Basic/General Accounting

Items

• transfer

  It is the act of moving one thing from one place to another.
• trial balance

  It is a financial report that provides a summary of the balances of all the accounts in a company’s general ledger.
• turnover

  It is the total sales made by the company during a specific period.
• turnover rate

  It is a percentage of employees who leave a company and are replaced within a specific period.
• understate

  It is to state the amount as being lower than it actually is.
• underwriter

  An individual or entity that assesses and evaluates the risk of ensuring a person or property.
• unfavourable balance

  It is when the amount of something is negative/less than zero.
• unit

  A single item/quantity.
• unit trust

  It is an investment fund where investors put their money together to collectively invest in a diversified portfolio of assets.
• valuation of property

  It is the process of determining the value of the property.
• variable costs

  It is the costs that vary with the number of units produced.
• variance

  It is the difference between a budgeted amount/quantity and the actual amount/quantity.
• VAT

  It is an indirect form of tax that is charged on goods and services sold.
• VAT exempt

  Not subject to VAT.
• VAT-exempt items

  It is the goods or services that are not charged VAT.
• VAT input

  It is the VAT that the registered VAT vendor pays and can claim.
• VAT output

  It is the tax that a business charges to its customers when they buy goods or services.
• vehicle

  It is a fixed asset that a business uses for transportation and other business purposes.
• wages

  It is the remuneration paid to workers for services provided.
• wages and salary journal

  It is a journal/document that records wages and salaries.
• want

  It is something that is desired but is not a necessity.
• weighted average method

  A method of inventory valuation that calculates the cost of inventory items by multiplying each unit’s cost by the number of units and then these amounts are added together and divided by the total number of units to determine the weighted average cost per unit.
• withdrawal

  It is the act of taking money out of the ATM.
• withholding tax

  It is the tax that the payer does not give to the recipient of the payment but pays it over to SARS on behalf of the recipient.
• working capital

  It is the difference between a company’s current assets and current liabilities.