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.

⠀

☯ Transaction :-

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

⠀

☯ Capital :-

The capital means the assets and cash in a business.

⠀

☯ Revenue :-

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

⠀

☯ Voucher :-

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

⠀

☯ Goods :-

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

Answer 2

$\large\mathfrak\red{Entity :-}$

• Entity refers to any organization or part thereof for which separate financial statements are prepared.

⠀

$\large\mathfrak\red{Transaction :-}$

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

⠀

$\large\mathfrak\red{Capital :-}$

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

⠀

$\large\mathfrak\red{Revenue :-}$

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

⠀

$\large\mathfrak\red{Voucher:-}$

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

⠀

$\large\mathfrak\red{Goods :-}$

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