Carriage Inwards - The cost of transporting goods coming into the business, Carriage Outwards - The cost of transporting sales from our business to our customers, Discount Received - Money deducted from what is owed to a supplier for prompt payment of a bill, Discount Allowed - Money deducted from a bill owed by a customer who has paid the business promptly, Asset - Possession owned by a business, Non-current Asset - A long-term possession which indirectly helps the business make a profit (like machinery), Current Asset - A short-term possession which can be quickly converted into cash (cash, bank, stock, trade receivables), Trade Receivables - Someone we have sold goods on credit to and they owe us money, Bank Overdraft - An arrangement with the bank where customer can withdraw more money from their bank account than what they actually have in it, Non-current Liability - A debt which is repayable over a long period of time (mortgage etc), Loan - Money lent to a business by the bank for a fixed period of time, repayable with interest, Working Equity - Money available to the business to cover its day to day running costs (current assets-current liabilities), Net Assets - Indicates what a business is worth at the time of drawing up the final accounts (non-current assets + working equity),

Financial Accounting Key Terms

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