Items

• terminology pertaining tax

  Terms that are related to tax.
• total assets

  The amount of current and non- current assets owned by their business.
• total liabilities

  The total amount of liabilities that the business or individual owes.
• total manufacturing costs

  It is the total amount of money spent by the business to produce goods and services.
• trade and other payables

  It is the amount money that the company owes to its creditors for goods or services purchased on credit.
• trade and other receivables

  It is the money owed to the business by the debtors for goods and services sold on credit.
• trade discount

  It is the reduction of the price of the product or service offered by a supplier to a reseller.
• trade statement

  A document that summarises the financial transactions between two businesses.
• trade union

  An organization of a group of workers that looks out for the interests of the workers.
• trading account

  It is a financial account that is mainly used for recording and selling of financial instruments.
• trading business

  It is the business that is in the business of buying and selling of goods instead of services.
• trading licence

  It is the licence that grants the trader the permission to continue/start engaging in business.
• trading inventory

  It is the inventory that the business holds to sell to the customers.
• trading inventory deficit

  A shortage in inventory that the business sells to the customers.
• transaction

  An activity where goods, services, money or other assets are exchanged between parties.
• transfer

  It is the act of moving one thing from one place to another.
• trial balance

  It is a financial report that provides a summary of the balances of all the accounts in a company’s general ledger.
• turnover

  It is the total sales made by the company during a specific period.
• turnover rate

  It is a percentage of employees who leave a company and are replaced within a specific period.
• understate

  It is to state the amount as being lower than it actually is.
• underwriter

  An individual or entity that assesses and evaluates the risk of ensuring a person or property.
• unfavourable balance

  It is when the amount of something is negative/less than zero.
• unit

  A single item/quantity.
• unit trust

  It is an investment fund where investors put their money together to collectively invest in a diversified portfolio of assets.
• valuation of property

  It is the process of determining the value of the property.