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Ch - 2 Basic Accounting Terms Part 2

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11) Purchases :- This term is used for purchase of goods for resale.
i) There are two types of purchase
a) Cash Purchases :- Goods purchased for cash are termed as Cash Purchases.
b) Credit Purchases :- goods purchased on credit are termed as Credit Purchases.

12) Sales :- The term is used for sale of goods that are dealt with by the firm.
i) There are two types of sales
a) Cash Sales :-When goods are sold for cash, they are termed as Cash Sales.
b) Credit Sales :- When goods are sold on credit, they are termed as Credit Sales.

13) Purchases Return :- Goods purchased may be returned due to any reason, say, they are not as per specifications or are defective. Goods returned are known as Purchases Return or Returns Outward.

14) Sales Return:- Goods sold when returned by the purchaser are termed as Sales Return on Returns Inward.

15) Stock :- Stock is the tangible asset held by an enterprise for the purpose of sale in the ordinary course of business.
i) There are two types of stock
a) Opening stock :- Opening Stock is the stock-inhand in the beginning of the accounting year.
b) Closing Stock :- Closing Stock is the stock-inhand at the end of the accounting period.

16) Trade Receivable :- It is the amount receivable for the sale of goods in ordinary course of business.
i) There are two Classifications.
a) Debtor :- A person who owes amount to the enterprise on account of credit sales of goods or services is called a Debtor.
For example,
when goods are sold to a person on credit that person is called a Debtor because he owes the amount to the enterprise. The amount due is known as debt.
b) Bill Receivable :- Bill Receivable means a Bill of Exchange accepted by a debtor, the amount of which will be received on the specified date.

17) Trade Payable :- It is the amount payable for purchase of goods or services in ordinary course of business.
i) There are two Classifications.
a) Creditor :- A person to whom an enterprise owes amount on account of credit purchases of goods or services is called a Creditor.
For Example,
Mohan is a Creditor of a firm when goods are purchased on credit from him.
b) Bill Payable :- Bill Payable means a Bill of Exchange, the amount of which will be payable on the specified date.

18) Goods :- Goods are the physical items of trade. It is a term that applies to all the items making up the sales or purchases of a business.

19) Cost of Goods Sold :- The direct cost attributable to the production of goods and services.

20) Book Value :- The amount at which an item appears in the books of account.

21) Cost :- It is the amount of expenditure on a specified product or article.