17 January 2020

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Some Common Terms Associated with Accounting

Accounts: It is the area or item where value (i.e. money) comes in or out. Example: Your bank savings account.

Debit and Credits: All business transactions are recorded as either a debit or a credit. A debit “adds value” to an account while a credit “removes value” to an account.

Assets: Things that the business owns such as cash on hand, the value of equipment and machinery, future money collections, intellectual properties and many others.

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