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Introduction to Accounting
Accounts · Chapter 1 · 1. Introduction to Accounting
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- A brief history of accounting; book-keeping, accounting and accountancy compared; the accounting cycle
- Basic terms: event, transaction, voucher, capital, drawings, profit, gain, loss, expense, revenue and income
- Assets (tangible, intangible, fixed, current, liquid, wasting, fictitious) and liabilities (internal, external, current, long-term, contingent)
- Trade terms: trade debtors and creditors, purchases, sales, goods, and stock (raw material, work in progress, finished goods)
- Stakeholders who use accounting information; financial, cost and management accounting (introduction)