Basic/General Accounting

Items

• electronic payments

  Digital payment, payments made from one account to another using a digital device or channel.
• electronic transfer

  Electronic funds transfer (EFT), the electronic transfer of money from one bank account to another.
• employee

  Someone who works for a business/individual.
• employer

  Is the business/individual that an employee works for.
• ethics

  Moral principles that govern a person’s behaviour (integrity, objectivity, professional competence, confidentiality and professional behaviour)
• entrepreneur

  An individual who organises, manages and assumes the risk of a new business venture.
• entrepreneurship

  The process of starting and running a new business venture.
• equation

  A mathematical statement that shows that two expressions are equal.
• equipment

  A tangible asset that benefits a business (Computers, Machinery, etc.)
• equity

  Assets less liabilities. Also known as shareholder’s equity.
• equivalent

  Equal in value, amount or function.
• error

  A mistake or an action which is inaccurate or incorrect
• expenditure

  Refers to the outflow of cash or other assets in order to make a purchase.
• expenses

  Refer to the cost of goods or services that are used up in the process of generating revenue.
• exported goods

  Goods that are produced in one country and sold to buyers in another.
• factors of production

  Economists define four factors of production: land, labor, capital and entrepreneurship.
• manufacturing overhead cost

  The sum of all the indirect costs which are incurred while manufacturing a product.
• fair value

  The fair value of an asset or liability is what it is worth in the current market.
• favourable balance

  A balance that is positive, meaning there are still funds available to spend.
• fees

  Payment made to a professional person in exchange for advice or services.
• final account

  Refers to the final trial balance at the end of an accounting period from which the financial statements are derived.
• final dividends

  A dividend that is paid after the completion of the financial year.
• finance

  The science of managing money.
• finance

  Refers to the financial industry or to a person who works in the financial industry.
• financial asset

  Has monetary value and can be converted into cash, typically, intangible (Examples: Stocks, bonds, annuities, money market accounts, mutual funds)