Some Basic Points For Business
Business Terms
Assets Liability Expenses / Cost Revenue / Income
Cash
Bank Balance
Debtor
Bills Receiable
Stock of Raw-Material
Stock of Work-In-Progress
Stock of Finished Stock
Land
Building
Furniture and Fixture
Premises
Vehicles
Plant and Machinary
Goodwill
Patent
Copyright
Trademark
Licences
Franchise
Live Stocks
1. What Do You Mean By Assets ?
Ans:- Assets refers to all those thins or rights accquired, not for sale but for use a long period of me. It
helps in earning income. If has money value. It also owned by business.
Ex:- Land, Building, Cash, Debtor, Bank Balance, Stock, Goodwill (etc).
2. Types of Assets.
Liquid Assets
o Cash
o Bank
Current Assets
o Cash
o Bank
o Debtor
o Stock / Inventory
o B/R
o Prepaid Expences
, o Accrude Income
Fixed Assets
A. Tangible Fixed Assets
o Land
o Building
o Machine
o Farm
o Fixtures
o Vehicle
o Plant
B. Intangible Fixed Assets
o Goodwill
o Reputa on
o Patent
o Copyright
o Trade Mark
Was ng Assets
o Mines
o Machines
o Forest
Fic ous Assets
o Prelemenary Expences
o Discounton Shares
o Under-Righ ng Commission
o Heavy Adver sement
1. What Do You Mean By Liquid Assets ?
Ans:- Liquid assets refers to all those assets, which are converted into cash easily and immediately.
Ex:- Cash in hand, cash in bank, marketable sicurity (etc).
2. What Do You Mean By Current Assets ?
Ans:- Current assets refers to all those assets, which are converted into cash within one accoun ng period.
These are used for the payment of current liability.
Ex:- Cash, Bank, Debtor, Stock, B/R (etc).
3. What Do You Mean By Fixed Assets ?
Ans:- Fixed assets refers to those assets, which have been purchased not for sale, but for a long use and get
benefit for a long period of me. These are two types such as:- Tangible fixed assets, intangible fixed assets.
Ex:- Land, Building, Goodwill, Machinary (etc).
4. What Do You Mean By Tangible Fixed Assets ?
Ans:- Tangible fixed assets refers to all those fixed assets which are seen and touched and also have some
value.
Ex:- Land, Building, Machine (etc).
Business Terms
Assets Liability Expenses / Cost Revenue / Income
Cash
Bank Balance
Debtor
Bills Receiable
Stock of Raw-Material
Stock of Work-In-Progress
Stock of Finished Stock
Land
Building
Furniture and Fixture
Premises
Vehicles
Plant and Machinary
Goodwill
Patent
Copyright
Trademark
Licences
Franchise
Live Stocks
1. What Do You Mean By Assets ?
Ans:- Assets refers to all those thins or rights accquired, not for sale but for use a long period of me. It
helps in earning income. If has money value. It also owned by business.
Ex:- Land, Building, Cash, Debtor, Bank Balance, Stock, Goodwill (etc).
2. Types of Assets.
Liquid Assets
o Cash
o Bank
Current Assets
o Cash
o Bank
o Debtor
o Stock / Inventory
o B/R
o Prepaid Expences
, o Accrude Income
Fixed Assets
A. Tangible Fixed Assets
o Land
o Building
o Machine
o Farm
o Fixtures
o Vehicle
o Plant
B. Intangible Fixed Assets
o Goodwill
o Reputa on
o Patent
o Copyright
o Trade Mark
Was ng Assets
o Mines
o Machines
o Forest
Fic ous Assets
o Prelemenary Expences
o Discounton Shares
o Under-Righ ng Commission
o Heavy Adver sement
1. What Do You Mean By Liquid Assets ?
Ans:- Liquid assets refers to all those assets, which are converted into cash easily and immediately.
Ex:- Cash in hand, cash in bank, marketable sicurity (etc).
2. What Do You Mean By Current Assets ?
Ans:- Current assets refers to all those assets, which are converted into cash within one accoun ng period.
These are used for the payment of current liability.
Ex:- Cash, Bank, Debtor, Stock, B/R (etc).
3. What Do You Mean By Fixed Assets ?
Ans:- Fixed assets refers to those assets, which have been purchased not for sale, but for a long use and get
benefit for a long period of me. These are two types such as:- Tangible fixed assets, intangible fixed assets.
Ex:- Land, Building, Goodwill, Machinary (etc).
4. What Do You Mean By Tangible Fixed Assets ?
Ans:- Tangible fixed assets refers to all those fixed assets which are seen and touched and also have some
value.
Ex:- Land, Building, Machine (etc).
