Items

• assets register

  A register that allows you to keep track of your assets and provides fair estimate of their worth.
• fixed cost

  Business expense that remains the same regardless of the level of production or output (Examples: Rent, salaries, insurance etc.).
• fixed deposit

  Type of savings account that offers a higher interest rate than a regular savings account in exchange for a fixed deposit period (agree to deposit a certain amount of money for a specific period of time).
• fixed price

  Price that is agreed upon in advance and does not change.
• folio number

  Unique code which can be used to trace a transaction in accounting journals.
• foreign sector

  The part of a country’s economy that is concerned with external trade.
• form of remuneration

  Any type of compensation or payment that an individual or employee receives for their services or the work that they do for an organization or company.
• donation

  Something that is given to charity, like a sum of money.
• funds

  A sum of money saved or made available for a specific purpose.
• general journal

  Book of general entry in which accountants record general financial transactions of a business in chronological order.
• general ledger

  Summary of all financial transactions that have been posted from the general journal.
• going concern concept

  Fundamental accounting principlethat assumes that a business will continue to operate in the foreseeable future.
• gross

  Gross is the total amount, without deductions.
• gross domestic product

  GDP is the standard measure of the value added created through the production of goods and services in a country during a certain period.
• gross income

  The total amount of income a business has earned before subtracting any expenses.
• gross profit

  The business’s profits after subtracting the cost of goods sold from the total revenue.
• gross salary

  The total amount of money an employee receives before deductions and taxes.
• hire purchase

  Hire purchase (HP) or leasing is a type of asset finance that allows firms or individuals to possess and control an asset during an agreed term, while paying rent or instalments covering depreciation of the asset and interest to cover capital cost.
• historical cost

  The price paid for an asset when it was purchased.
• honorarium

  Is a voluntary payment that is given to a person for services for which fees are not legally required.
• households

  A group of people, often a family, who live together.
• human resources

  The division of a business that manages the employee life cycle and is responsible for recruiting, screening, training employees and performance management.
• income

  Earned from services rendered or sales (inflow of money).
• income earned

  Money that you receive for your work or business activities.
• income received in advance

  Unearned income, is money that you receive for goods and services that you have not yet delivered.