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Technical terms

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Revenue income

Revenue is the income that a business has from its normal business activities, usually from the sale of goods and services to customers. Revenue is also ref...

Fri, 22 Mar, 2019 at 8:14 PM
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Remittance advice

A letter sent by a customer to a supplier, to inform the supplier that their invoice has been paid. If the customer is paying by cheque, the remittance advi...

Fri, 22 Mar, 2019 at 8:14 PM
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Reversal of entries

Made on the first day of an accounting period in order to remove certain adjusting entries made in the previous accounting period. Used in order to avoid th...

Fri, 22 Mar, 2019 at 8:14 PM
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Rolling budgets

 A rolling budget is continually updated to add a new budget period as the most recent budget period is completed.

Fri, 22 Mar, 2019 at 8:14 PM
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Sales credit note

A commercial document issued by a seller to a buyer. Credit notes act as a source document for the sales return journal.

Fri, 22 Mar, 2019 at 8:14 PM
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Sales invoice

The request of payment by the customer for goods sold or services provided by the seller.

Fri, 22 Mar, 2019 at 8:14 PM
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Sales ledger

Record of sales, whether or not you have received the money, and how much you are still owed.

Fri, 22 Mar, 2019 at 8:14 PM
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Seasonal variation

The difference between the trend of data and the actual figures for the period in question.

Fri, 22 Mar, 2019 at 8:14 PM
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Sensitivity analysis

 A technique used to determine how different values of an independent variable impact a particular dependent variable under a given set of assumptions, to g...

Fri, 22 Mar, 2019 at 8:14 PM
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Semi-variable costs

A cost composed of a mixture of fixed and variable components.

Fri, 22 Mar, 2019 at 8:14 PM