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accounts

accounts   Reference library

The Handbook of International Financial Terms

Reference type:
Subject Reference
Current Version:
2005

1 The reported balance sheet, profit and loss statement, and cash flow statement of an organization. Also known

accounts

accounts   Reference library

A Dictionary of English Manuscript Terminology 1450–2000

Reference type:
Subject Reference
Current Version:
2011
Subject:
Literature, History
Length:
445 words

Accounts are financial documents detailing expenditure and income, often drawn up systematically in columns, with appropriate calculations. An account book

annual report

annual report  

Reference type:
Overview Page
The report on an incorporated company's affairs that must be sent to shareholders after the end of the financial year. Such reports include an audited statement of the company's affairs ...
audit

audit  

Reference type:
Overview Page
The process of checking accounts. Auditors check whether the accounts of a company, private trader, or association are complete and consistent, whether they agree with other records of purchases, ...
audit exemption

audit exemption  

The exemption from statutory audit by a registered auditor that can be claimed by certain small companies. Companies with a turnover of not more than £1 million and a balance-sheet total of not more ...
auditor

auditor  

Reference type:
Overview Page
N.A person or firm appointed to examine the books of account and the accounts of a registered company and to report upon them to company members. An auditor's report must state whether or not, in the ...
balance sheet

balance sheet  

Reference type:
Overview Page
A statement of the money values of the assets and liabilities of a firm or any other organization at some moment, particularly the end of a financial year. Assets can include money, securities, land, ...
balancing item

balancing item  

Reference type:
Overview Page
An entry in a set of accounts to cover the discrepancy between two different figures for the same item. This is used when two methods of measurement produce different results for figures which should ...
book value

book value  

Reference type:
Overview Page
The value which is put on assets in a firm's accounts. This may be the original purchase price, or a revised figure based on a periodic revaluation. It is contrasted with trying to value assets at ...
books of account

books of account  

Reference type:
Overview Page
Subject:
Law
Records that disclose and explain a company's financial position at any time and enable its directors to prepare its accounts. The books (which registered companies are required to keep by the ...
bottom line

bottom line  

The profit or loss on an activity. The expression derives from the custom in drawing up accounts of showing the profit or loss at the foot of the statement.
Companies House

Companies House  

Reference type:
Overview Page
The office of the Registrar of Companies (see registration of a company). Companies with a registered office in England or Wales are served by the registry at Cardiff; those in Scotland by the ...
consolidated accounts

consolidated accounts  

Reference type:
Overview Page
The combined accounts of all the members of a group of companies. Such accounts show the profits and losses, assets, and liabilities of the group as a whole, netting out any transfers of income and ...
deferred taxation

deferred taxation  

Reference type:
Overview Page
A sum set aside for tax in the accounts of an organization that will become payable in a period other than that under review. It arises because of timing differences between tax rules and accounting ...
double-entry book-keeping

double-entry book-keeping  

A method of recording the transactions of a business in a set of accounts, such that every transaction has a dual aspect and therefore needs to be recorded in at least two accounts. For example, when ...
for the account

for the account  

Reference type:
Overview Page
(Equities; UK).Type of transaction formerly possible on the London Stock Exchange (ISE) when it operated the settlement on the basis of accounts aimed at buying (selling) and selling (buying) ...
forensic accountant

forensic accountant  

Reference type:
Overview Page
Subject:
Law
An accountant who specializes in examining and analyzing the accounts of companies and individuals for use in court proceedings.
group accounts

group accounts  

An account associated with a group of users. Group accounts can be used to associate a series of access controls with a group of users: for example, ensuring that the group can only read or write to ...
ledger

ledger  

A collection of accounts of a similar type. Traditionally, a ledger was a large book with separate pages for each account; in modern systems they will usually consist of computer records. The most ...
profit and loss account

profit and loss account  

Reference type:
Overview Page
1 An account in the books of an organization showing the profits (or losses) made on its business activities with the deduction of the appropriate expenses.2 A statement of the profit (or loss) of an ...

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