Intangible Assets have no physical existence. For Example, Goodwill, Brand Recognition, Patents etc. are known as Intangible Assets.

Current liabilities are a company's short-term financial obligations that are due within one year or within a normal operating cycle.

Vouchers are proof that a business transaction has taken place.

Creditor of the business is the external user of financial statements.

An Outstanding Expense is a type of expense that is due but has not been paid. This expense becomes outstanding to the company when, this has taken the benefit, but the related payment has not been made simultaneously. For Example: Rent due but not yet paid.

Assets Account have a debit balance.

Bookkeeping refers mainly to the record-keeping aspects of financial accounting, and involves preparing source documents for all transactions, operations, and other events of a business.

The selling expense budget is usually based on the sales budget and the prior expense budgets in prior years.

Activity Ratios are a category of financial ratios that measure a firm's ability to convert different accounts within its balance sheets into cash or sales.

Auditing is defined as the on-site verification activity, such as inspection or examination, of a process or quality system, to ensure compliance to requirements.

Current Liabilities are the debts that needed to be repaid in a short period.

Debtors are the persons who owe an amount to a business organisation for buying goods and services on a credit basis.

A Master Budget consists of Sales budget, Production budget and Material budget.

Return on Investment Ratio (ROI) = (Net profit / Total assets) x 100.

The nominal account records all the transactions of a business for one fiscal year.

The income statement displays all the revenues and expenses of a company.

In accounting, an economic event is referred to as Transaction.

The expanded accounting equation is used by the balance sheet.

An operating cycle refers to the time it takes a company to buy goods, sell them and receive cash from the sale of said goods. In other words, it's how long it takes a company to turn its inventories into cash. The length of an operating cycle is dependent upon the industry.

Lower the Debt Equity ratio higher is the protection to creditors. Creditors usually like a low debt to equity ratio because a low ratio (less than 1) is the indication of greater protection to their money.