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A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z Absorption costing: The method of allocating all factory indirect expenses to products. (All fixed costs are allocated to cost units.) Account: Part of double entry records, containing details of transactions for a specific item. Account codes: The computerised equivalent of the folio references used in a manual accounting system, whereby each ledger account is given a unique number. Accounting: The process of identifying, measuring and communicating economic information to permit informed judgements and decisions by users of the information. Accounting cycle: The sequence in which data is recorded and processed until it becomes part of the financial statements at the end of the period. Accounting information system (AIS) : The total suite of components that, together, comprise all the inputs, storage, transformation processing, collating, and reporting of financial transaction data. It is, in effect, the infrastructure that supports the production and delivery of accounting information. Accounting policies: Those principles, bases, conventions, rules and practices applied by an entity that specify how the effects of transactions and other events are to be reflected in its financial statements. Accounts (or Final Accounts ) : This is a term previously used to refer to statements produced at the end of accounting periods, such as the trading and profit and loss account and the balance sheet. Nowadays, the term ‘financial statements' is more commonly used. Accruals concept: The concept that profit is the difference between revenue and the expenses incurred in generating that revenue. Accrued expense: An expense for which the benefit has been received but which has not been paid for by the end of the period. It is included in the balance sheet under current liabilities as ‘accruals'. Accrued income: Income (normally) from a source other than the main source of business income, such as rent receivable on an unused office in the company headquarters, that was due to be received by the end of the period but which has not been received by that date. It is added to debtors in the balance sheet. Accumulated depreciation account (Chapter 27): The account where depreciation is accumulated for balance sheet purposes. It is used in order to leave the cost (or valuation) figure as the balance in the fixed asset account. (It is sometime confusingly referred to as the ‘provision for depreciation account'.) Accumulated fund: A form of capital account for a non-profit-oriented organisation. Acid test ratio: A ratio comparing current assets less stock with current liabilities. Amortisation: A term used instead of depreciation when assets are used up simply because of the passing of time. Assets: Resources owned by a business. AVCO: A method by which the goods used are priced out at average cost. Bad debt (Chapter 25): A debt that a business will not be able to collect. Balance brought down: The difference between both sides of an account that is entered below the totals on the opposite side to the one on which the balance carried down was entered. (This is normally abbreviated to ‘balance b/d'.) Balance carried down: The difference between both sides of an account that is entered above the totals and makes the total of both sides equal each other. (This is normally abbreviated to ‘balance c/d'.) Balance off the account: Insert the difference (called a ‘balance') between the two sides of an account and then total and rule off the account. This is normally done at the end of a period (usually a month, a quarter, or a year). Balance sheet: A statement showing the assets, liabilities, and capital of a business. Bank Cash Book: A cash book that only contains entries relating to payments into and out of the bank. Bank giro credit: A type of pay-in slip usually used when the payment is into an account held in a different bank. The two types of form are virtually identical – a bank giro credit can be used instead of a pay-in slip, but not the other way around, as the details of the other bank need to be entered on the bank giro credit. Bank Giro credit: An amount paid by someone directly into someone else's bank account. Bank loan: An amount of money advanced by a bank that has a fixed rate of interest that is charged on the full amount and is repayable on a specified future date. Bank reconciliation statement: A calculation comparing the Cash Book balance with the bank statement balance. Bank statement: A copy issued by a bank to a customer showing the customer's current account maintained at the bank. Bookkeeping: The process of recording data relating to accounting transactions in the accounting books. Books of original entry: Books where the first entry recording a transaction is made. (These are sometimes referred to as ‘Books of Prime Entry'.) Bought Ledger: A variant of a Purchases Ledger where the individual accounts of the creditors, whether they be for goods or for expenses such as stationery or motor expenses, can be kept together in a single ledger. Budget (Chapters 1 and 48): A plan quantified in monetary terms in advance of a defined time period – usually showing planned income and expenditure and the capital employed to achieve a given objective. Business entity concept: Assumption that only transactions that affect the firm, and not the owner's private transactions, will be recorded. Capital: The total of resources invested and left in a business by its owner. Capital expenditure: When