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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
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