Glossary

  

JOURNAL   Business Proprietor Production Object Undertaken Earning Acquiring Wealth Human Wants Capital Income Profits Bears Expenses Losses Property Net worth Net Assets Assets Liability Investments Trademarks Debtors Creditors Debts Owes Drawings Goods Commodities Account Voucher Live Stock Tangible Intangible Transaction Debit Credit Raw Materials Finished Products Cost Depression Anxious Book-keeping Accounting Classification Analyzing Interpreting Specific Period Concerns Single Entry System Double Entry System Accuracy Lenders Efficiency Strength Statement Occur Aspects Borrowed Withdrawn Events Act Surplus Invoice Document Dual Aspects Equation Tradition Merchandise Contribution Short-Run Long-Run Current Liabilities Current Assets Fixed Assets Owner's Equity Outsider's Equity Personal A/c's Real A/c's Nominal A/c's Artificial Representative Impersonal A/c Outstanding Unexpired Source Memorandum Ledger Trial Balance Final Accounts Journal Chronological Journal Entry Ledger Folio No. Compound Narration Insolvent Bad debts       100. Bad debts recovered	LEDGER   Revenues Principal Book Ascertain Loose leaf Bound book Journal Folio No. Enterprise Large Volume Amount Due from Amount Due to General Ledger Debtors Ledger Creditors Ledger Sales Ledger Purchase Ledger Balancing Posting Convenience Requirement Net Effect index Debit Balance Credit Balance Carried Down c/d Brought Down b/d Significance Nil Balance Remitted
SUBSIDIARY BOOKS   Sub-Division Special Journals Subsidiary Books No – departure Day to Day Repetitive Sufficient Purchase Journal Purchase Returns Journal Sales Journal Sales Returns Journal Bills Receivable Journal Bills Payable Journal Cash Book Journal Proper Credit Sale Opening Entries Closing Entries Rectification Entries Transfer Entries Adjusting Entries Depreciation Wear & Tear Dishonour Miscellaneous Sundry Allowance Inward Invoice Outward Invoice Debit Note Credit Note Due Date Acceptor Specimen Format Sales Tax Levied VAT Trade Discount Cash Discount Reduction Deduction Rebate List Price Catalogue Consideration Promotion Disclosure	CASH BOOK   Cash Receipts Cash Payments Cashier Fraud Manipulation Simple Cash Book Double Column Cash Book Three Column Cash Book Petty Cash Book Analytical Imprest Petty Cashier Head Cashier Overdraft Unfavorable Balance Favorable Balance Contra Entries Endorsement Dishonour Standing Instructions Petty Verification Scrutinize Sufficient Reimbursement Evidence Disbursements Authorization Sundries Frequent Infrequent Fortnight Credit Card Debit Card Embossed Subscription Fee Nominal Fee
BANK RECONCILIATION STATEMENT   Essential Business Entities Discovered Instead of Idle Settled Passbook Cheques Deposited Cheques Issued Not Cleared Not Presented Causes Disagreement Reconciliation Time lag Mistakes Direct Deposit Amended Cash Book Adjusted Cash Book Omission	TRIAL BALANCE   Trial Balance Locate the errors Suspense A/c Imaginary Tallying Agreement Horizontally Vertically Arithmetical Accuracy Sum Detect Errors Rectify Ascertain Consolidated Facilitate Enclosure Limitation In spite of Totals Method Balance Method Gross Net Temporary
FINAL ACCOUNTS – I   Sole Proprietorship Non-Manufacturing Business Entities Manufacturing Entities Financial Statements Conclude Income Statements Position Statements Expenditure Incurred Grouped Exhibits Distinction Accumulated Provision Accrued Estimation Approximate Cut-off Cost of goods Sold Gross Profit Lying Inventory Quantity Closing Entries Duty Freight Marine Octroi Dock Dues Operating Administrative Distribution Net Profit Net Loss Apprentice Premium Dividend Book Debt Good Debt Bad Debt Doubtful Debt Solvent Fictitious Capital Expenditure Revenue Expenditure Working Capital Wasting Assets Explore (or) Extraction Preliminary Expenses Shares Debentures Deferred Reserve Written off Renewal Diminution Attribute Appropriation Liquidity Permanence	FINAL ACCOUNTS – II   Assessed Cost of Production Ignores Overheads Finished Goods Cost Control Factory Cost Reconciling Price Fixation Raw Material Factory Overheads Raw Material Consumed Prime Cost Work-in-progress By-Product Main-Product Insignificant Significant Actual Cost Standard Cost
