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Documento

Uploaded by

mahjarani332
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© © All Rights Reserved
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1.

Suppliers: Entities that provide goods or services to a business,


typically for resale or use in production.

2. Financial: Pertaining to the management of money,


including investments, revenue, expenses, assets, and liabilities.

3. Accountant: A professional responsible for recording,


analyzing, and reporting financial transactions.

4. Recording: The process of documenting financial


transactions in a systematic manner for future reference.

5. Sole Trader: An individual who owns and operates a


business alone, responsible for all profits and liabilities.

6. Trading: The buying and selling of goods or services as


part of a business.

7. Trading and Profit and Loss Account (Income Statement):


A financial statement that shows a company’s revenues, costs, and
profits or losses over a specific period.

8. Inland Revenue: A government body responsible for


collecting taxes, managing tax law, and administering national
insurance in some countries (e.g., HM Revenue and Customs in the
UK).

9. Private/Public Limited Companies:

• Private Limited Company (Ltd): A company whose shares


are not publicly traded and are usually held by a small group of
investors.

• Public Limited Company (PLC): A company whose shares


are traded publicly on a stock exchange.

10. Employees: Individuals who work for a company or


organization in exchange for compensation, typically in the form of
wages or salary.

11. Classifying: The process of organizing and categorizing


financial data into meaningful groups for analysis.

12. Cooperative Society: A business organization owned and


operated by a group of individuals for their mutual benefit, with
members sharing profits and decision-making.

13. Sales: The revenue generated from selling goods or


services.
14. Investors: Individuals or institutions that provide capital to
a business with the expectation of receiving financial returns, such as
dividends or capital gains.

15. Accounting: The process of recording, summarizing, and


reporting financial transactions to provide information for decision-
making.

16. Summarizing: The act of condensing detailed financial


data into a concise format, typically for reporting purposes.

17. The Statement of Financial Position (Balance Sheet): A


financial statement that shows a company’s assets, liabilities, and
equity at a specific point in time, reflecting its financial condition.

18. Performance: Refers to how well a company is achieving


its financial objectives, often measured by profitability, revenue
growth, and other key metrics.

19. Customers: Individuals or businesses that purchase goods


or services from a company.

20. Cost: The amount of money spent to produce, acquire, or


deliver goods or services. It can include direct expenses like materials
and labor, as well as indirect expenses such as overhead.

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