Question

briefly explain the following basic accounting terms
a) Entity
b) Transaction
c) capital
d) Revenue
e)Voucher
f) goods​

Answer 1

☯ Entity :-

• In accounting, entity refers to any organization or part thereof for which separate financial statements are prepared.

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☯ Transaction :-

• Transaction is an event that has an impact on entity's financial statements.

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☯ Capital :-

• The capital means the assets and cash in a business.

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☯ Revenue :-

• Revenue is the total amount of income generated by the sale of goods or services related to the company's primary operations.

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☯ Voucher :-

• A voucher is a document used by a company's accounts payable department containing the supporting documents for an invoice.

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☯ Goods :-

• The things which are bought and sold by business are called goods.