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A method of costing that assigns indirect costs (overheads) to given cost centres.
Allocation of resources
The method by which the resources available to an economy are divided between the alternative uses. In market economies resources are allocated to those with the financial ability to pay for them. In command economies the allocation decisions are made by the state or agencies of the state.
Articles of association
A document stating the regulations covering the internal organization of a company. This document must be submitted to the Registrar of Companies as part of the process of registration.
Assets
The possessions of a business that contribute to the value of the business.
Audit
The scrutiny of the accounts of a business by a qualified third party to ensure they give a true and fair view of the state of the business.
Auditor
The person who carries out an audit.
Balance of payments
The summary of all transactions between the residents of a country with the residents of other countries.
Balance sheet
A stating summarizing the assets and liabilities of an organization.
Barter
The exchange of goods and services for other goods and services.
Break-even point
The level of output at which the revenue generated by a business is just sufficient to cover its costs.
Bulk discount
A discount from the quoted price for buying large quantities of stock.
Business
An organization that buys in goods and services which are then used to produce different goods and services to be sold at a profit.
Capital
The total stock of wealth (as opposed to income) owned by a business.
Capital structure
The different types of loan and owner capital by which a business is financed. It is usually measured by ratios comparing each type of financing with the total capital in use.
Cash flow
The money that flows into and out of a business over a given period of time. A projected cash flow for a future period is known as a cash flow forecast/cash flow budget.
Consumer
The final user of good or service, not necessarily the person who makes the purchase.
Cost
The amount of money spent to produce a good or service.
Cost centre
A unit of a business enterprise to which costs of production can be allocated.
Costing
The process of identifying and allocating the costs associated with the production of a good or service.
Credit
The time allowed between the receipt of a good or service by a customer and the final date on which payment is due.
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