Accounting Terms (Junior Cert Business Studies): Flashcards

Left side; records expenses and assets

Right side; records income, gains, and liabilities

Something valuable a business owns (e.g., premises, vehicles, stock)

A cost incurred during operations (e.g., rent, wages, insurance)

Money earned through primary activities (typically sales)

Debts or obligations that a business owes

Customers pay immediately for goods or services

Payment received later after goods/services provided

Individual/group that affects or is affected by a business

Openly sharing info about ethical & environmental impact