General Journal, sometimes also known as Book of Original Entry, because it is first place a transaction is entered into books. Journal Entries are made from source documents, which can be anything from receipts to invoices to bank statements.

If a transaction is completely omitted from books of accounts, No it wont effect agreement of Trial Balance.

The accounting process involves recording Quantifiable economic event. An accounting event is a transaction that is recognized in financial statements of an accounting entity.

Discount for quick repayment of debt is normally referred to as Cash discount. It is called cash discount which might be offered or received.

Drawings accounts will be debited if business's owner withdraws cash from business for personal use. Goods withdrawn for personal use by owner of a business reduce inventory and are recorded on a drawings account.

Current ratio = Current assets/Current liabilities. Current ratio is a comparison of current assets to current liabilities, calculated by dividing your current assets by your current liabilities.

Transferring entries from journal to ledger account is commonly known as Posting. Posting refers to process of transferring entries in journal into accounts in ledger. Posting to ledger is classifying phase of accounting.

Prepaid expenses are considered as Asset. Prepaid expenses are future expenses that have been paid in advance. You can think of prepaid expenses as costs that have been paid but have not yet been used up or have not yet expired. The amount of prepaid expenses that have not yet expired are reported on a company's balance sheet as an asset.

Present liability of uncertain amount, which can be measured reliably by using a substantial degree of estimation is termed as Provision. A provision is an account which records a present liability of an entity.

Creditor of business is external user of financial statements. External users are people outside business entity (organization) who use accounting information.