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Glossary

Descriptions

QuestionAnswer
Account Record of a particular type of business transaction
Assets Business's Resources - anything of value owned by a business
Balance Amount by which one of a ledger account exceeds the other side at given point in time
Balance Sheet List of all assets and liabilities of business at a particular point in time
Bookkeeping Method recording financial aspects of all business transactions - total financial position of business unit can be ascertained
Business Employment, trade, profession, occupation or industrial activity
Business Rates Form of property tax charged on business premises. General business expense.
Business Unit Whatever engages in business transactions
Capital Amount of Resources supplied by owner or owners of a business
Credit Right-hand side of an account, records the giving of value
Creditors People to whom business owes money for goods purchased on credit. Creditors in balance sheet refers to total amount owed by business to these creditors
Current Assets Which business expects to turn into cash within a 12 month period
Current Liabilities Amounts due and payable within a 12 month period
Debit Left-hand side of account, records receiving of value
Debtors People owe business money for goods sold on credit. Debtors in balance sheet refers to total amount owed to business by debtors
Double-Entry Recording every transaction in books of business by making a double-entry for each transaction - reflect dual aspect of every transaction
Fixed Assets Assets not intended for resale in normal course of trading
Gross Profit Sales Revenue less cost of goods sold
Ledger Main book used for recording a business' transactions. Even if accounts held on disk rather than a book, still known as a ledger.
Liabilities Amounts owed by a business
Net Profit Left of gross profit after other expenses relevant to sale have been deducted.
Folio Reference Number identifying accounts in the ledger
Open an Account Start a new account in a ledger - also in banking terms to open a bank account.
Stock Finished goods to be sold, partially finished goods in stages of production, raw materials used in the finished product
Bad Debts Debts owed to business, does not expect to be paid back
Cash Book Sub-division of ledger, recording cash/bank transactions, also a subsidiary book
Cash Discount Reduction in amount due, as reward for prompt payment
Credit Note Detailed note of particulars reducing amendment to original invoice or return of goods sold on credit
Invoice Detailed note of particulars of a credit purchase or sale
Posting Transferring figures from subsidiary book to appropriate accounts in the ledger
Purchases Day Book Subsidiary Book - record details of purchases invoices
Purchases Returns Book Subsidiary Book - record details of credit notes received by suppliers
Sales Day Book Subsidiary Book - record details of sales invoices
Sales Returns Book Subsidiary Book - record details of credit notes issued to customers
Statement Detail of customer's account shown in supplier's books, sent to customer at time when payment is due for goods sold on credit
VAT Value Added Tax - indirect tax goods/services
Wages Book Subsidiary Book - recorded details of wages and salaries paid by a business
Bank Current Account Bank Account which cheques can be drawn as means of payment
Bank Reconciliation Reconciling process of bank balance in business' books with bank balance in bank's books at a given point in time
Bank Statement Statement issued by bank giving details of a customer's account with the bank
General Ledger Contains all accounts of business other than those in cash book, sales ledger/purchase ledger and private ledger if there is one
Petty Cash Book Subsidiary of Cash Book recording small cash transactions
Purchases Ledger Subdivision of ledger containing personal accounts of trade creditors of a business
Sales Ledger Subdivision of ledger containing personal accounts of trade debtors of a business
Cash Book Subdivision of ledger recording cash/bank transactions, used as a subsidiary book
Trade Discount Allowance/reduction in price granted between businesses in same trade - wholesale and retailer
Created by: tmeakins on 2013-08-20



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