Liabilities represent the obligation of the business towards creditors and their settlement is expected to result in an outflow of assets.

The act of giving money, property or other material goods to a another party in exchange for future repayment of the principal amount along with interest or other finance charges. A loan may be for a specific, one-time amount or can be available as open-ended credit up to a specified ceiling amount.

Researching and observing a subject over a long period of time.

A loss is an excess of expenses over revenues. Net Loss = Total Expenses > Total Revenue

A name for the accounts held in a subsidiary ledger. Eg. the accounts in a sales ledger .

A narration is a description of the journal entry

Is an asset that is not likely to turn to restricted cash within 1 year of the balance sheet date. It is also refer to as long- term asset

Non-current assets have ‘lives’ longer than current assets. They are assets of a more permanent nature. They are retained (kept) in the business for longer than the normal operating cycle.

Non-current assets may include the following categories:

• Property, plant and equipment
• Intangible assets
• Investment assets

A business's long-term financial obligations that are not due within the present accounting year.

Examples of noncurrent liabilities include long-term borrowing, bonds payable and long-term lease obligations. Any noncurrent liabilities will be listed on the company's balance sheet.