This is a monetary amount that is paid against receiving of goods or services that have been offered by a particular party.
The various types are:
- Salaries
- Wages
- Rent
- Commission
- Interests
- Bills of various services (Gas, Electricity, Oil, Water, Telephone)
- Carriage on both outward and inward journey
- Customs and Freight
- Advertisements expenditure
- Interest on Bank Loan and Capital
- Legal charges
- Audit fees
- Drawings
- Discounts
- Bills of Discount
- Untoward incidents not covered by Insurance company
- Bad debts
- Insurance
Links of Previous Main Topic:-
- Preparation of final accounts
- Recording of business transaction basis of accounting
- Single entry system of bookkeeping
- Double entry system of bookkeeping
- Classification of accounts
- Rules of double entry or accounting rules
- Accounting cycle
- Journal
- Ledger
- Trial balance
- Income
Links of Next Financial Accounting Topics:-
