T-ACCOUNT is the basis for journal entry in accounting. T-accounts have three basic elements. A title, a left side (debit side) and a right side (credit side). To make an entry in a t-account, put the currency (dollar, pound, etc.) amount on the appropriate side (debit or credit). There are five basic types of accounts: assets, liabilities, equity, revenue and expenses. Assets, liabilities and equity are the balance sheet accounts.
NEGATIVE WORKING CAPITAL is when current liabilities exceed current assets.
ENDOWMENT POLICY is a combination of life assurance and investment whereby the sum assured is paid at a predetermined date or on death, if earlier.
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