Flashcards in Subsidiary Books And Ledger Accounts Deck (6)
What does DEADCLIC stand for?
What are assets?
Resources that are available for use by the business.
What are liabilities?
Monies owed by the business.
What is capital?
Resources (cash or assets) introduced by the owner to run the business.
What are drawings?
Funds withdrawn from the business by the owner for personal use.