Accounting dictionary

Learn about common accounting terms and phrases

3

  1. 3D Secure (3DS)

A

  1. Abnormal loss
  2. Abridged accounts
  3. Absorbed overhead
  4. Accountancy
  5. Accounting cushion
  6. Accounting equation
  7. Accounting principles
  8. Accounting system
  9. Accounting year
  10. Accounts payable
  11. Accounts receivable
  12. Accrual accounting
  13. Accruals
  14. Acquisition
  15. Activity-based costing (ABC)
  16. Administration
  17. Aged debtors report
  18. Aging report
  19. Allowable expenses
  20. Amortisation
  21. Annual accounting VAT scheme
  22. Annual Investment Allowance (AIA)
  23. Annual report
  24. Appreciation
  25. Arbitrage
  26. Articles of association
  27. Asset-backed commercial paper
  28. Assets
  29. Audit
  30. Audit trail
  31. Auditor's report
  32. Australian Business Number (ABN)
  33. Australian Company Number (ACN)
  34. Authorised Share Capital
  35. Average cost
  36. Average Revenue Per User (ARPU)

B

  1. B Corp
  2. B2B
  3. B2C
  4. Bad debt account
  5. Bad debt reserve
  6. Balance sheet
  7. Balloon payment
  8. Bank balance
  9. Bank fees
  10. Bank reconciliation
  11. Bank statement
  12. Bankruptcy
  13. Barriers to entry
  14. Barriers to exit
  15. Base period
  16. Bearer share
  17. Benefits in kind
  18. Bond
  19. Bonus
  20. Book value
  21. Bookkeeping
  22. Break-even point
  23. Brick and mortar
  24. Bridging software
  25. Budget
  26. Business angel
  27. Business name
  28. Business plan
  29. Business rates
  30. Business structure
  31. Buying rate
  32. By-products

C

  1. C-Suite
  2. Capital
  3. Capital allowance
  4. Capital expenditure
  5. Capital Gains Tax
  6. Capital investment
  7. Card machine
  8. Card payment
  9. Card reader
  10. Carrying cost
  11. Cash
  12. Cash accounting
  13. Cash accounting VAT scheme
  14. Cash budget
  15. Cash discount
  16. Cash flow
  17. Cash flow forecast
  18. Cash on delivery (COD)
  19. Chargeback
  20. Charity
  21. Chart of accounts
  22. Chip and PIN
  23. Churn rate
  24. CIS
  25. Click and mortar
  26. Closing balance
  27. Cloud
  28. Cold-calling
  29. Collateral
  30. Commercial invoice
  31. Commercial paper
  32. Commission
  33. Community interest company (CIC)
  34. Companies Act 2006
  35. Company registration number (CRN)
  36. Company tax
  37. Confirmation statement
  38. Conservatism principle
  39. Consistency principle
  40. Consumables
  41. Consumer
  42. Consumer price index (CPI)
  43. Consumer Rights Act 2015 (CRA 2015)
  44. Consumer surplus
  45. Contra account
  46. Contractor
  47. Contribution margin
  48. Copyright
  49. Corporation
  50. Corporation tax
  51. Cost
  52. Cost accounting
  53. Cost of goods sold
  54. Cost pool
  55. Cost principle
  56. County court judgement (CCJ)
  57. Credit
  58. Credit card
  59. Credit default swap (CDS)
  60. Credit derivative
  61. Credit note
  62. Credit rating
  63. Creditor
  64. Creditors’ voluntary liquidation (CVL)
  65. Crowdfunding
  66. Currency
  67. Current assets
  68. Current liabilities
  69. Current ratio
  70. Customer Acquisition Cost (CAC)
  71. Customer Lifetime Value (CLTV)
  72. Customer retention
  73. Customs Duty
  74. Customs union
  75. Cycle billing

