Accounting Concepts (Grade 10 NSC Matric Accounting): Flashcards
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Sole proprietor
Sole proprietor
One-person business owned and controlled by one individual
Accounting period
Accounting period
12-month period for recording financial information
Assets definition
Assets definition
Possessions and resources owned by a business
Historical cost principle
Historical cost principle
Fixed assets recorded at cost price, not revalued amount
Trading stock recorded at
Trading stock recorded at
Cost price, not selling price
Debtors
Debtors
People/businesses that owe money to the business
Liabilities definition
Liabilities definition
Money owed to other enterprises or financial institutions
Creditors
Creditors
Suppliers to whom money is owed for credit purchases
Business entity principle
Business entity principle
Owner and business are separate entities
Operating expenses effect
Operating expenses effect
Decrease owner's equity