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FINANCIAL ACCOUNTING TERMS AND DEFINITIONS PDF

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Accounting and Finance Glossary Page 2 of 21 йаTutor2u Limited All Rights Reserved. Term. Description. Absorption costing. Absorption costing is. Article. Accounting Terminology Accounts Receivable (Sundry Debtors). .. Before Owners' Salary - this is a term used to indicate what the financial result is. This dictionary provides a basic vocabulary of terms used in accounting, from personal finance and investments to company accounts, balance sheets and stock.


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It's time to roll up those sleeves and build your accounting vocabulary. To help with this, we've compiled an assortment of basic financial terms. Glossary of Accounting Terms. Account: A record that holds the results of financial transactions. Accountant's Equation: The equation that is the basis of the . What is Accounting? • Method of reporting financial activity of a business. • Financial transactions recorded in an orderly fashion.

The definition of one word or phrase may depend on understanding another word or phrase defined elsewhere in the reference list. Words in bold indicate that such a definition is available. The firm undertakes work for clients in respect of audit, accounts preparation, tax and similar activities. Usually they are members of a professional body, membership of which is attained by passing examinations. Accounting Standards Board The authority in the UK which issues definitive statements of best accounting practice.

Accounting Glossary-PDF

The date on which a company comes into existence. It is illegal for a person who is in possession of inside information to buy or sell shares on the basis of that information. Includes rules on accounting information in annual reports.

Also called a non-controlling interest. Also described as fixed assets. Also described as long-term liabilities.

Also called equity interest. Precedes the publication of the full annual report. The announcement is made to the entire stock market so that all investors receive information at the same time.

Initially recognised as an asset, then transferred to expense in the period when the benefit is enjoyed. Also called a prepaid expense. Also called income statement. Registrar of Companies An official authorised by the government to maintain a record of all annual reports and other documents issued by a company.

Justified by reference to value to the business. Return may appear in the form of regular cash payments dividends to the investor, or in a growth in the value of the amount invested.

It may be used to describe an inventory of goods held for resale or for use in business.

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It may also be used to describe shares in the ownership of a company. The meaning will usually be obvious from the way in which the word is used.

Glossary of financial accounting terms

An organisation which has the authority to set rules for persons buying and selling shares. The term 'stock' is used loosely with a meaning similar to that of 'shares'.

See Chapter 7 for full definition. Sometimes called subsidiary undertaking.

An adverse variance arises when the actual cost is greater than the standard cost. A favourable variance arises when the actual cost is less than the standard cost. It is calculated as current assets minus current liabilities. All rights reserved. Also called profit and loss account. The date on which a company comes into existence. It is illegal for a person who is in possession of inside information to buy or sell shares on the basis of that information.

Includes rules on accounting information in annual reports. Also called a non-controlling interest. Also described as fixed assets. Also described as long-term liabilities. Also called equity interest.

Precedes the publication of the full annual report. The announcement is made to the entire stock market so that all investors receive information at the same time. Initially recognised as an asset, then transferred to expense in the period when the benefit is enjoyed.

Also called a prepaid expense. Also called income statement. Registrar of Companies An official authorised by the government to maintain a record of all annual reports and other documents issued by a company. Justified by reference to value to the business.

Return may appear in the form of regular cash payments dividends to the investor, or in a growth in the value of the amount invested. It may be used to describe an inventory of goods held for resale or for use in business. It may also be used to describe shares in the ownership of a company.

The meaning will usually be obvious from the way in which the word is used. An organisation which has the authority to set rules for persons buying and selling shares.

The term 'stock' is used loosely with a meaning similar to that of 'shares'. See Chapter 7 for full definition. Sometimes called subsidiary undertaking. An adverse variance arises when the actual cost is greater than the standard cost.

A favourable variance arises when the actual cost is less than the standard cost. It is calculated as current assets minus current liabilities.

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