Accounting Concepts

Mind Map by lalasniffles, updated more than 1 year ago
Created by lalasniffles about 5 years ago


Economical Management Science

Resource summary

Accounting Concepts
1 Capital- funds that you need to start a business
1.1 - Borrowed Capital, money loaned. e.g. Bank - Own Capital, personal possessions used in a business.
2 Assets- everything that belongs to a business
2.1 E.g.- freezer, fryer, cars, tables, cutlery, ovens. After you have all the items you price them all and this is only when you sell a business so you add the amount to the selling price.
2.2 Fixed assets- possessions that do not change for more than 1 year, e.g. land and building, vehicles, equipment
2.3 Current assets- possessions that change during the course of a year, e.g. trading inventory, bank account, petty cash, debtors control, fixed deposit
3 Liabilities- debt that a business or person has to pay
3.1 Long-term- debts paid over more than 12 months
3.1.1 Current- debts paid within 1 year
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