credit Purhcase, Trade Discount. Cash Discount,
Define Commission. Define voucher, Define Assets, Define Liabilities.
Define accounting cycle

• Define journal. Define ledger. What is balance? What is debit balance, what is
credit balance .Define trial balance? What is narration? What is posting
• Define bill of exchange. Define renewal of a bill. Define retirement of a
bill.define Endorsement of bill.
• Define “Bank reconciliation statement” what is Pass book, what is Cash
book, Define single Column cash book, and Define three column Cash book.
• What are current liabilities? Define balance sheet. What is working capital?
What are fixed assets?What is bad debts? Current assets Define
depreciation..Define accrued expenses.Define accrued income.
• Define capital expenditures.Define capital receipts. Define Revenue
Expenditure; Define Revenue Receipts, Capital Profit.
Define errors of commission. Define errors of principles.. What is suspense
account.. Define cash book. What is a cheque? What is a debit note
IMPORTANT SHORT DEFINITIONS PART II
• Single entry system of book-keeping.
• Non-trading concerns. Subscription, Receipts and payments account. Income
and expenditures account Define legacy. Surplus, Donation
• Consignment account. Proforma invoice. Consignment, Consignor,
Consignee, Delcredre Commission, Normal Loss, Abnormal Loss
• Define partnership. Define partnership deed. Define Good-will. Revaluation
account. Realization account, New Ratio, Admission of Partner. Dissolution
of Firm.
• Public limited company.. Memorandum of association. Debenture. Articles of
association. Private limited company, Authorized Capital, Issued Capital,
Naked Debentures, what is share. Preferred Shares. General Reserves.
• Depreciation. Preliminary expenses. Name four methods of depreciation.
Define provision. Pass journal entry to record depreciation. Depletion, Efflux
of time.