B tech business Williams

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5 Terms

1
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Purposes of accounting

Record transactions, Management of the business, compliance, measuring performance

2
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Types of income

Capital income, revenue income

3
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What is capital income

The money invested by the owners or other investors that is used to set up a business or buy additional equipment. These are fixed assets

4
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Give me different types of capital income

Loans, mortgages, shares, owners capital, debentures

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What is revenue income

The money that comes into the business from performing its day to day functions selling goods or providing a service