BILLS OF EXCHANGE   Possibility Purchaser Debtor Specified Hence Lead Moreover Agreed Overcome Provided Practice Treat Instruments Properly Discharged Containing Unconditional Maker Bearer Order Acceptor Payee Passed Drawer Drawee Endorsement Primary Previous Intended Negotiable Evidence Source Indebtness Discounted Remittance Promissory Containing Undertaking Acknowledgement Mere Certain Legal Currency Secondary Conditional Absolute Requires Protesting Identity Notice Dishonour Terminology Term Reported Represented Begins Expires Maturity Demand Technically Traditionally Automatically Mentioned Expressed Grace Period Happening Noting After Date Due Date Preceding Terminates Emergency Unforeseen Commences Retain Collection Realizing Instructions Annexed Solicitor Notary Public Noting Charges Renewal Original Extended Portion Insolvency Either or Dividend Bad Debts Deficiency Retiring Rebate Summarized Accommodation Consideration Settle Needs Role Recovery       100. Suit       101. Because       102. Obtain       103. About       104. Realize       105. Charges       106. Meets       107. Similar       108. Respective       109. Honour       110. Along       111. Unable       112. Estate       113. Irrecoverable       114. Written off       115. Careful       116. Actually       117. Contingent       118. Reached       119. Subsidiary       120. Sundries       121. Methodology       122. Respects       123. Immediately       124. Entitled       125. Crossed       126. Necessary	CONSIGNMENT   Consign Dealings Principal Agent Possession Invoice Convey Regarding Recover Exchange Proceeds Responsible Merely Periodically Remains Movable Bears Incurred Ace's Sales Submitted Treated Convey Consideration Rendering Unless Bearing Disputes Deduct Cover Passed introducing Entrusted Supervising Performance Distinction Arising Guarantee Specified Incurred Extent Advance Insist Security Proportionate Facilitate Conservatism Prudence Alternatively Available Pilferage Abnormal Unavoidable Inherent Spreading Specimen Reveal Eliminated Merely
JOINT VENTURE   Described Undertake Often Contribute Likewise Assumption Approach Measurement Governed Incompetent Movable Manner Purpose Reference Existence Reflects Enable Effected Involving	DEPRECIATION   Sooner Later Useless Spread Diminution Deterioration Depletion Amortization Obsolescence Exhaustion Suffered Caused Distinguish Measure Effluxion Essential Pertinent Rather than Worn out Torn out Intensity Exposure Elements Potentialize Exhausted Extraction Derived Accumulated Residual Proportion Retrospectively Provided Consider Besides Bearing Depletion Disposal Charged Ultimately Adoption Compliance Upward Provision
RECTIFICATION OF ERRORS   Carelessness Adequate Omission Commission Since Overlook Partial Subsidiary Multiples Costing Compensated Located Exact Halved Corresponding Rationales Avoid Assessed	PARTNERSHIP ACCOUNTS   Relation Entered Deed Relevant Optional Compulsory Consent Accordance Fluctuating Fixed Charge Silent Treatment Nature Alternatively Prefer Guarantee Factors Stable Efficiency Commitments Exists Assumption Distinction Capitalization Ascertained Reconstitution Memorandum Admission Revaluation Goodwill Stated Kind Bring Sacrificing Reciprocal Absence Retirement Outgoing Presumed Raise Compensation Treatment Surrender Values
COMPANY ACCOUNTS – I   Large Human contribution Necessary Desire Grow Grow further Sole Needs Concept Corporation Existence Implies Voluntarily Derived Together Com Panis Formed Existing Relating Organization Consisting Virtue Elect Belong Sue Perpetual Succession Forever Affected Common seal Evidence Governed Distinct Authorized Issued Subscribe Prescribed Recommendation Seek Participating State Legislature Parliament Incorporated Deemed Exercise Discretion Subsidiary Restricted Unpaid Unlimited Prescribed Prohibits Subscribe Enhance Unlisted Trading Lay Form View Comply Acquired Consistent Estimates Nominal Portion Consideration Instalments Liquidation Reserve Dividend Preferential Winding up Voting Rights Cheap Cumulative Insufficient Arrears Expires 79.  