The business organization which is encased in buying and selling of goods merchandise are called merchandising or trading concerns, while those, which are engaged in providing any services are called concerns. The business includes any activity undertaken for the purpose of earning profits such as buying and selling of goods, rendering services and manufacturing goods. The example is patient rights, copyright, goodwill etc similarly, the value of leasehold property also decreases with the passage of time.Īccounting Basic Term s in my list is Business. The intangible assets whose property right is obtained for the specific period of time diminish in value with the passage of time this called as amortization. The basic accounting terms Assets means anything valuable possessed by a firm with the following three features qualifies as assets. A person to who goods are sold on credit by a business organization is called account receivable or debtor.Ī person from whom a business organization or individual purchases goods on credit is called creditor.
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