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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. Accrual accounting
  12. Accruals
  13. Acquisition
  14. Activity-based costing (ABC)
  15. Administration
  16. Aged debtors report
  17. Aging report
  18. Amortisation
  19. Annual accounting VAT scheme
  20. Annual Investment Allowance (AIA)
  21. Annual report
  22. Appreciation
  23. Arbitrage
  24. Asset-backed commercial paper
  25. Assets
  26. Audit
  27. Audit trail
  28. Auditor's report
  29. Australian Business Number (ABN)
  30. Australian Company Number (ACN)
  31. Average cost
  32. Average Revenue Per User (ARPU)

B

  1. B Corp
  2. B2C
  3. Bad debt account
  4. Bad debt reserve
  5. Balance sheet
  6. Balloon payment
  7. Bank balance
  8. Bank fees
  9. Bank reconciliation
  10. Bank statement
  11. Bankruptcy
  12. Barriers to entry
  13. Base period
  14. Benefits in kind
  15. Bond
  16. Bonus
  17. Book value
  18. Break-even point
  19. Brick and mortar
  20. Bridging software
  21. Budget
  22. Business plan
  23. Buying rate

C

  1. Capital
  2. Capital allowance
  3. Capital expenditure
  4. Capital Gains Tax
  5. Capital investment
  6. Card machine
  7. Carrying cost
  8. Cash accounting VAT scheme
  9. Cash budget
  10. Cash flow forecast
  11. Chargeback
  12. Chart of accounts
  13. Churn rate
  14. CIS gross payment status (GPS)
  15. Closing balance
  16. Cloud
  17. Cold-calling
  18. Collateral
  19. Commercial paper
  20. Companies Act 2006
  21. Company tax
  22. Confirmation statement
  23. Conservatism principle
  24. Consistency principle
  25. Consumables
  26. Consumer price index (CPI)
  27. Consumer surplus
  28. Contra account
  29. Contribution margin
  30. Copyright
  31. Corporation tax
  32. Cost
  33. Cost accounting
  34. Cost pool
  35. Cost principle
  36. County court judgement (CCJ)
  37. Credit
  38. Credit card
  39. Credit default swap (CDS)
  40. Credit derivative
  41. Credit rating
  42. Credit utilisation rate
  43. Creditors’ voluntary liquidation (CVL)
  44. Crowdfunding
  45. Currency
  46. Current assets
  47. Current liabilities
  48. Current ratio
  49. Customer Acquisition Cost (CAC)
  50. Customer retention
  51. Customs union
  52. Cycle billing

D

  1. Dangerous asset
  2. Debenture
  3. Debit
  4. Debt
  5. Debt financing
  6. Debt ratio
  7. Deferred expenditure
  8. Deferred revenue
  9. Deferred tax
  10. Deposit Interest Retention Tax (DIRT)
  11. Depreciation
  12. Depreciation methods
  13. Digital signature
  14. Directors' report
  15. Dissolution
  16. Dividends
  17. Double entry bookkeeping
  18. Drawings

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. Entrepreneur
  9. Entrepreneurs' Relief
  10. Equity financing
  11. Estimate
  12. Exit strategy

F

  1. Fair value
  2. FIFO
  3. Finance charge
  4. Financial accounting
  5. Financial benchmarking
  6. Financial instrument
  7. Financial statement
  8. Fintech
  9. First year allowance
  10. Fiscal policy
  11. Fiscal year
  12. Fixed assets
  13. Fixed cost
  14. FOB shipping point
  15. Franchising
  16. Free trade agreement (FTA)
  17. Fringe benefits tax (FBT)
  18. Full disclosure principle
  19. Full Payment Submission (FPS)

G

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

H

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

I

  1. IBAN
  2. IFRS standards
  3. Impairment
  4. Imprest system
  5. Income statement
  6. Income Tax
  7. Individual Savings Account (ISA)
  8. Inflation
  9. Initial Public Offering (IPO)
  10. Insolvency practitioner (IP)
  11. Intangible assets
  12. Interest
  13. Inventory
  14. Investor
  15. Invoice template

J

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

K

  1. Key figure
  2. Key ratio

L

  1. Land and Buildings Transaction Tax
  2. Land Transaction Tax
  3. Lean accounting
  4. Legal tender
  5. LIFO
  6. Limited cost trader
  7. Limited liability partnership (LLP)
  8. Liquidity
  9. Loan
  10. Losses

M

  1. M-commerce
  2. Management accounting
  3. Management buyout (MBO)
  4. Manufacturer
  5. Margin scheme
  6. Marginal benefit
  7. Marginal cost
  8. Market share
  9. Market value
  10. Matching principle
  11. Materiality principle
  12. Members’ voluntary liquidation (MVL)
  13. Memorandum of association
  14. Mezzanine financing
  15. Mobile payments
  16. Modified invoice
  17. Monetary policy
  18. Monetary unit principle
  19. Monopoly

N

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

O

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

P

  1. Paper profit
  2. Par value
  3. Patent
  4. Payback period
  5. PAYE
  6. Payroll
  7. Payroll tax
  8. Pension
  9. Period end
  10. Personal allowance
  11. PESTLE Analysis
  12. Petty cash
  13. POS system
  14. Postponed VAT accounting
  15. PP&E
  16. Premium
  17. Price elasticity
  18. Pricing strategy
  19. Principal payment
  20. Process costing
  21. Project accounting
  22. Promissory note
  23. Provision
  24. Purchase ledger control account

Q

  1. Quantitative easing
  2. Quick ratio

R

  1. Raw materials
  2. Recurring expense
  3. Reimbursable expense
  4. Reliability principle
  5. Remittance advice
  6. Request for proposal (RFP)
  7. Research and Development (R&D)
  8. Reserves
  9. Residual value
  10. Retailer
  11. Retained earnings
  12. Return on investment (ROI)
  13. Revaluation
  14. Revaluation of creditors/debtors
  15. Revenue recognition principle
  16. Royalties

S

  1. Sale of Goods Act 1979 (SOGA)
  2. Sales ledger control account
  3. Salvage value
  4. Seasonality
  5. Self assessment
  6. Shareholders' agreement
  7. SIC code
  8. SME
  9. Social enterprise
  10. Solvency
  11. Spoilage
  12. Stakeholder
  13. Stamp duty
  14. Standard costing
  15. Standard VAT accounting scheme
  16. Statement of cash flows
  17. Statement of retained earnings
  18. Statutory accounts
  19. Stock
  20. Stockholders' equity
  21. Straight-line depreciation
  22. Structures and Buildings Allowance (SBA)
  23. Subsidiary
  24. Super-deduction
  25. Superannuation
  26. Supply chain
  27. Suspense account
  28. Switching costs
  29. SWOT analysis

T

  1. Tangible assets
  2. Tax accounting
  3. Tax base
  4. Tax codes
  5. Tax file number
  6. Time period principle
  7. Time Value of Money (TVM)
  8. Trade mark
  9. Trading name
  10. Trial balance
  11. Turnover

U

  1. UK GAAP
  2. Underwriting
  3. Unique Selling Point (USP)
  4. Useful life

V

  1. Variable cost
  2. VAT Division
  3. VAT group
  4. VAT margin scheme
  5. VAT MOSS
  6. VAT relief
  7. Venture capital
  8. Virtual terminal

W

  1. Withholding tax
  2. Working capital
  3. Write-off

Y

  1. Year end
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