a business spends money to buy or add value to a fixed asset. Capital reserve: An account that can be used by sole traders and partnerships to place the amount by which the total purchase price paid for a business is less than the valuation of the net assets acquired. Limited companies cannot use a capital reserve for this purpose. Sole traders and partnerships can instead, if they wish, record the shortfall as negative goodwill. Carriage inwards: Cost of transport of goods into a business. Carriage outwards: Cost of transport of goods out to the customers of a business. Cash: Cash balances and bank balances, plus funds invested in ‘cash equivalents'. Cash Book: A book of original entry for cash and bank receipts and payments. Cash equivalents: Temporary investments of cash not required at present by the business, such as funds put on short-term deposit with a bank. Such investments must be readily convertible into cash, or available as cash within three months. Cash flow statement: A statement showing how cash has been generated and disposed of by an organisation. The layout is regulated by FRS 1. Casting: Adding up figures. Charge card: A payment card that requires the cardholder to settle the account in full at the end of a specified period, e.g. American Express and Diners cards. Holders have to pay an annual fee for the card. (Compare this to a credit card.) Chart of Accounts: The list of account codes used in a computerised accounting system. Cheque book: Book containing forms (cheques) used to pay money out of a current account. Clearing: The process by which amounts paid by cheque from an account in one bank are transferred to the bank account of the payee. Close off the account: Totalling and ruling off an account on which there is no outstanding balance. Columnar Purchases Day Book: A Purchases Day Book used to record all items obtained on credit. It has analysis columns so that the various types of expenditure can be grouped together in a column. Also called a Purchases Analysis Book. Columnar Sales Day Book: A Sales Day Book used to show the sales for a period organised in analysis columns according to how the information recorded is to be analysed. Also called a Sales Analysis Book. Compensating error: Where two errors of equal amounts, but on opposite sides of the accounts, cancel each other out. Consistency: Keeping to the same method of recording and processing transactions. Contra: A contra, for Cash Book items, is where both the debit and the credit entries are shown in the Cash Book, such as when cash is paid into the bank. Contribution: The surplus of revenue over direct costs allocated to a section of a business. Control account: An account which checks the arithmetical accuracy of a ledger. Cost centre: A production or service location, function, activity, or item of equipment whose costs may be attributed to cost units. Cost unit: A unit of product or service in relation to which costs are ascertained. Credit: The right-hand side of the accounts in double entry. Credit card: A card enabling the holder to make purchases and to draw cash up to a pre-arranged lim it. The credit granted in a period can be settled in full or in part by the end of a specified period. Many credit cards carry no annual fee. (Compare this to a charge card.) Credit note: A document sent to a customer showing allowance given by a supplier in respect of unsatisfactory goods. Creditor: A person to whom money is owed for goods or services. Creditor/purchases ratio: A ratio assessing how long a business takes to pay creditors. Current account: A bank account used for regular payments in and out of the bank. Current assets: Assets consisting of cash, goods for resale or items having a short life. Current liabilities: Liabilities to be paid for within a year of the balance sheet date. Current ratio: A ratio comparing current assets with current liabilities. Day books: Books in which credit sales, purchases, and returns inwards and outwards of goods are first recorded. The details are then posted from the day books to the ledger accounts. Debenture: Loan to a company. Debit: The left-hand side of the accounts in double entry. Debit card: A card linked to a bank or building society account and used to pay for goods and services by debiting the holder's account. Debit cards are usually combined with other facilities such as ATM and cheque guarantee functions. Debit note: A document sent to a supplier showing allowance to be given for unsatisfactory goods. Debtor: A person who owes money to a business for goods or services supplied to him. Debtor/sales ratio: A ratio assessing how long it takes debtors to pay their debts. Depletion: The wasting away of an asset as it is used up. Deposit account: A bank account for money to be kept in for a long time. Depreciation: The part of the cost of a fixed asset consumed during its period of use by the firm. It represents an estimate of how much of the overall economic usefulness of a fixed asset has been used up in each accounting period. It is charged as a debit to profit and loss and a credit against fixed asset accounts in the General Ledger. Direct costs: Costs that can be traced to the item being manufactured. Direct debit: A medium used to enable payments to be made automatically into a bank account for whatever amount the recipient requests. Directors: Officials appointed by shareholders to manage the company for them. Discounts allowed: A deduction from the amount due given to customers who pay their accounts within the time allowed. Discounts received: