Accounting for Income & Expenses - Urdu/Hindi - Get Ahead in Cambridge Accounting 7707 / 9706 Tips

1. The Complete Guide to Cambridge Accounting 7707 and 9706 for O Levels A Levels!2. The Secret to Getting Great Grades in Cambridge Accounting 7707 and 9706!3. How to Ace Cambridge Accounting 7707 and 9706 in Just One Month!4. The Most Comprehensive Guide to Cambridge Accounting 7707 and 9706!5. Get Ahead in Cambridge Accounting 7707 and 9706 with These Easy Tips!Follow our Channel:https://www.facebook.com/GRITuptodate@grituptodate4591https://www.febspot.com/ref/3714354) EXPENSES: Formal Definition: Decrease in owner's equity resulting from the cost of goods, fixed assets, and services and supplies consumed in the operations of a business. Informal Definition: The costs of doing business. The stuff we used and had to pay for or charge to run our business.E.g Building, utility Bills, Employee Salaries etc.5) REVENUE: Formal Definition: The gross increase in owner's equity resulting from the operations and other activities of the business. Informal Definition: Amounts a business earns by selling services and products and investing. Amounts billed to customers for services and/or products.

DEBTORS: People/firms who owe money to the business. Included as assets.CREDITORS: people/firms to whom the business owes money. Included as liability.PURCHASE: Something a business buys with the prime intention of selling. If a ice cream company buys van for selling ice creams, the van would not be included in the purchase account, rather a new account “Motor vehicle” would be made. SALE: sale of those goods which were bought with the prime intention of selling and in which the business normally deals in e.g ice cream sold by the ice cream company. Selling the van (mentioned above) would not be included in sales.PURCHASE RETURN: When the business returns back, items purchased, to the supplier due to faults or low quality ,etcSALES RETURN: When customers return back, items sold, to the business.DRAWING: Money drawn out of the business by the owner for personal use.CARRIAGE = The cost to the business of delivering goods to its customers (Carriage Outwards) OR having goods delivered by its suppliers (Carriage Inwards)RETURNS = Goods/stock sent back to the business by its customers (Return Inwards/ Sales Returns) OR goods/stock the business sends back to its suppliers (Return Outwards/Purchase Returns)PREPAYMENT = An expense paid in advance (part of next year’s or next month’s)ACCRUAL = An expense that has not been paid (Some of this years)