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Business assets are physical or non-physical resources owned by a company that hold present or future monetary value and are used to generate revenue for the company and to improve operations and at the same time increase a company’s worth. Assets are  shown on the debit side of the balance sheet. The date of purchase, invoice number, name of supplier and amount must be recorded properly in the asset register. These assets include land, buildings, motor vehicles, furniture and machinery.

Bank reconciliation is an accounting process which is aimed at comparing a company’s internal cash records for example a cashbook with bank a statement to ensure that cash deposits in the bank match with cash transactions. This process enables the company to identify discrepancies and make necessary adjustments.

A sole trader is a person who runs his own business and the ownership and financing of the business is entirely on the individual running the business and also decision making lies with the individual. The liability of the business is limited to the individual’s investment.

A business partnership, is a formal arrangement where two or more individuals or companies come together to form a business and co-own the venture. These partners also contribute resources for example capital, furniture, and etc. for the formation and running of the business venture. They also share key responsibilities in terms of management. In a partnership profits and losses are shared equally and it is also important to note that a partnership does not pay tax but the partners do.

An annual return is a legal document that contains information about the company’s directors, auditors, registered business address, authorized share capital, and issued share capital. This form is submitted to the Registrar of companies annually. This annual submission confirms that the company is in compliance with filling of returns. Non-filling on time leads to late filling penalties.

A garnishee order is a legal enforcement document issued by the court directing the bank or any other person(s) to withhold debtor’s funds and pay direct to the creditor. This therefore means the creditor would no longer deal with the debtor but instead deal with the bank directly and this directive will only be lifted once the full amount is paid to the creditor.