Basic/General Accounting

Items

• productivity

  It is the measure of the amount of work done for a certain amount of effort.
• profit

  It is the amount earned after a sale of inventory/assets or investment/(s) after all the expenses have been deducted.
• profit and loss

  It is a phrase that represents the financial performance of a company for a specific period.
• profit-and-loss account

  It is the account that records the financial performance of a company for a specific period.
• profit margin

  It is the percentage of profit that the company earns compared to its total sales.
• profit on sale of an asset

  It is the amount by which the proceeds from the sale of an asset exceed the carrying amount of the asset.
• profitability ratio

  These are the ratios that assess the company’s ability to generate profits compared to its sales, assets and equity.
• profitable indicators

  Signals that indicate the company’s ability to generate profits.
• product market

  A place where goods or services are traded.
• production

  The process of turning inputs to outputs/finished goods/.
• projected profit and loss

  The profit or loss that is anticipated to be made at the end of a specific period.
• provisional tax

  Provisional tax is a tax system where there are periodic tax payments throughout the year instead of paying the full amount at the end of the financial year/year of assessment.
• prudence concept

  The exercise of caution when making judgements under conditions of uncertainty. The exercise of prudence means that assets and income are not overstated and liabilities and expenses are not understated.
• purchase

  It is to buy something.
• quotation

  It is a document from a supplier containing details about the prices, quantity and other relevant information about the items that a company or an individual wants to purchase.
• rate

  It is the percentage or ratio used to calculate various financial indicators.
• interest rates

  It is the cost of borrowing money.
• inventory turnover

  It is an indicator of how quickly the company sells its inventory within a specific period.
• ratio

  It is a comparison that describes the relationship between different quantities.
• raw material

  It is the inputs that are acquired to be used in the process of manufacture.
• rebate

  It is a refund or discount given to a customer after a sale to the customer.
• recession

  It is a noticeable decline in the economic activity of a country over an extended period.
• receipt

  A document that the payer receives from the seller to acknowledge the receipt of money for goods or services.
• receivables

  The amount of money owed to the business by customers that purchased good or services on credit.
• reconciliations

  Comparison of two or more documents to trace where differences arise and then accounting for those.