What are the basic terms in accounting?
Every transaction impacts at least two accounts in double-entry bookkeeping, including liability, asset, revenue, equity, or expense accounts. Credits and debits make up the two types of entries, with credits entered on the left side and debits entered on the right.
What is basic accounting knowledge?
An accountant should know how to prepare financial statements and accounting reports for planning, controlling, budgeting and decision-making. The three key financial statements are balance sheet, profit & loss and cash flows account. These above three financial statements are interlinked with each other.
What is accounting in one word?
Accounting is the act of computing something, usually by dealing with numbers. You can see the word count within accounting, which is one way to remember that the word has to do with keeping track of numbers — usually in relation to financial transactions. Balancing your checkbook is a form of accounting.
What is Account example?
Examples of Accounts Asset accounts include Cash on Hand, Cash in Bank, Petty Cash Fund, Accounts Receivable, Notes Receivable, Inventory, Prepaid Rent, Land, Building, etc. Liability accounts include Accounts Payable, Notes Payable, Utilities Payable, Interest Payable, Rent Payable, Loans Payable, etc.
Who is the mother of accounting?
Luca Pacioli
Who is known as father of commerce?
Poseidon
What is an account in one sentence?
An account is a summarized record of transactions relating to a particular person, asset, liability, particular head of expense or income recorded at one place.
What is ment account?
(Entry 1 of 2) : a record of money that has been paid and money that has been received. : records of income and expenses. : an arrangement in which a bank keeps a record of the money that a person puts in and takes out of the bank.
What is another word for account?
What is another word for account?
| chronicle | report |
|---|---|
| memoir | post |
| register | writing |
| analysis | annal |
| critique | diary |
Is everyone accounted for meaning?
When something “is accounted for”, it means that you know where it is. You usually use this phrase to talk about a group of things, like all of the students in your class: Everyone’s accounted for. This means that you know where everyone is.
What does statement mean?
1 : something stated: such as. a : a single declaration or remark : assertion. b : a report of facts or opinions. 2 : the act or process of stating or presenting orally or on paper..
What is the opposite of account?
Opposite of an account of an event or situation, typically intended for publication or broadcasting. concealment. ignorance.
What is another word for a sense of obligation?
What is another word for sense of obligation?
| gratitude | thankfulness |
|---|---|
| recognition | appreciativeness |
| acknowledgementUK | credit |
| acknowledgmentUS | grace |
| obligation | requital |
What do you call a special right that a person has?
1. Privilege, prerogative refer to a special advantage or right possessed by an individual or group. A privilege is a right or advantage gained by birth, social position, effort, or concession.
What is another word for bank account?
What is another word for bank account?
| account | checking account |
|---|---|
| deposit | savings account |
| current account | deposit account |
| funds | joint account |
| loan account |
What is another word for money?
What is another word for money?
| cash | currency |
|---|---|
| banknote | bankroll |
| bill | check |
| dinars | earnings |
| equities | fund |
What is a antonym for funds?
fund. Antonyms: expenditure, outlay, disbursement.
What is another name for a current account?
What is another word for current account?
| checking account | savings account |
|---|---|
| account | deposit account |
| bank account | deposit |
| loan account | joint account |
| funds |
Is a Cheque account the same as a current account?
A cheque account was designed for the purpose of doing transactions. A current account works more like a pay-as-you-transact account, in other words, every time you withdraw money or swipe at the shops, you are charged for using your current account.
What is another name for Cheque account?
The person writing the cheque, known as the drawer, has a transaction banking account (often called a current, cheque, chequing or checking account) where their money is held.
What is the difference between a savings account and a Cheque account?
Your debit card has to be linked to an account from which to draw your own funds. Savings –Pressing savings will mean money will be taken from your savings account, if you have one linked to your Cheque (everyday) account. If no account is linked, funds will simply be taken from your Cheque account.
What is a FNB transmission account?
The FNBy Transactional Account is a fully transactional account that is opened and linked to a parent account. There are no monthly account fees for the account and it can be used in the same way as any other FNB account (Banking App, FNB ATM’s, Branches)
How do you get a bank card at 18?
First, you need to make sure you’re eligible to open a bank account. You need to be at least 18 years old to open an account. However, you can open a joint account as a minor with a parent or legal guardian as an account co-owner. Some banks do offer accounts tailored for minors.