Basic/General Accounting

Items

• budget

  A spending plan based on income and expenses for specific period.
• budget adjustment

  Is a change to a budget, can be made for various reasons; revenue or expenses changes, changes in priorities and unexpected events.
• accountholder

  An accountholder is a person or organisation that has an account with a financial institution (like a bank).
• budget rollover

  A budget rollover is the process of carrying over unspent money from one budget period to the next.
• budget speech

  The finance minister outlines the government’s financial priorities every year in the budget speech.
• business

  A business is an organisation or enterprising entity engaged in commercial, industrial, or professional activities.
• capital

  Assets that are contributed by the owner of the business in exchange for an equity interest. Anything that the owner gives to the business.
• carriage

  Refers to the cost of transporting of goods/shipping and handling costs incurred.
• carriage inwards

  The transporting and handling of costs incurred by a business that is receiving goods from suppliers.
• carriage on purchases

  Same as above (Carriage inwards/freight inwards).
• carriage outwards

  The transporting and handling of costs incurred by a business that is shipping goods to a customer.
• cash

  The most liquid asset as it can be easily converted into other assets or used to purchase goods and services.
• accrual basis of accounting

  Record transactions (such as revenue and expenses) and other events when they occur, regardless of when cash is received or paid.
• cash basis of accounting

  Records revenue and expenses when cash is received or paid, regardless of when they are incurred.
• cash book

  Also known as a cash journal, a financial record that records all cash receipts and payments of a business.
• cash and cash equivalents

  They are assets that can be easily converted into cash without any significant loss in value.
• cash flow

  Refers to money that flows in and out of the business.
• statement of cash flows

  A financial statement that shows how much cash and cash equivalents a company has generated and used over a period of time.
• cash on hand

  The amount of cash a business has available after all the costs have been covered.
• cash payment journal

  An accounting journal that is only used to record all cash payments during an accounting period.
• cash receipt journal

  An accounting journal that is only used to record all cash receipts during an accounting period.
• cash journal

  Financial record that records all cash receipts and payments of a business.
• cash transaction

  A cash transaction is any transaction where payment is made immediately upon the purchase of goods or services and can be made in person, over the phone, or online.
• charge

  To impose or ask as a price or fee.
• charge

  Prices or fees that are imposed or asked for in exchange for goods or services.