There are certain basic accounting terms which are daily used in the busineworld. Before recording the transactions in the books, it is essential to understand thesterms as these terms have their specific meaning in Accounting. These basic terms acalled accounting terminology:hich İs İn the nossession or is the property of a busineh is in the nossession or is the property of a busine

There are certain basic accounting terms which are daily used in the b

1.	There are certain basic accounting terms which are daily used in the busineworld. Before recording the transactions in the books, it is essential to understand thesterms as these terms have their specific meaning in Accounting. These basic terms acalled accounting terminology:hich İs İn the nossession or is the property of a busineh is in the nossession or is the property of a busine
Answer» <p>AccountingEquation - TheAccountingEquation is Assets = Liabilities + Equity. . </p><p>Accounts Payable - Accounts Payable are liabilities of a business and represent money owed to others.</p><p> Accounts Receivable - Assets of a business and represent money owed to a business by others</p>