Accounting

• Objectives

• Advantages and limitations

• Types of accounting information

• Users of accounting information and their needs

Basic accounting terms

• Business transaction

• Account

• Capital

• Drawings

• Liability (Non – current and current)

• Asset (Non – current; tangible and intangible assets and current assets)

• Receipts (capital and revenue)

• Expenditure (capital, revenue and deferred)

• Expense

• Income

• Profits

• Gains and Losses

• Purchases

• Purchases Returns

• Sales

• Sales Returns

• Stock

• Trade Receivables (debtors and bills receivable)

• Trade payables (creditors and bills payable)

• Goods

• Cost

• Vouchers

• Discount – trade and cash