A deduction from the amount due given to a business by a supplier when their account is paid before the time allowed has elapsed. It appears as income in the profit and loss part of the trading and profit and loss account. Dishonoured cheque: A cheque which the writer's bank has refused to make payment upon. Dissolution: When a partnership firm ceases operations and its assets are disposed of. Dividends: The amount given to shareholders as their share of the profits of the company. Double entry bookkeeping: A system where each transaction is entered twice, once on the debit side and once on the credit side. Drawer: The person making out a cheque and using it for payment. Drawings: Funds or goods taken out of a business by the owners for their private use. Dual aspect concept: The concept of dealing with both aspects of a transaction. Dumb terminal: A computer screen with keyboard (and, perhaps, a mouse) that has no processing power of its own but uses the processing power of a central computer to carry out tasks involving the data held on that central computer. Endorsement: A means by which someone may pass the right to collect money due on a cheque. Equity: Another name for the capital of the owner. Error of commission: Where a correct amount is entered, but in the wrong person's account. Error of omission: Where a transaction is completely omitted from the books. Error of original entry: Where an item is entered, but both the debit and credit entries are of the same incorrect amount. Error of principle: Where an item is entered in the wrong type of account, e.g. a fixed asset in an expense account. Estimation techniques: The methods adopted in order to arrive at estimated monetary amounts for items that appear in the financial statements. Exception reporting: A process of issuing a warning message to decision-makers when something unexpected is happening: for example, when expenditure against a budget is higher than it should be. Exempted businesses: Businesses which do not have to add VAT to the price of goods and services supplied to them. They cannot obtain a refund of VAT paid on goods and services purchased by them. Expenses: The value of all the assets that have been used up to obtain revenues. Extranet: A network based on Internet technologies where data and information private to the business is made available to a specific group of outsiders, such as suppliers. Factoring: Selling the rights to the amounts owing by debtors to a finance company for an agreed amount (which is less than the figure at which they are recorded in the accounting books because the finance company needs to be paid for providing the service). FIFO: A method by which the first goods to be received are said to be the first to be sold. Final accounts (or ‘the Accounts') : This is a term previously used to refer to statements produced at the end of accounting periods, such as the trading and profit and loss account and the balance sheet. Nowadays, the term ‘financial statements' is more commonly used. Financial modelling: Manipulating accounting data to generate forecasts and perform sensitivity analysis. Financial statements: The more common term used to refer to statements produced at the end of accounting periods, such as the trading and profit and loss account and the balance sheet (sometimes referred to as ‘final accounts' or simply ‘the accounts'). Fixed assets: Assets which have a long life bought with the intention to use them in the business and not with the intention to simply resell them. Fixed capital accounts: Capital accounts which consist only of the amounts of capital actually paid into the firm. Fixed costs: Expenses which remain constant whether activity rises or falls, within a given range of activity. Float: The amount at which the petty cash starts each period. Fluctuating capital accounts: Capital accounts whose balances change from one period to the next. Folio columns: Columns used for entering reference numbers. Forecasting: Taking present data and expected future trends, such as growth of a market and anticipated changes in price levels and demand, in order to arrive at a view of what the likely economic position of a business will be at some future date. Garner v Murrary rule: If one partner is unable to make good a deficit on his capital account, the remaining partners will share the loss in proportion to their last agreed capitals, not in the profit/loss sharing ratio. Gearing: The ratio of long-term loans and preference shares shown as a percentage of total shareholders' funds, long-term loans, and preference shares. General Ledger: A ledger for all accounts other than those for customers and suppliers. Going concern concept: The assumption that a business is to continue for the foreseeable future. Goodwill: An amount representing the added value to a business of such factors as customer loyalty, reputation, market penetration, and expertise. Gross loss: Where the cost of goods sold exceeds the sales revenue. Gross profit: Where the sales revenue exceeds the cost of goods sold. Historical cost concept: Assets are normally shown at cost price. Impersonal accounts: All accounts other than debtors' and creditors' accounts. Imprest system: A system where a refund is made of the total paid out in a period in order to restore the float to its agreed level. Income and expenditure account: An account for a non-profit-oriented organisation to find the surplus or loss made during a period. Indirect manufacturing costs: Costs relating to manufacture that cannot be economically