Technical terms
Anything tangible or intangible that can be owned or controlled to produce value and is held by a company to produce positive economic value.
Paper or electronic trail that details the history of a transaction. It enables someone to trace the financial data from general ledger to the source docume...
Inventory costing method based on the average cost of inventory during a period of time. AVCO is calculated by dividing the cost of goods in inventory by th...
Acronym meaning ‘Banker’s Automated Clearing Services’ for an electronic payment method to make payment from one bank account to another. This method is pri...
Statement used to demonstrate the financial health of a business. States the assets, liabilities and stakeholder equity at a particular point in time.
A legal cause of action and a type of civil wrong, in which a binding agreement or bargained-for exchange is not honored by one or more of the parties to th...
Contains detailed budget and accounting information based on the modified accrual basis of accounting.
Expenses that a company has planned in advance and set aside funding to cover.
They work with programme and project managers to develop the organisation's budget.
Budget committees typically review and approve departmental budgets that are submitted by the various department heads.