Interchangeable words in accounts
This query is : Resolved
31 October 2024
whether may be used interchangeable words in accounts
Vendor for Trade Payable
inward for purchase
outward for sales
input for receivable
revenue for income.
Vendor for Trade Payable
inward for purchase
outward for sales
input for receivable
revenue for income.
23 November 2024
Vendor refers to the supplier or entity that provides goods or services to a business.
Trade Payable refers to the liability or the amount a business owes to its vendors for goods or services received.
While "vendor" and "trade payable" are closely connected, vendor refers to the party, and trade payable refers to the outstanding debt.
Trade Payable refers to the liability or the amount a business owes to its vendors for goods or services received.
While "vendor" and "trade payable" are closely connected, vendor refers to the party, and trade payable refers to the outstanding debt.
23 November 2024
Inward typically refers to goods that are received (incoming stock).
Purchase refers to the actual transaction of buying goods or services.
In accounting terms, purchases would be recorded as expenses or assets, while "inward" might be used to describe the physical receipt of the goods.
Purchase refers to the actual transaction of buying goods or services.
In accounting terms, purchases would be recorded as expenses or assets, while "inward" might be used to describe the physical receipt of the goods.
23 November 2024
Outward refers to goods or inventory leaving the business (either through sales or other means).
Sales refers specifically to the transaction of selling goods or services to customers.
Outward may be used to describe the movement of inventory, while sales refers to the revenue-generating transaction.
Sales refers specifically to the transaction of selling goods or services to customers.
Outward may be used to describe the movement of inventory, while sales refers to the revenue-generating transaction.
23 November 2024
Input usually refers to the purchase or acquisition of goods or services, which in VAT or GST accounting is linked to the taxes paid on purchases (input tax).
Receivable refers to amounts owed to the business by customers or other debtors (accounts receivable).
These terms represent different concepts in accounting—input focuses on purchases or costs, while receivable focuses on the amount the business is owed.
Receivable refers to amounts owed to the business by customers or other debtors (accounts receivable).
These terms represent different concepts in accounting—input focuses on purchases or costs, while receivable focuses on the amount the business is owed.
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23 November 2024
Revenue typically refers to the total amount earned from business activities (e.g., sales of goods or services).
Income generally refers to the profit or the net amount remaining after deducting expenses, taxes, etc.
While they are related in that both deal with earnings, revenue is the gross amount, and income is the net result.
Income generally refers to the profit or the net amount remaining after deducting expenses, taxes, etc.
While they are related in that both deal with earnings, revenue is the gross amount, and income is the net result.
23 November 2024
While some of these terms are closely related, they aren't always interchangeable in technical accounting language. Each term has its own specific meaning and application depending on the context (e.g., vendor is the party, and trade payable is the liability; revenue is gross earnings, and income is net profit).
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