D

  1. Dangerous asset
  2. Data Protection Act
  3. Debenture
  4. Debit
  5. Debit note
  6. Debt
  7. Debt financing
  8. Debt ratio
  9. Debtor
  10. Deductible VAT
  11. Default
  12. Deferred expenditure
  13. Deferred revenue
  14. Deferred tax
  15. Delivery note
  16. Department
  17. Deposit
  18. Deposit Interest Retention Tax (DIRT)
  19. Depreciation
  20. Depreciation methods
  21. Digital signature
  22. Diminishing marginal utility
  23. Direct debit
  24. Director
  25. Directors' report
  26. Dissolution
  27. Distance selling
  28. Dividends
  29. Domestic reverse charge VAT
  30. Double entry bookkeeping
  31. Down payment
  32. Drawings
  33. Due date
  34. Due diligence

E

  1. E-commerce
  2. EBIT
  3. EBITDA
  4. EC Sales List
  5. Economic entity principle
  6. Economies of scale
  7. Economies of scope
  8. Electronic invoicing
  9. Ending inventory
  10. Entrepreneur
  11. Entrepreneurs' Relief
  12. EORI number
  13. Equity financing
  14. Estimate
  15. Exchange gain or loss
  16. Excise Duty
  17. Exit strategy
  18. Expense
  19. Export VAT

F

  1. Fair value
  2. FIFO
  3. Finance charge
  4. Financial accounting
  5. Financial benchmarking
  6. Financial instrument
  7. Financial statement
  8. Finished goods
  9. Fintech
  10. Fiscal policy
  11. Fiscal year
  12. Fixed assets
  13. Fixed cost
  14. Fixed exchange rates
  15. Flat rate VAT scheme
  16. FOB destination
  17. FOB shipping point
  18. Franchising
  19. Free trade agreement (FTA)
  20. Freelancer
  21. Fringe benefits tax (FBT)
  22. Full disclosure principle
  23. Full Payment Submission (FPS)

G

  1. Gains
  2. GDP
  3. GDPR
  4. General ledger
  5. Glocalisation
  6. Going concern principle
  7. Golden parachute
  8. Goodwill
  9. Grant
  10. Gross profit margin
  11. Group consolidation
  12. Growth rate
  13. GST

H

  1. Harmonized system
  2. Historical cost
  3. Household income

I

  1. IBAN
  2. IFRS standards
  3. Impairment
  4. Import duty
  5. Import VAT
  6. Imprest system
  7. Income statement
  8. Income Tax
  9. Individual Savings Account (ISA)
  10. Inflation
  11. Initial Public Offering (IPO)
  12. Insolvency
  13. Insolvency practitioner (IP)
  14. Instalment payments
  15. Intangible assets
  16. Intellectual property
  17. Interest
  18. Inventory
  19. Investor
  20. Invoice
  21. Invoice format
  22. Invoice number

J

  1. Job costing
  2. Joint products
  3. Joint venture
  4. Joint venture for VAT
  5. Journal

K

  1. Key figure
  2. Key ratio

L

  1. Land and Buildings Transaction Tax
  2. Land Transaction Tax
  3. Late fees
  4. Lean accounting
  5. Legal tender
  6. Liabilities
  7. Lifetime Individual Savings Account
  8. LIFO
  9. Limited company
  10. Limited cost trader
  11. Limited liability
  12. Limited liability partnership (LLP)
  13. Liquidation
  14. Liquidity
  15. Loan
  16. Losses

M

  1. M-commerce
  2. Making Tax Digital
  3. Managed service company (MSC)
  4. Management accounting
  5. Management buyout (MBO)
  6. Manufacturer
  7. Margin scheme
  8. Marginal benefit
  9. Marginal cost
  10. Markdown
  11. Market share
  12. Market value
  13. Markup
  14. Matching principle
  15. Materiality principle
  16. Members’ voluntary liquidation (MVL)
  17. Memorandum of association
  18. Merchandise
  19. Merchant acquirer
  20. Mergers and acquisitions (M&A)
  21. Mezzanine financing
  22. Mobile payments
  23. Modified invoice
  24. Monetary policy
  25. Monetary unit principle
  26. Monopoly

N

  1. National Insurance
  2. Near term
  3. Negative amortisation
  4. Net income
  5. Net Income After Taxes (NIAT)
  6. Net sales
  7. Net worth
  8. Nil VAT Return
  9. Nominal ledger

O

  1. OCR system
  2. Off-balance sheet (OBS)
  3. Open items creditor
  4. Open items debtor
  5. Opening balance
  6. Outsourcing
  7. Overhead
  8. Owner’s equity

