"Assets", "Items of value owned by the business" "Liabilities", "Amounts owed by a business to external parties" "Owners equity", "The difference between the assets and liabilities of a business and equals the amount of the owners interest or investment in the business" "Revenue", "Income derived from the activities of the business" "Expense", "Costs incurred by the business in earning revenue" "Accounts receivable", "Any outside parties owed to the business" "Accounts payable", "Amounts the business oweds to external parties" "Bank overdraft", "When the business withdraws more money than they have" "Unlimited liability", "There is no limit the amount of owners private possessions that may be sold to pay debts of the business" "Accounting entity assumption", "Regards the business as separate and distinct from the owner" "Legal entity", "Regards the business and owner as the same" "First objective", "To provide information for decision making. Decisions concerning the efficient acquisition and allocation of economic resources" "Second objective", "To assist in discharging accountability. Responsibility to<br /> provide information to enable users<br /> to make informed judgements." "Third objective", "Help evaluate performance. Evaluation of the performance of management in using resources efficiently, earning profits and achieving financial stability. The performance of individuals and groups within organisation evaluated by management or external users." "Definition of gst", "The goods and service tax is a broad based tax of 10 percent on the supple of most goods and services consumed in Australia." "GST clearing", "Most cases liability" "GST collected", "Liability account and credit nature" "GST credits received", "Negative liability and debit nature"
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