Items

• 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)
• financial data

  Is information related to the financial health of a business and includes income, expenses, assets, liabilities and cash flow.
• financial management

  Is the process of planning, organising, directing and controlling financial resources to achieve specific goals.
• financial period

  Period of time over which a company or organisation measures its financial performance.
• financial position

  Serves as a snapshot, providing a comprehensive picture of an entity’s financial situation
• financial report

  Document that provides information about the financial performance of a company or organisation.
• financial statement

  These statements are prepared in accordance with accounting standards. These standards ensure that financial statements are prepared in a consistent and transparent manner, which makes them easier for users to understand and compare.
• financial year

  Fiscal year is a 12-month accounting periods that a business uses for financial and tax reporting purposes.
• First in first out (FIFO)

  Accounting method in which assets purchased first are disposed of first.
• firm

  Business organisation that provides professional services. (Examples of firms are a sole proprietorship, partnership, limited liability company or corporation).
• non-current assets

  Assets that are not expected to be converted into cash within one year (Long-term assets).