traced to the item being manufactured (also known as ‘indirect costs' and, sometimes, as ‘factory overhead expenses'). Input tax: VAT added to the net price of inputs (i.e. purchases). Inputs: Purchases of goods and services. Intangible asset: An asset, such as goodwill, that has no physical existence. Interest on capital: An amount at an agreed rate of interest which is credited to a partner based on the amount of capital contributed by him/her. Interest on drawings: An amount at an agreed rate of interest, based on the drawings taken out, which is debited to the partners. Intranet: A network based on Internet technologies where data and information private to the business is made available to employees of the business. Job costing: A costing system that is applied when goods or services are produced in discrete jobs, either one item at a time, or in batches. Joint ventures: Business agreements under which two businesses join together for a set of activities and agree to share the profits. Journal: A book of original entry for all items not contained in the other books of original entry.
Liabilities: Total of funds owed for assets supplied to a business or expenses incurred not yet paid. LIFO: A method by which the goods sold are said to have come from the last lot of goods received. Limited company: An organisation owned by its shareholders, whose liability is lim ited to their share capital. Limited partner: A partner whose liability is lim ited to the capital he or she has put into the firm. Liquidity ratios: Those ratios that relate to the cash position in an organisation and hence its ability to pay liabilities when due. Local area network (LAN): A group of workstations linked together locally through wires. Long-term liabilities: Liabilities that do not have to be paid within twelve months of the balance sheet date. Loss: The result of selling goods for less than they cost. Manufacturing account: An account in which production cost is calculated. Margin: Profit shown as a percentage or fraction of selling price. Marginal costing: An approach to costing that takes account of the variable cost of products rather than the full production cost. It is particularly useful when considering utilisation of spare capacity. Mark-up: Profit shown as a percentage or fraction of cost price. Materiality: That something should only be included in the financial statements if it would be of interest to the stakeholders, i.e. to those people who make use of financial accounting statements. It need not be material to every stakeholder, but it must be material to a stakeholder before it merits inclusion. Measurement basis: The monetary aspects of the items in the financial statements, such as the basis of the stock valuation, say FIFO or LIFO. Memorandum joint venture account: A memorandum account outside the double entry system where the information contained in all the joint venture accounts held by the parties to the joint ventures are collated, the joint venture profit is calculated and the share of profit of each party is recorded in order to close off the account. Money measurement concept: The concept that accounting is concerned only with facts measurable in monetary terms, and for which purpose measurements can be used that obtain general agreement as to their suitability. Narrative: A description and explanation of the transaction recorded in the journal. Negative contribution: The excess of direct costs allocated to a section of a business over the revenue from that section. Negative goodwill: The name given to the amount by which the total purchase price for a business a lim ited company has taken over is less than the valuation of the assets at that time. The amount is entered at the top of the fixed assets in the balance sheet as a negative amount. (Sole traders and partnerships can use this approach instead of a capital reserve.) Net current assets: Current assets minus current liabilities. The figure represents the amount of resources the business has in a form that is readily convertible into cash. Same as working capital. Net loss: Where the cost of goods sold plus expenses is greater than the revenue. Net profit: Where sales revenue plus other income, such as rent received, exceeds the sum of cost of goods sold plus other expenses. Net realisable value: The value of goods calculated as their selling price less expenses before sale. Nominal accounts: Accounts in which expenses, revenue and capital are recorded. Nominal Ledger: Another name for the General Ledger. Objectivity: Using a method that everyone can agree to based on some clear and indisputable fact. Obsolescence: Becoming out of date. Ordinary shares: Shares entitled to dividends after the preference shareholders have been paid their dividends. Output tax: VAT added to the net price of outputs (i.e. sales). Outputs: Sales of goods and services. Overdraft: A facility granted by a bank that allows a customer holding a current account with the bank to spend more than the funds in the account. Interest is charged daily on the amount of the overdraft on that date and the overdraft is repayable at any time upon request from the bank. Partnership: A firm in which two or more people are working together as owners with a view to making profits. Partnership salaries: Agreed amounts payable to partners in respect of duties undertaken by them. PAYE (Pay As You Earn): The system whereby income tax is deducted from wages and salaries by employers and sent to the Inland Revenue. Payee: The person to whom a cheque is paid. Pay-in slip: A