| CALENDAR
YEAR - A
fiscal year from January 1 to December 31.
CALLING
A LOAN - A
formal demand from a creditor for repayment of a loan.
CAPITAL
- The owner's
claim against assets through the owner's investment. The net worth of a
business after the deduction of taxes and other liabilities.
CASH
- Money in hand
or readily available ( cheques, money orders, money currency received,
the amounts deposited in the firm's bank account, and so on.
CASH
BUDGET or CASH FLOW
STATEMENT - A statement that shows cash flows (cash received and
cash
paid out) over a specified period of time.
CASH
DISCOUNT - A
deduction that is given for prompt payment of a bill.
CASH FLOW
- The movement
of cash into and out of a business.
CASH
FLOW BUDGET or CASH
BUDGET - The budget that shows cash flows (cash received and cash
paid
out) for a specific period of time.
CASH
RECEIPTS - The
money received by a business from customers.
CHART OF
ACCOUNTS
- The number plan listing all account titles in order and the
numbers
assigned to each
account.
CHEQUE
RECORD - The
source document giving evidence of a cash payments transaction.
CHEQUE
STUB - A common
form of cheque record.
CLAIM
- A demand for
something due.
COLLATERAL
VALUE -
The value assigned by the bank to an asset that serves as security for
a loan.
CONTRACT
- An agreement
regarding mutual responsibilities between two or more parties.
CONTROLLABLE
EXPENSES
- Expenses that can be controlled or restrained by the business
person.
CORPORATION
- A business
venture comprising an individual or a group of individuals treated by
the
law as an individual.
CO-SIGNERS
- Joint
singers of a loan or mortgage agreement, pledging to meet the
obligations
in case of default (they guarantee the loan or mortgage will be paid
back
and the lender can take legal action to take their property if they
refuse
to pay).
COST OF
GOODS SOLD or
COST OF SALES - In a manufacturing business, this figure includes
the
cost of materials, labor and a portion of overhead. In a non
manufacturing
business it includes the cost of materials, duty and transport.
COVENANT
- A promise
or legal agreement you make when getting a loan. You must adhere to
these
covenants for your loan to remain in good standing.
CREDIT
- In the language
of bookkeeping - the right side of an account or an entry of money paid
on account.
CREDITORS
- Persons
or business firms that grant credit or goods.
CREDIT
RATING - The
financial standing and a business owner's (or individual)
reputation
for payment.
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