Term
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Definition
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Recording Data, classifying and summarizing data, Communicating the data
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Term
| What is recording data? Businesses will keep records of all the money received and spent on things such as- |
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Definition
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sales, assets, purchases, rent, wages etc.
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Term
| Classifying and summarizing data? Why is it important to classify and summarize data? |
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Definition
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so you can calculate how much profit or loss has been made.
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Term
| what should Communicating the data do? |
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Definition
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should be able to tell the business if it is performing well.
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Term
| What should happen to the communicated data? |
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Definition
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this info should be communicated to the managers and owners, they will then use this info to make the business more efficient.
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Term
| Name all the users of the accounts. |
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Definition
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Managers, employees, customer, supplier, bank, government/tax inspectors, prospective investors, owners and shareholders.
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Term
| Resources in the business= |
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Definition
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resources supplied by the owner.
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Term
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Definition
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assets = capital+liabilities
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Term
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Definition
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Term
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Definition
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Term
| what are assets? examples |
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Definition
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items the business owns. examples, property of any kind, buildings premises, land, motor vehicles, machinery, equipment, fixtures and fittings, stock, money @ the bank, cashers, debtors
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Term
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Definition
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in the assets collumn, money owed to us by customers.
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Term
| what are liabilities? examples |
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Definition
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items that the business owes or is in debt for. eg. Loans from the bank and individuals, creditors and mortgage.
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Term
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Definition
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money we owe to supply us.
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Term
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Definition
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this is the money the owner has invested into the business.
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