Stipulated Pre-Determined Surplus Recommended Fluctuations Convertibility Prospectus Par Premium Discount Consultation Resolution Preliminary Expenses Obviously Pro-rata Refunded Elapsed Sanction Arrears Forfeited       99. Voluntarily      100. Disposed      101. Auction      102. Vendors      103. Purchase Consideration      104. Goodwill      105. Formation      106. Intellectual      107. Subscription	COMPANY ACCOUNTS – II REDEMPTION OF PREFERENCE SHARES   Discretion Redemption Potential Investors Hesitant Fully paid Partly paid At par At premium At discount Divisible Profits Nominal Value Irredeemable Forfeited
COMPANY ACCOUNTS – II ISSUE OF DEBENTURES   Lenders Requirement Acknowledgment Seal Secured Irrespective Constitutes Appropriation Priority Non-convertible Imposes Voting rights Executed Mortgage Sale proceeds Merely Partly convertible Perpetual Warrant Bearer Coupons Texture Predetermined Deep Obligation Authority Nominal Value Slightly Utilization Subsequent Incremental Proportionately Written off Consideration Collateral Security Obtain Primary Security Liberty Instance Realizable Insufficient Invoke Surplus Borrower Subscribed	INVENTORY VALUATION   Raw material Work-in-progress Miscellaneous Inventory Loose tools Awaiting Proper Understated Overstated Disclosing Constitutes Adequate Hampers Inadequate Sufficient Adopted Measuring Appropriate Enterprise Stores Spares Loose Tools Varying Convention Conservatism Lays down Incorporated Identification Linking Specific Application Segregated Project Interchangeable Bringing Duties & Taxes Trade Discount Rebate Duty drawback Cost of Conversion Systematic allocation Variable production overheads Excluded Wasted Materials Labour Storage cost Administrative overhead Selling and distribution cost Interest Ascertained Perpetual system Aggregated Widely Ascertainable Appropriate Rapidly changing Circumstances Principal Determining Periodical Distinguished Exhibition Determined Accuracy Perpetual
GOODS SENT ON APPROVAL OR ON SALE OR RETURN BASIS   Pushing up Approval Retain Specified Manufacturer Retailer Wholesaler Signifies Acceptance Adopting Rejection Depicted Casually Frequently Numerously Memorandum Subsequent Dispatch Stipulated Lying	ACCOUNTING AN INTRODUCTION   Economic Activity Salaried Person Provisions Events Consequence Investment of money Layman Rational Sound decision makers Committee Terminology Formulated Recording Classifying Summarizing Interpreting Essentially Measured Enumerated Quantitative information Economic entities Economic decisions Evidence Compact Internal External Methodical Profitability Interpretation End-users Diluted Substance Gross profit ratio Net profit ratio Ratio useful to investors Stewards Historians Prevalent Large-- scale enterprises Emerged Safeguard Disclosure Moulded Usefulness By-products Financial aspects Summarized Interpretation Revenues Profitably Stakeholders Rational Decisions Ascertaining Solvency Current Assets Current Liabilities Debt equity ratio Debt Equity Financial position Forecasting Assessee Predicting Exercise Dealings Embraces Obviously Governed Financial statements Responsible Substantial Clerical Co-operative society Insurance companies Legislation Combined effect Classifies Summarizes Performance Net worth Depicted Sub-fields Decision making Budgeting Financial analysis Allocation Control of cost Cost of production Material cost Social entity Social benefits Measuring Internal management External users or outsiders Capital Survive Prosper Shut down Stability      100. Continuity      101. Growth      102. Remuneration      103. Retirement      104. Enhance      105. Credit policy      106. Continuation      107. Ancillary      108. Collapses      109. Stability      110. Profitability      111. Pharmaceutical companies      112. Regulate      113. Competing      114. Control prices      115. Excise duties      116. Taxes      117. Patronage      118. Accounting principles      119. Personal judgement      120. Emphasis      121. Liabilities      122. Accrued      123. Dishonest      124. Quality of management      125. Excellent labour force      126. Reputation      127. Reflected      128. Inflation      129. Unrealistic      130. Irrelevant
