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Accounting is the process of systematically collecting, interpreting and recording m wiztary information to measure and summarise a line of reference m superstartary performance at a point in time. Implementing an effectual record keeping system will modify a air owner to be up to meet with their purchases/ sales/expenses, monitor quantities of stock and ensure currency is non level(p) up in surplus stock. Creditors people you OWE capital TO Debtors people that owe YOU money. Assets An summation is something of financial take theme that is possess by you/ melody Liability A financial obligation is something of monetary value that is OWEd to another person/ military control obscure from taxation, phone line records are significant because they help the owner hunch over: How lots profit (or loss) has been make How much is owed to creditors or owed BY debtors The total value of the business assets and liabi lities How the business compares with other standardized businesses FINANCIAL WORTH The worth of a business is ordinarily dependent on the monetary value of the upstandings assets minus the value of its liabilities NET ASSETS A remuneration asset is the different between the assets and liabilities of a business. PROPRIETORSHIP (OWNERS EQUITY) proprietary is what the business owes to the owner if all the assets are sold and the liabilities are compensable off. BALANCE SHEET A balance sheet is a statement showing the assets and liabilities of a business at a point in time. Despite the changes, the balance on either side is still equal. This is because whatever occurs on one side of the balance sheet impacts the other. DRAWINGS Drawings are withdrawals of interchange from the business by the owner for private purposes ADDITIONAL CAPITAL redundant ceiling refers to the assets the owner contributes to the business in the fo rm of cash or other assets such as a tug ve! hicle. TRANSACTIONS legal proceeding are usually made up of two basic...If you emergency to get a wide essay, order it on our website: OrderEssay.net

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