Items

• periodic inventory system

  It is an inventory system where a company only updates records periodically instead of continuously.
• perpetual inventory system

  It is an inventory system where a company updates its records continuously.
• petty cash

  It is a small amount of money that the business keeps to cover daily expenses.
• petty cash journal

  A journal that records the movement of the small amount of cash that the business keeps to cover daily expenses.
• postal address

  It is a specific location expressed in a format that allows postal services to deliver mail and packages to the location.
• per annum

  Per year.
• preference shares

  It is the shares that have privileges over ordinary share but do not have voting rights in a company’s decisions.
• premium

  It is the additional amount paid for a good or service above the standard price.
• preventable

  Something that can be avoided.
• prepaid expense

  An expense that is paid for before it is actually incurred.
• prime cost

  It is the direct costs that can specifically be identified with the product.
• proceeds

  It is the money received from a sale of goods or services or other assets.
• procurement

  It is the process of purchasing goods.
• product

  It is the good or service that is being sold.
• production cost

  A cost incurred to produce a good or service.
• productivity

  It is the measure of the amount of work done for a certain amount of effort.
• profit

  It is the amount earned after a sale of inventory/assets or investment/(s) after all the expenses have been deducted.
• profit and loss

  It is a phrase that represents the financial performance of a company for a specific period.
• profit-and-loss account

  It is the account that records the financial performance of a company for a specific period.
• profit margin

  It is the percentage of profit that the company earns compared to its total sales.
• profit on sale of an asset

  It is the amount by which the proceeds from the sale of an asset exceed the carrying amount of the asset.
• profitability ratio

  These are the ratios that assess the company’s ability to generate profits compared to its sales, assets and equity.
• profitable indicators

  Signals that indicate the company’s ability to generate profits.
• product market

  A place where goods or services are traded.
• production

  The process of turning inputs to outputs/finished goods/.