form used for paying money into a bank account with the same bank. Personal accounts: Accounts for creditors and debtors. Personal allowances: Amounts each person may subtract from income in order to arrive at taxable income. The value of each allowance is set by Parliament following the Budget each year. They are for things like being married, caring for a dependent relative, etc. Personal Identification Number or PIN: A secret number issued by a bank to a customer so that the customer may use a debit card in an ATM. Petty Cash Book: A Cash Book for small payments. Plastic card: The generic name for the range of payment-related cards. Posting: The act of transferring information into ledger accounts from books of original entry. Preference shares: Shares that are entitled to an agreed rate of dividend before the ordinary shareholders receive anything. Preliminary expenses: All the costs that are incurred when a company is formed. Prepaid expense: An expense which has been paid in advance, the benefits from which will be received in the next period. It is included in the balance sheet under current assets as ‘prepayments'. Prime cost: Direct materials plus direct labour plus direct expenses. Private company: A lim ited company that must issue its shares privately. Private Ledger: A ledger for capital and drawings accounts. Process costing: A costing system that is applied when goods or services are produced in a continuous flow. Production cost: Prime cost plus indirect manufacturing costs. Profit: The result of selling goods or services for more than they cost. Profit and Loss Account: An account in which net profit is calculated. Provision for doubtful debts (Chapter 25): An account showing the expected amounts of debtors at the balance sheet date who will not be able to pay their accounts. Prudence: Ensuring that profit is not shown as being too high, or that assets are shown at too high a value and that the financial statements are neutral: that is, that neither gains nor losses are understated or overstated. Public company: A company that can issue its shares publicly, and for which there is no maximum number of shareholders. Purchased goodwill: The difference between the amount paid to acquire a part or the whole of a business as a going concern and the value of the net assets owned by the business. Purchases: Goods bought by the business for the prime purpose of selling them again. Purchases Day Book: Book of original entry for credit purchases. Also called the Purchases Journal. Purchases invoice: A document received by a purchaser showing details of goods bought and their prices. Purchases Ledger: A ledger for suppliers' personal accounts.
Real accounts: Accounts in which property of all kinds is recorded. Realisation concept: Only profits and gains realised at the balance sheet date should be included in the profit and loss account. For a gain to be realised, it must be possible to be reasonably certain that it exists and that it can be measured with sufficient reliability. Receipts and payments account: A summary of the Cash Book of a non-profit-oriented organisation. Reduced rate (of VAT) : A lower VAT rate applicable to certain goods and services. Reducing balance method: A method of calculating depreciation based on the principle that you calculate annual depreciation as a percentage of the net-of-depreciation-to-date balance brought forward at the start of the period on the fixed asset. Registered business: A business that has registered for VAT. It must account for VAT and submit a VAT Return at the end of every VAT tax period. Reserve accounts: The transfer of apportioned profits to accounts for use in future years. Residual value: The net amount receivable when a fixed asset is put out of use by the business. Return on capital employed: Net profit as a percentage of capital employed, often abbreviated as ROCE. Return on owners' equity: Net profit as a percentage of ordinary share capital plus all reserves, often abbreviated as ROOE. The more common term in use for this is ‘return on shareholders' funds'. Return on shareholders' funds: Net profit as a percentage of ordinary share capital plus all reserves, often abbreviated as ROSF and more commonly used than the alternative term, return on owners' equity. Returns inwards: Goods returned by customers. (Also known as ‘sales returns'.) Returns Inwards Day Book: Book of original entry for goods returned by customers. Also called the Returns Inwards Journal or the Sales Returns Book. Returns outwards: Goods returned to suppliers. (Also known as ‘purchases returns'.) Returns Outwards Day Book: Book of original entry for goods returned to suppliers. Also called the Returns Outwards Journal or the Purchases Returns Book. Revaluation account: An account used to record gains and losses when assets are revalued. Revenue expenditure: Expenses needed for the day-to-day running of the business. Revenues: The financial value of goods and services sold to customers. Sale or return: Goods passed to a customer on the understanding that a sale will not occur until they are paid for. As a result, these goods continue to belong to the seller. Sales: Goods sold by the business in which it normally deals which were bought with the prime intention of resale. Sales Day Book: Book of original entry for credit sales. Also called the Sales Journal. Sales invoice: A document showing details of goods sold and the prices of those goods. Sales Ledger: A ledger for customers' personal accounts. Sensitivity analysis: Altering volumes and amounts so