Items

• statement of financial position

  Is a financial statement that provides a snapshot of a company's financial health at a specific point in time. It shows the company's assets, liabilities, and equity.
• balance statement

  Same as above. Used to refer to it as Balance sheet, but now we refer to it as Statement of Financial Position (like above).
• bank

  A bank is a financial institution that provides a variety of services to individuals and businesses.
• bank account

  A bank account is a financial account maintained by a bank or other financial institution in which the financial transactions between the bank and a customer are recorded.
• bank charge

  Is a fee that a bank charges its customers for various services and transactions (handling fees).
• bank overdraft

  It enables you to borrow money through your current account by taking out more money than you have in the account.
• bank reconciliation

  Bank reconciliation is the process of comparing a company's bank account records to the bank statements. It is an important internal control that helps to identify and correct errors, omissions, and fraud.
• bankrupt

  Someone or something that is unable to pay their debts.
• bankruptcy

  A legal process that allows a person or business to discharge some or all of their debts.
• bid

  To offer a particular amount of money for something that is for sale and compete against other people to buy it, normally a public sale of goods or property (auction).
• bill

  A statement of the amount of money that is owed for goods or services that have been provided.
• bookkeeper

  A person responsible for bookkeeping, the process of recording an entity’s financial transactions into organised accounts on a daily basis.
• carrying amount

  The amount of something, as reflected in the financial statements of a business.
• bond

  A bond is a loan that an investor makes to a borrower, and the borrower promises to repay the loan with interest over a set period of time, called the term.
• breakeven point

  The breakeven point is the point at which a company's total revenue equals its total costs. It is the point at which the company is neither making a profit nor loss.
• 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).