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Describe the following terms as used in accounting. i) Assets ii) Credit transactions. iii) Networth of a Business. iv) Ledger.

Describe the following terms as used in accounting.

i) Assets

ii) Credit transactions.

iii) Networth of a Business.

iv) Ledger.

Answers

Martin
i) Assets - Propert of all kind owned by an individual, business or anyother organization may be fixed or current

ii) Credit transactions. – Where goos or services are bought or sold and payment is made at a later date

iii) Networth of a Business. – refers to owner claim what the owners of a business have contributed in running and sustaining business it constitutes owners contribution plus profits less drawings.

iv) Ledger.- a book of accounts where all transactions are recorded
marto answered the question on October 1, 2019 at 05:46

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