Studied by 199 people
Bookkeeping
Bookkeeping focuses on recording and organizing financial data.
Accounting
The interpretation and presentation data (financial data) to business and investors.
Depreciation
The annual value of benefits of a non-current asset being consumed.
Bank Reconciliation Statement
A document prepared by a business that shows its recorded balance matches the balance the bank lists.
Assets
Things that the business owns.
Liabilities
Things that the business owes.
Non- current assets
Refers to a business long term investments that have a useful life of more than one year.
Current assets
Resources that business owns and expects to use or sell within a year.
Current liabilities
Short term debts that a business must pay, usually less that a year.
Non-current liabilities
Debts that a business owes, but isn’t due to pay for at least a year.
Trial Balance
A statement of ledger balances on a particular date.
Note 
Flashcard (40)