Lakhasly

Account: A summarized statement of transactions relating to a particular person, item expense or income, asset and liability.Debit and Credit: These are the jargons used in accounting to show the effect of any transaction.

Account: A summarized statement of transactions relating to a particular person, item expense or income,
asset and liability. A company will have separate accounts for such items as cash, salaries expense, accounts
payable, and so on. There are five main types of Accounts namely: Assets, Liability, Equity, Expenses and
Revenues

Chart of Accounts: It is a list of names for all accounts (and its code) that is used by an organization to
record business transactions.

Debit and Credit: These are the jargons used in accounting to show the effect of any transaction. The
words debit and credit are derived from Latin words meanings ‘due for that’ and ‘due to that’. Both the terms
are symbol of accounting used to make the rules of accounting clear and operative.

Voucher: Documentary evidence of transaction is called voucher. When we purchased goods on cash we
received a cash memo from seller. This cash memo is a voucher.

Invoice or bill: A bill or a statement issued by the seller to the buyer giving details of goods sold.