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Technical terms

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Express terms

Terms that have been specifically mentioned and agreed by both parties at the time the contract is made. They can either be oral or in writing.

Fri, 22 Mar, 2019 at 8:13 PM
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Favourable variance

When an anticipated cost is higher than its actual cost, or when anticipated revenue is lower than actual revenue.

Fri, 22 Mar, 2019 at 8:13 PM
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FIFO

First In, First Out; the oldest inventory items are recorded as sold first. The cost associated with the inventory that was purchased first is the cost expe...

Fri, 22 Mar, 2019 at 8:13 PM
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Finance Function

Goals of a finance function are business support service, lowest costs, and effective control of the environment.

Fri, 22 Mar, 2019 at 8:13 PM
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Final accounts

The final trial balance at the end of an accounting period from which the financial statements are derived. This final trial balance includes all of the jou...

Fri, 22 Mar, 2019 at 8:13 PM
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Fixed cost

A cost that does not change with an increase or decrease in the amount of good or services produced or sold. Expenses that have to be paid by a company, ind...

Fri, 22 Mar, 2019 at 8:13 PM
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Flexed budget

A budget that adjusts or flexes for changes in the volume of activity.

Fri, 22 Mar, 2019 at 8:13 PM
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General ledger

Contains all the accounts for recording transactions relating to a company’s assets, liabilities, owner’s equity, revenue, and expenses.

Fri, 22 Mar, 2019 at 8:13 PM
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Going concern principle

The belief that a company will stay in business in the future.

Fri, 22 Mar, 2019 at 8:13 PM
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Goods received

Record of goods received at the point of receipt. This record is used to confirm all goods have been received and often compared to a purchase order before ...

Fri, 22 Mar, 2019 at 8:13 PM