Question

Explain.
13. Giving examples, explain each of the following accounting terms:
Fixed assets
Revenue
Expenses
Short-term liability
Capital​

Answer 1

Explanation:

fixed assets: fixed assets are the assets which are purchased for long term and are not meant for sale . for ex: building, machinery,land etc

revenue : sale proceeds of a firm i.e income received from the sale of goods and services.

example : money received by selling goods(toys, services etc.)

expenses : money spent by the business. for example : money spent for purchasing stationery, interest on capital, rent etc

short term liability : liabilities which are meant to be settled within 1 year. for example : creditors, bills payables, short term loans etc.

capital : money invested by the owners in the business.

Answer 2

Answer:

Fixed assets- assest which are purchased for term use and are not likely to be converted quickly into cash such as land, buildings and equipments. ex- tangible assets

Expenses- money that is spent for a particular purpose ex - insurance expenses.

short terms- short terms is a concept that refers to holding an asset for a year or less and accountants use the term current to refer to an asset expected to be converted into cash in the next year or liability coming due in the next year.

liability- the state of being responsible of something is called liability.ex-(1) income tax payable.

(2) payroll taxes

hope it's helpful