Question

Briefly explain the following basic accounting terms:

a) Entity b) Transaction c) Capital d) Revenues e) Voucher f) Goods​

Answer 1

Answer:

c) Capital− It refers to the amount invested by the owner of a firm. It may be in form of cash or asset. It is an obligation of the business towards the owner of the firm, since business is treated separate or distinct from the owner.

Capital = Assets − Liabilities.

d) Revenue− It refers to the amount received from day to day activities of business, viz. amount received from sales of goods and services to customers; rent received, commission received, dividend, royalty, interest received, etc. are items of revenue that are added to the capital.

Explanation:

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Answer 2

Answer:

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