Items

• carriage outwards

  The transporting and handling of costs incurred by a business that is shipping goods to a customer.
• cash

  The most liquid asset as it can be easily converted into other assets or used to purchase goods and services.
• accrual basis of accounting

  Record transactions (such as revenue and expenses) and other events when they occur, regardless of when cash is received or paid.
• cash basis of accounting

  Records revenue and expenses when cash is received or paid, regardless of when they are incurred.
• cash book

  Also known as a cash journal, a financial record that records all cash receipts and payments of a business.
• cash and cash equivalents

  They are assets that can be easily converted into cash without any significant loss in value.
• cash flow

  Refers to money that flows in and out of the business.
• statement of cash flows

  A financial statement that shows how much cash and cash equivalents a company has generated and used over a period of time.
• cash on hand

  The amount of cash a business has available after all the costs have been covered.
• cash payment journal

  An accounting journal that is only used to record all cash payments during an accounting period.
• cash receipt journal

  An accounting journal that is only used to record all cash receipts during an accounting period.
• cash journal

  Financial record that records all cash receipts and payments of a business.
• cash transaction

  A cash transaction is any transaction where payment is made immediately upon the purchase of goods or services and can be made in person, over the phone, or online.
• charge

  To impose or ask as a price or fee.
• charge

  Prices or fees that are imposed or asked for in exchange for goods or services.
• current account

  Type of bank account, allows you to deposit and withdraw money with easy access and convenience (most common type of bank account).
• Chief Financial Officer

  Holds the top financial position in a company and the primary responsibility is to manage the financial actions of the company.
• closing inventory

  The amount of goods available at the end of an accounting period.
• materiality

  An accounting principle whereby information that may influence decisions that the primary users of financial statements make on the basis of those reports needs to be included and presented/disclosed in the financial statements.
• commission income

  An employee earns commission income in return for making a sale.
• consumer

  A person who purchases goods and/or services for personal use.
• consumable goods

  Products that are used up or consumed over time.
• contra accounts

  The account where the equal but opposite entry will be made.
• control accounts

  Summary accounts in the general ledger that ensures the accuracy of accounting records.
• cost of sales

  All accumulated cost involved in producing the goods or services that are actually sold (cost price of the goods that were sold).