Basic/General Accounting

Items

• surety

  A promise by one party to take the responsibility of the obligations of another party if this party fails to fulfil its obligations.
• surplus

  It is something that is in excess of what is required.
• tangible asset

  Physical assets that can be touched or seen.
• tariff

  Tax or duty charged on imports or exports.
• tax

  It is a charge by the government to the individuals and businesses to generate income for funding public goods.
• taxable income

  It is income earned by individuals or businesses after deductions and exemptions according to the Income Tax Act.
• tax calculation

  The process of calculating tax that the individual or the business owes to the government.
• tax clearance certificate

  It is a certificate that states that the individual or business complies with the tax obligations and has no tax obligations.
• tax compliance status (TCS)

  It is a system that states that the individual or business complies with the tax obligations and has no tax obligations.
• tender

  A proposal made by one party to another party in response to a demand by another party.
• terminology pertaining tax

  Terms that are related to tax.
• total assets

  The amount of current and non- current assets owned by their business.
• total liabilities

  The total amount of liabilities that the business or individual owes.
• total manufacturing costs

  It is the total amount of money spent by the business to produce goods and services.
• trade and other payables

  It is the amount money that the company owes to its creditors for goods or services purchased on credit.
• trade and other receivables

  It is the money owed to the business by the debtors for goods and services sold on credit.
• trade discount

  It is the reduction of the price of the product or service offered by a supplier to a reseller.
• trade statement

  A document that summarises the financial transactions between two businesses.
• trade union

  An organization of a group of workers that looks out for the interests of the workers.
• trading account

  It is a financial account that is mainly used for recording and selling of financial instruments.
• trading business

  It is the business that is in the business of buying and selling of goods instead of services.
• trading licence

  It is the licence that grants the trader the permission to continue/start engaging in business.
• trading inventory

  It is the inventory that the business holds to sell to the customers.
• trading inventory deficit

  A shortage in inventory that the business sells to the customers.
• transaction

  An activity where goods, services, money or other assets are exchanged between parties.