ACCOUNTING TERMINOLOGIES PART : 6

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ALL ABOUT ACCOUNTING :- 32nd BLOG

          ☆☆ACCOUNTING☆☆

  
Hi freinds., 🙏

Today's discuss 31st to 35th accounting terminologies..... 

                                   So let's discuss .....

 31. Interest :

Interest is the amount paid on a loan or line of credit that exceeds the repayment of the principal balance.

 32. Journal Entry (JE) :

Journal Entries are how updates and changes are made to a company’s books. Every Journal Entry must consist of a unique identifier (to record the entry), a date, a debit/credit, an amount, and an account code (that determines which account is altered).

 33. Liquidity :

A term referencing how quickly something can be converted into cash. For example, stocks are more liquid than a house since you can sell stocks (turning it into cash) more quickly than real estate.

 34. Material :

Material is the term that refers whether information influences decisions. For example, if a company has revenue in the millions of dollars, an amount of $0.50 is hardly material. GAAP requires that all Material considerations must be disclosed.

 35. On Credit/On Account :

A purchase that happens On Credit or On Account is a purchase that will be paid at a future time, but the buyer gets to enjoy the benefit of that purchase immediately. “Bartender, put it on my tab…”




Remaining 7 terms discuss in 33rd blog... 

                                  So wait my 33rd blog..... 
 
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