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