as to see what would be likely to happen if they were changed. For example, a company may wish to know the financial effects of cutting its selling price by £1 a unit. Also called ‘what if' analysis. Separate determination concept: The amount of each asset or liability should be determined separately. Shares: The division of the capital of a lim ited company into parts. Smart card: A card that holds details on a computer chip instead of a traditional magnetic stripe. Standard cost: What you would expect something to cost. Standard rate (of VAT) : The VAT rate usually used. Standard-rated business: A business that charges VAT at the standard rate on its sales. Standing order: A medium used to enable payments to be made automatically at given dates into a bank account for an amount agreed by the payer. Statement: A copy of a customer's personal account taken from the supplier's books. Statement of Affairs: A statement from which the capital of the owner can be found by estimating assets and liabilities. Then Capital = Assets - Liabilities. It is the equivalent of the balance sheet. Stock: Goods in which the business normally deals that are held with the intention of resale. They may be finished goods, partly finished goods, or raw materials awaiting conversion into finished goods which will then be sold. (Also known as inventory.) Stock turnover: The number of times stock is sold in an accounting period. (Also known as ‘stockturn'.) Stocktaking: The process of physically identifying the stock on hand at a given point in time. Straight line method: A method of calculating depreciation that involves deducting the same amount every accounting period from the original cost of the fixed asset. Subjectivity: Using a method that other people may not agree to, derived from one's own personal preferences. Substance over form: Where real substance takes precedence over legal form. Super profits: Net profit less the opportunity costs of alternative earnings and alternative returns on capital invested that have been foregone. Suspense account: An account in which you can enter the amount equal to the difference in the trial balance while you try to find the cause of the error(s) that resulted in the failure of the trial balance to balance. Switch: A system that allows a debit card to be used to pay for goods and services in the UK . In effect, it is the electronic version of paying by cheque. T-account: The layout of accounts in the accounting books. Tax code: The number found by adding up an individual's personal allowances which is used to calculate that individual's tax liability. Time interval concept: Financial statements are prepared at regular intervals. Total cost: Production cost plus administration, selling and distribution expenses and finance expenses. Trade discount: A deduction in price given to a trade customer when calculating the price to be charged to that customer for some goods. It does not appear anywhere in the accounting books and so does not appear anywhere in the financial statements. Trading account: An account in which gross profit is calculated. Trading and profit and loss account: A financial statement in which both gross profit and net profit are calculated. Transposition error: Where the characters within a number are entered in the wrong sequence. Trial balance: A list of account titles and their balances in the ledgers, on a specific date, shown in debit and credit columns. True and fair view: The expression that is used by auditors to indicate whether, in their opinion, the financial statements fairly represent the state of affairs and financial performance of a company. Unpresented cheque: A cheque which has been given to a creditor but which has not yet been received and processed by the writer's bank. Unregistered business: A business that ignores VAT and treats it as part of the cost of purchases. It does not charge VAT on its outputs. It does not need to maintain any record of VAT paid. Value Added Tax (VAT): A tax charged on the supply of most goods and services. Variable costs: Expenses which change in response to changes in the level of activity. Website (of a business) : A location on the Internet where businesses place information for the use of anyone who happens to want to look at it. In many cases, a business website contains copies of the latest financial statements of the business and a part of the website is devoted to promoting and selling goods and services. ‘What if' analysis: Altering volumes and amounts so as to see what would be likely to happen if they were changed. For example, a company may wish to know the financial effects of cutting its selling price by £1 a unit. Also called sensitivity analysis. Wide area network (WAN): A group of workstations not all of which are based locally that are linked together by wires and over telephone lines. Work in progress: Items not completed at the end of a period. Working capital: Current assets minus current liabilities. The figure represents the amount of resources the business has in a form that is readily convertible into cash. Same as net current assets. Workstation: A dumb terminal or a PC that is used to access data held in a database on a central computer. Zero rate (of VAT) : The VAT rate (of zero) that applies to supply of certain goods and services. Zero-rated business: A business that only supplies zero-rated goods and services. It does not charge VAT to its customers but it receives a refund of VAT on goods and services it purchases.
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