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Assets which can change considerably within a given accounting period. These usually include stocks, debtors and cash.
Customer
The purchaser of the goods and services produced by a business.
Debenture
A long-term loan to a company to be redeemed on a future date. The interest is normally paid annually. Debenture is paid before dividends on preference and ordinary shares.
Depreciation
The amount by which profits are reduced to allow for the decline in the value of fixed assets. The term is also used to describe the fall in the value of a country’s currency in relation to foreign currencies.
Direct costs
Costs which can be clearly allocated to a particular product. Such costs usually vary according to the level of production.
Efficiency
A ratio of the input of an operation or process to the output.
Equity
The value of a company’s assets after all liabilities, other than those of shareholders have been allowed. Sometimes used to mean shareholder’s funds.
Fixed assets
Assets which are expected to stay in the business for longer than the given accounting period. They are usually assets that the business needs in the long term in order to continue its operations.
Fixed costs
Costs which stay the same for a given period of time over a given output.
Functions of money
Medium of exchange, store of value, unit of account, standard of deferred payment.
Goodwill
The value a business can command in addition to the value of its tangible assets.
Hire purchase
Form of purchase in which a good is bought by installments but the ownership remains with the vendor until the full price has been paid.
Historic cost
The valuation of assets at their original cost rather than their current market value.
Indirect costs
Costs which cannot be allocated directly to a named product.
Investment
Commitment of resources to a particular project.
Leasing
A contract in which the owner of an asset (the lessor) agrees to hire that asset for a sum of money to another person or organization (the lessee). The lessor retains ownership but not use of the asset.
Liquid assets
Assets which can be converted into money without loss of value.
Management buy-out
A situation in which the existing management of a subsidiary buy it from the parent company. When the majority of the required capital is provided by external loans it is called a leveraged management buy-out.
Margin of error
The difference between the actual output of a business and its break-even output.
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| Absorption costing | | | Read the extract from the poem pointing out complex objects. Learn the extract by heart. |