An economic unit performs economic activity - ENTITY, Money+activity - Transaction, heads to deal with - accounts, owner's fund - capital, withdrawal by owner - drawings, external obligation - liability, liability to be paid after 12 month - non current liability, acquired to use - asset, assets can't touch - intangibles asset, liability to be paid within 12 month - current liability, takes more than 12 month for converting in cash - non current asset, loss asset - fictitious asset, amount received from sales of goods and machine - receipt, when receipt is not revenue nature - capital receipt, amount spend to earn revenue - expenses, when expenses paid in advance - prepaid expenses, benefit received before payment - outstanding expenses, excess of revenue over expenses - income, profit from oprrating activity - gross profit, total profit of business - net profit,

FUNNY ACCOUNT

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