- Capital: Boss, Owner or Proprietor. Owner is the person who brings money to the company or firm.
- Assets: Land and Building (e.g house, land, factory, shop, office) - Fixed Asset, Freehold Premises, Furniture & Fitting (e.g motor car, motor van, tractor, lorry etc), Equipment (e.g fax machine, water dispenser, microwave etc), Computer (e.g scanner, pendrive, UBS accounting Software), Stationery (e.g ink, pen, paper etc), Plant and machinery (e.g Carriage, transport fee for new machine, installation cost for new machine), Investment (Share), Stock (Unsold goods, unused goods), Debtors (Customer who owe money or sold goods on credit to customer) - Current Asset, Prepaid (Pay in advance), Bank (fixed deposit account, current account for company, saving account for individual), Cash (Money)
- Liabilities (owed): Creditors (Bought goods on credit from supplier) - Current Liabilities, Loan (borrow money from bank or other company) - Long term liabilities, Bank Overdraft (only for current account), Mortgage (owe money with high interest), Unpaid (Owing, outstanding, accrued, arrear).
Accounting terms:-
- Fixed deposit: Money put in bank, Give people deposit before taking the product (e.g car, house)
- Bill receivable: Agreement, sold good on credit
- Expenses: Telephone bill, electric bill, water bill, salary etc
- Prepaid expenses: People still owe you money because you pay more for the item
- Revenue: Income
- Unpaid revenue: People owe you money.
- Debtors: Customer
- Creditors: Supplier
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