Creditor, Someone an organisation owes money to for goods purchased on credit, Credit sale, The sale of goods with payment within an agreed period of time, liability, Money owed by an organisation, Cash purchase, The purchase of good with immediate payment, Cash sale, The sale of goods with immediate payment, Credit purchase, The purchase of goods with payment within an agreed period of time, Customers, A group of contacts who order goods from a business, Suppliers, A group of contacts from whom purchases are made, Equity, The remaining value of an owner's interest in a company, after all liabilities have been deducted., Client, Receives the professional services e.g. legal or accountancy

Basic accountancy terms

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