Question

write down the meaning of following counting terms:
1. bill receivable
2. fixed asset
3. purchases

Answer 1

Accounting the bills of exchange that a company will receive payment for in the future, and the part of the company's accounts that show these bills.Bills receivable form part of a company's assets.

Answer 2

Fixed assets:- are those assets which are meant for future use and has the property of depreciation or apreciation . for example :- Furniture, land & building, vehicles, etc.

purchases:- is the inflow of goods into the bussiness which are meant for sale. for example :- if a cloth dealer purchases cloth for sale, the cloth so purchased will be called as ' 'goods '.

bills receivable :- A bill of exchange becomes bill receivable for the person who draws it the drawer and gets it back, after its acceptance from the drawee. thus, bill receivable is an accounting term for bills of exchange drawn on debtors or received by way of endorsement from them. the amount specified in such a bill is receivable at a future date.

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