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Bill: A term typically used to describe a purchase invoice (e.g. an invoice from a supplier). Borrowings: Loans. Bought Ledger: See Purchase Ledger. Break Even Analysis: The calculation of the break even point, this being the level of sales volume where there is zero profit or loss. Burn Rate: The rate at which a company spends its money ...
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Accounting. system used to record more than just financial transactions. Done right, accounting. tracks and analyzes business transactions in total, (2) measures and improves the health of a business, as well as (3) reports financial results to investors, creditors, and regulators. Your accounting system produces financial statements; such as ...
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The objective of general purpose financial reporting forms the foundation of the Conceptual Framework. Other aspects of the Conceptual Framework—the qualitative characteristics of, and the cost constraint on, useful financial information, a reporting entity concept, elements of financial statements, recognition and derecognition, measurement ...
accounting estimates and corrections of prior period errors. The tax effects of corrections of prior period errors and of retrospective adjustments made to apply changes in accounting policies are accounted for and disclosed in accordance with IAS 12 . Income Taxes. Definitions. The following terms are used in this Standard with the meanings ...
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The term is also used to distinguish investment activity from revenue. For example, a company may invest funds in research and development but decide to record this as the acquisition of a long-term asset instead of an expense, in other words capital rather than revenue. Cash basis The opposite of the accruals basis.
Account: A record that holds the results of financial transactions. Accountant's Equation: The equation that is the basis of the Balance Sheet: Assets = Liabilities + Owners' Equity. Accounting: A service that oversees, measures, and evaluates financial information for decision making purposes. Accounts Payable: Amounts due from your business ...
The amount at which an asset, a liability or equity is recognised in the statement of financial position. Cash on hand and demand deposits. Short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.
