Technical terms
A list of goods sent or services provided, with a statement of the sum due for these.
If its highly unlikely that the amount owed by a customer will be received, then this debt is known as an irrecoverable debt. As it will probably never be r...
An individual savings account, a scheme allowing individuals to hold cash, shares, and unit trusts free of tax on dividends, interest, and capital gains.
A record that keeps accounting transactions in chronological order, i.e. as they occur.
The wage paid by an employer to an employee in exchange for work.
The debts of a business. Liabilities are classified as current (paid off in regular installments in 12 months or less) or long-term (large loans for fixed a...
Last In First Out; the most recently produced items are recorded as sold first.
A reduction in assurance engagement risk to a level that is acceptable in the circumstances of the assurance engagement but where that risk is greater than ...
Liquidity is the term used to describe how easy it is to convert assets to cash. The most liquid asset, and what everything else is compared to, is cash