P

  1. Packing note
  2. Paper profit
  3. Par value
  4. Partial payment
  5. Partnership
  6. Partnership agreement
  7. Patent
  8. Payback period
  9. PAYE
  10. Payment guarantee
  11. Payment on account
  12. Payment receipt
  13. Payment terms
  14. Payroll
  15. Payroll tax
  16. Pension
  17. Period end
  18. Periodic stock management
  19. Perpetual stock management
  20. Personal allowance
  21. Personal service company (PSC)
  22. PESTLE Analysis
  23. Petty cash
  24. Point of sale (POS)
  25. POS system
  26. Postponed VAT accounting
  27. PP&E
  28. Premium
  29. Prepayments
  30. Price elasticity
  31. Pricing strategy
  32. Principal payment
  33. Process costing
  34. Producer surplus
  35. Product list
  36. Profit & loss statement
  37. Proforma invoice
  38. Project accounting
  39. Promissory note
  40. Provision
  41. Purchase ledger control account
  42. Purchase order
  43. Purchasing power

Q

  1. Quantitative easing
  2. Quick ratio
  3. Quotation

R

  1. Rateable value
  2. Raw materials
  3. Recurring expense
  4. Recurring invoice
  5. Reducing balance depreciation
  6. Refund or Reimbursement
  7. Registered share
  8. Reimbursable expense
  9. Reliability principle
  10. Reminder letter
  11. Remittance advice
  12. Request for proposal (RFP)
  13. Research and Development (R&D)
  14. Reserves
  15. Residual value
  16. Retailer
  17. Retained earnings
  18. Return on investment (ROI)
  19. Revaluation
  20. Revaluation of creditors/debtors
  21. Revenue recognition principle
  22. Revenues
  23. Reverse charge
  24. Rounding
  25. Royalties

S

  1. Sale of Goods Act 1979 (SOGA)
  2. Sales
  3. Sales discount
  4. Sales ledger control account
  5. Sales turnover
  6. Salvage value
  7. Seasonality
  8. Self assessment
  9. SEPA
  10. Share
  11. Shareholder
  12. Shareholders' agreement
  13. SIC code
  14. Simplified invoice
  15. Single market
  16. SME
  17. Social enterprise
  18. Sole trader
  19. Solvency
  20. Spoilage
  21. Stakeholder
  22. Stamp duty
  23. Standard costing
  24. Standard VAT accounting scheme
  25. Standing order
  26. Statement of account
  27. Statement of cash flows
  28. Statement of retained earnings
  29. Statutory accounts
  30. Stock
  31. Stock management
  32. Stockholders' equity
  33. Straight-line depreciation
  34. Structures and Buildings Allowance (SBA)
  35. Subcontractor
  36. Subscription
  37. Subsidiary
  38. Super-deduction
  39. Superannuation
  40. Supply and demand
  41. Supply chain
  42. Suspense account
  43. SWIFT/BIC codes
  44. Switching costs
  45. SWOT analysis

T

  1. Tangible assets
  2. Tariff
  3. Tax accounting
  4. Tax base
  5. Tax codes
  6. Tax file number
  7. Tax point
  8. Time period principle
  9. Time Value of Money (TVM)
  10. Touch ID
  11. Trade mark
  12. Trading name
  13. Transaction
  14. Transaction fee
  15. Trial balance
  16. Turnover

U

  1. UK GAAP
  2. Unbundling
  3. Underwriting
  4. Unique Selling Point (USP)
  5. Unique Taxpayer Reference (UTR)
  6. Unlimited liability
  7. Useful life

V

  1. Variable cost
  2. Variance
  3. VAT
  4. VAT Division
  5. VAT exemption
  6. VAT group
  7. VAT invoice
  8. VAT margin scheme
  9. VAT MOSS
  10. VAT number
  11. VAT rate
  12. VAT registration
  13. VAT relief
  14. VAT report
  15. VAT return
  16. VAT taxable turnover
  17. VAT threshold
  18. Venture capital
  19. Virtual terminal

W

  1. Wholesaler
  2. Withholding tax
  3. Word of mouth (WOM)
  4. Work in process
  5. Working capital
  6. Write-off

Y

  1. Year end

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