ACCOUNTING CONCEPTS, PRINCIPLES AND CONVENTIONS   Confusion Uniformity Conceptual framework Conventions Postulates Parameters Constraints Standard Rules Reliable accounts True and fair measurement Assumption Unifying structure Notion Universal application Formulated Conservatism Broader Doctrines Explanatory Consistently Predictions Distinct Proprietorship Capital Money measurement concept Economic Value Indispensable Currency Procedural Frequent intervals Accounting date Expansion Recognized Accrual Indefinite time frame Unpaid expenses Accrued expenses Business operations Mercantile basis Obligations Gross inflow of cash Receivables Ordinary course of activities Rendering services Merchandise Matching concept Occurrence Periodicity concept Garments Performance Appraised Ascertained Obviously Unqualified Misconception Periodic profit Periodic revenue Matched expenses Determined Going concern concept Indefinitely Footing Cost concept Historical cost Acquisition cost Traditionally Appropriate equivalent Uncertain future Subsequent Intangible asset Reputation Inflationary situations Comparability Certainty Conservative Double entry Dual aspect concept Conservatism or prudence Convention Brake Qualitative Characteristics Prudence Neutrality 84.  Faithful representation Under statement Wealth Alternative Equally acceptable Consistently Stock - in - hand Advisable Inconsistent Maker price Materiality Importance Capable Influencing decisions Merged Stationery      100. Utilized      101. Ignoring      102. Omission      103. Impair      104. Specifically disclosed      105. Understandability      106. Predictive      107. Unusual      108. Abnormal      109. Infrequent      110. Reliability      111. Bias      112. Potentially      113. Misleading      114. Comparability      115. Inflows      116. Quantitative      117. Rational Decision      118. Full Disclosure      119. Widely      120. Deficient      121. Attaching	ACCOUNTING STANDARDS, CONCEPTS, OBJECTIVE BENEFITS   Enforced Authority Transparency Consistency Comparability Adequacy Framework Regulatory Treatment Presentation Harmonization Diverse Adopted Formulating Complying Compliance Recommendatory Altogether Institutions Traditions Rigidity Flexibility Override Ambit Prevailing
ACCOUNTING POLICIES   Significant Policies Presenting Final Accounts Adopt Goodwill Retirement Benefits Fixed Assets Affairs Anticipated Substance Appropriate Presentation Ascertained Fact	ACCOUNTING AS A MEASUREMENT DISCIPLINE   Measurement Vital Aspect Objects Events Dimension Ordinal Cardinal Apparatus Observations Ability Future Projections Constant Universal Applicability Volatile Dimension Achieved Acquisition Obligation Circumstances Future Elaboration Derived Economist Utility Economic Resource Contemplating Amortization Impairment Accruals Residual Value Obsolescence Parameters Re-Estimated Interpretational Refuse Tax Liability
CAPITAL AND REVENUE EXPENDITURE   Expenditure Benefit Acquire Extend Improve Earning Capacity Enterprise Intended Effect Efficiency Life Span Economy Yields Beyond Respective Productivity Carryout Charging off Written off Non-Recurring Engaged Royalty Patents Know-how Established Time Factor Determination Considerable Thin Criteria Materiality Immaterial	CONTINGENT ASSETS AND CONTINGENT LIABILITIES   Contingent Occurrence Non-Occurrence Uncertain Future events Control Future Events Unplanned Unexpected Inflow Pursuing Legal Process Prudence Approving Authority Virtually Related Income Possible Obligation Past Events Out Flow Reliable Estimate Embodying Provision Circumstances Occurrence Foot Notes Liabilities Discounted Degree of Estimation Present Liability Disclose Contingent Liability

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glossary,journal, ledger,bank reconcilation statement,Trial balance, bills of exchange,consignment,joint venture, depreciation,rectification of errors, accounting policies, accounting as a measurement discipline