Fichas
accounting terminologies (e&f)
Fichas del conjunto (24)
- 1Entity ConceptThe view of the relationship between the accounting entity and its owners which regards the entity as a separate person, distinct and apart from its owners.
- 2Equity ShareA share which is not a preference share. Also sometimes called ordinary share.
- 3Exchange differenceExchange difference is the difference resulting from reporting the same number of units of a foreign currency in the reporting currency at different exchange rates.
- 4ExpenditureIncurring a liability, disbursement of cash or transfer of property for the purpose of obtaining assets, goods or services.
- 5ExpenseA cost relating to the operations of an accounting period or to the revenue earned during the period or the benefits of which do not extend beyond that period.
- 6Expired CostThat portion of an expenditure from which no further benefit is expected. Also termed as expense.
- 7Extraordinary itemsExtraordinary items are income or expenses that arise from events or transactions that are clearly distinct from the ordinary activities of the enterprise and, therefore, are not expected to recur frequently or regularly.
- 8Fair valueFair value is the amount for which an asset could be exchanged or a liability settled between knowledgeable, willing parties in an arm’s length transaction.
- 9Fair Market ValueThe price that would be agreed to in an open and unrestricted market between knowledgeable and willing parties dealing at arm’s length who are fully informed and are not under any compulsion to transact.
- 10First ChargeA charge having priority over other charges.
- 11First In, First Out (FIFO)Computation of the cost of items sold or consumed during a period as though they were sold or consumed in order of their acquisition.
- 12Fixed assetAsset held with the intention of being used for the purpose of producing or providing goods or services and is not held for sale in the normal course of business.
- 13Fixed CostThat cost of production which by its very nature remains relatively unaffected in a defined period of time by variations in the volume of production.
- 14Fixed DepositDeposit for a specified period and at specified rate of interest.
- 15Fixed or Specific ChargeA charge which attaches to a particular asset which is identified when the charge is created, and the identity of the asset does not change during the subsistence of the charge.
- 16Floating ChargeA general charge on some or all assets of an enterprise which are not attached to specific assets and are given as security against a debt.
- 17Financial InstrumentA financial instrument is any contract that gives rise to both a financial asset of one enterprise and a financial liability or equity shares of another enterprise.
- 18Foreign currencyForeign currency is a currency other than the reporting currency of an enterprise.
- 19Forfeited ShareA share to which title is lost by a member for non-payment of call money or default in fulfilling any engagement between members or expulsion of members where the articles specifically provide therefor.
- 20Free ReserveA reserve the utilization of which is not restricted in any manner.
- 21Functional ClassificationA system of classification of expenses and revenues and the corresponding assets and liabilities to each function or activity, rather than by reference to their nature.
- 22FundAn account usually of the nature of a reserve or a provision which is represented by specifically earmarked assets.
- 23Fundamental Accounting AssumptionsBasic accounting assumptions which underlie the preparation and presentation of financial statements. They are going concern, consistency and accrual. Usually, they are not specifically stated because their acceptance and use are assumed. Disclosure is necessary if they are not followed.
- 24GainA monetary benefit, profit or advantage resulting from a transaction or group of transactions.
Información
- Descripción
- Accounting terms
- Creado por
- Vijaya Raikode · ago 2021
- Actualizado
- 11 ago 2021
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- 14
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