Household income and expenditure

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10 Terms

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Income

Money that is received.

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Expenditure

Money that is spent.

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Why do we need to track income and expenditure?

To keep track of spending and earnings, help to accurately budget, and for businesses to record their financial activities.

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Receipts

Useful documents for tracking expenditure.

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Bank statements

Documents that help keep track of income and expenditure.

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Cash

Difficult to track and must be accounted for as soon as possible.

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Debit side

The side for recording money coming in.

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Credit side

The side for recording money going out.

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Transactions

Occurrences whenever money is moved in or out.

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Entries

Separate records required in a cash book for each transaction.