Accounting Concepts and Terminologies

Why choose Commerce Subject Group at 21K School?

What will we be learning in this chapter?

Identify whether the given transactions are Cash or Credit. Transaction 2 : Purchased a new laptop online and paid for it using a credit card.

• Cash

• Credit

Identify whether the given transactions are Cash or Credit. Transaction 2 : Ordered a Pizza from a restaurant and told the owner he will make the payment on last day of the month.

• Cash

• Credit

Identify whether the given transactions are Cash or Credit. Transaction 3 : Visited a book store and purchased stationery by paying amount immediately.

• Cash

• Credit

Identify whether the given transactions are Cash or Credit. Transaction 4 : Purchased grocery for his house by agreeing to make the payment within a week.

• Cash

• Credit

List few businesses which have evolved in the past few years e.g. Paytm.

Avyaan is keeping track of his day-to-day finances. Write down few expenses and income in his daily life.

Neil sold laptop on credit to Sam, Neil is __________ (trade receivable / trade payable) to Sam.

• trade receivable

• trade payable

10% Cash back is a kind of _________(Trade / Cash ) Discount.

• Trade

• Cash