Glossary Accounting Business UK - Glossario Contabilità UK
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Such transactions are best not recorded in the accounts, until the actual sales figures are known. Examples include newspapers and magazines.
They are normally issued when goods or services are faulty or when the sales invoice was incorrect.
It can be quickly referred to if you want to find the current status of any of the customer accounts.
The total balance outstanding should equal the balance of the debtors control account in the nominal ledger.
Altering volumes and amounts so as to see what would be likely to happen if they were changed.
For example, a company may wish to know the financial effects of cutting its selling price by £1 a unit.
For example, if it is normal policy to request that payment is made by customers 30 days after the invoice date, a cash discount of 4% might be offered for payment within 10 days of the invoice date.
A cash discount differs from a trade discount in that although the seller offers the discount to the customer it is up to the customer to decide whether or not to accept the offer of the discount.
Therefore the discount does not appear on the face of the invoice but it will be noted at the bottom of the invoice in the "Terms" section.
There is one complication here with VAT.
If a cash discount is offered then the VAT is calculated on the assumption that the cash discount is taken up by the customer and therefore the VAT calculation is made based upon the net invoice total after deducting the cash discount.
Documents issued by a company to its owners (the shareholders) which state how many shares in the company each shareholder has bought and what percentage of the company the shareholder owns. Shares can also be called 'Stock'.
However, it is no longer legal under the Companies Acts to issue shares at a discount.
Companies listed at the stock market strive to enhance shareholder value.
Shareholders are granted privileges depending on the class of share, including the right to vote (usually one vote per share owned) on matters such as elections to the board of directors, the right to share in distributions of the company's income, the right to purchase new shares issued by the company, and the right to a company's assets during a liquidation of the company.
Once the sinking fund reaches the same value as the other account, both can be removed from the balance sheet.
The distinction between what is 'small' and what is 'medium' varies depending on where you are and who you talk to.
Many, many businesses are sole traders, from electricians through to accountants.
Being a sole trader does not mean that the owner is the only one working in the business.
Some sole traders are one-man businesses, but many will also employ a number of other staff.
The owner of the business will have contributed capital to finance the business, although it may also have loans, either commercial or from friends.
The owner is also the only party to benefit from the profits of the business.
When the owner takes money, or goods out of the business it is referred to as drawings.
A statement may include an aged analysis to show amounts outstanding over 30 days, 60 days, 90 days, and more.
Then Capital = Assets - Liabilities. It is the equivalent of the balance sheet.
Stock is valued in the balance sheet at the lower of cost and net realisable value. (Also known as inventory.)
For example, a stereo system could be made up of a set of speakers, an amplifier, a CD player, a tape-deck and some connecting wires.
Sunk costs should not influence decisions because they have already been incurred and cannot affect a decision.
The Suspense Account can be used as a holding account until it is decided what should be done with the value.
The balance on the Suspense Account should ultimately be zero.
AVVERTENZE D'UTILIZZO: Il presente glossario contiene una definizione dei termini più frequentemente utilizzati nella contabilità d'impresa nel Regno Unito.
La spiegazione di ciascuno dei termini indicati in questo glossario è di carattere meramente orientativo e priva di valore legale; si raccomanda, quindi, di tenere conto del contesto e dell'evento in cui essi vanno applicati, in quanto il significato loro attribuito potrebbe differire rispetto a quello qui rappresentato.
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