Question

Briefly explain the following basic accounting terms:
a) Sales b) Expenditure c) Profit d) Gain e) Drawings f) Debtors​

Answer 1

Answer:

a) Sales - A sale is a transaction between two or more parties in which the buyer receives tangible or intangible goods, services, or assets in exchange for money.Regardless of the context, a sale is essentially a contract between the buyer and the seller of the particular good or service in question.

b) Expenditure - the act of spending money; the amount of money that is spent.

c) Profit - Profit is the revenue remaining after all costs are paid. These costs include labor, materials, interest on debt, and taxes. Profit is usually used when describing business activity. But everyone with an income has profit. It's what's left over after paying the bills.

d) Gain - to obtain or win something, especially something that you need or want.

e) Drawings - Drawing is a form of visual art in which an artist uses instruments to mark paper or other two-dimensional surface. Drawing instruments include graphite pencils, pen and ink, various kinds of paints, inked brushes, colored pencils, crayons, charcoal, chalk, pastels, erasers, markers, styluses, and metals.

f) Debtors - A debtor or debitor is a legal entity that owes a debt to another entity. The entity may be an individual, a firm, a government, a company or other legal person. The counterparty is called a creditor. When the counterpart of this debt arrangement is a bank, the debtor is more often referred to as a borrowed.

Explanation:

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