A way to calculate depreciation for tax purposes. A fixed asset is assumed to have been in service for one-half of it’s first year,irrespective of the actual purchase date. The remaining half year of depreciation is deducted from earnings in the final year of depreciation.

Category: Accounts

Global Location Number can be used by companies to identify their locations, giving them complete flexibility to identify any type or level of location required.

Category: Accounts

Numeral assigned to different debit or credit entries to make accounting easier and more functional.

Category: Accounts

Tax authorities have jurisdiction over sales tax in a specific area. The address’s geographic area determines the tax jurisdiction and as a result the tax to be paid and the authority it is payable to.

Category: Accounts

The currency used in the primary economic environment in which the entity operates.

Category: Accounts

The difference between the actual or real value of a product and the predicted or forecast value.

Category: Accounts

The length of time covered by company financial statements.

Category: Accounts

Exponential Smoothing is used to forecast the business volume for taking appropriate decisions. This is a way of ‘Smoothing’ out the data by eliminating much of random effects.

Category: Accounts

The forecasted cost of a project, as the project progresses.

Category: Accounts

An online secure global money transfer service for business.

Category: Accounts

Revenue a company derives from it’s operations.

Category: Accounts

Notification sent to a customer, stating that the customer is overdue in paying an account receivable to the sender.

Category: Accounts

Divide 100% by the number of years in the asset’s useful life, this is your straight -line depreciation rate. then multiply that number by 2 and that is your Double Declining Depreciation rate.

Category: Accounts

Expenses are recorded in the same period as the revenue that is earned as a result of those expenses. So when a company purchases an expensive asset that will be used for many years, it does not deduct the entire purchase price as a business expense in the year of purchase but instead deducts the price over several years.

Category: Accounts

Calculate double declining balance depreciation rate and expense amount for an asset for a given year based on it’s acquisition cost, salvage value and expected useful life.

Category: Accounts

A form of accelerated depreciation.

Category: Accounts

The annual depreciation expense equals the cost of the asset minus the salvage value, divided by the useful life (number of years).

Category: Accounts

An accelerated depreciation method that records large depreciation expenses during the earlier years of an asset’s useful life, and smaller ones in later years.

Category: Accounts

Declining balance method =( Net Book Value-Residual Value)*Rate of Depreciation(in *)

Category: Accounts

A method in which a constant rate of depreciation is applied to an assets declining book value each year.

Category: Accounts

The responsiveness of the quantity demanded for a good to a change in the price of another good.

Category: Accounts

A note a financial instruction sends a client, informing the customer about an incremental change in account balances. Generally good news.

Category: Accounts

A document issued by the seller of goods or services to the buyer, reducing the amount that the buyer owes to the seller under the terms of an earlier invoice.

Category: Accounts

A measure of the financial effectiveness and efficiency of a project. It divides the budgeted cost of work completed ,or earned value , by the actual cost of the work performed.

Category: Accounts

The indirect costs that are associated with either employees or the inventory of a company.

Category: Accounts

The period for which books are balanced and the financial statements are prepared.

Category: Accounts

The burden rate is the allocation rate at which indirect costs are applied to the direct costs of either labor or inventory.

Category: Accounts

Retroactive pay is compensation you owe an employee for work performed during a previous pay period when you have paid them less than you should.

Category: Accounts

A check that has been cancelled and therefore rendered null and void.

Category: Accounts

The proportion of the available time ( expressed usually as a percentage ) that a piece of equipment or a system is operating. Formula : Operating hours x 100 / available hours.

Category: Accounts

A transaction that has occurred but has not been consummated by a payment.

Category: Accounts

The difference between a company’s sales and variable expenses, expressed as a percentage.

Category: Accounts

An account in the books of an organization in which items are entered temporarily before allocation to the correct or final account.

Category: Accounts

The method used to accelerate the recognition of depreciation. Most of the depreciation is recognized in the first few years of iuse

Category: Accounts

The remaining useful life of the asset is divided on a particular date by the sum of the year’s digits.

Category: Accounts

An accelerated method for calculating an asset’s depreciation.

Category: Accounts

A secondary or subordinate type

Category: Accounts

A smaller category within a larger group.

Category: Accounts

The various types of work schedules

Category: Accounts

An additional quantity of an item held in inventory in order to reduce the risk that the item will be out of stock.

Category: Accounts

Inventory replenishment is an operation that consists in making the stock full again in order to avoid stock -out.

Category: Accounts

The total income arising from rented property.

Category: Accounts

A type of business transaction that is repeated frequently, often at fixed intervals. For example monthly rent.

Category: Accounts

The proportion or percentage a part-time employee would receive if he worked full-time.

Category: Accounts

A test transaction that gets sent to the bank to make sure that the provided employee account information is valid before setting up a direct deposit transfer to pay the employee.

Category: Accounts

A check written by the drawer for a date in the future.

Category: Accounts

A document sent by a customer to the supplier of a product or a service informing the supplier of the payment of their invoice or bill.

Category: Accounts

Outbound cash flow is any money a company or individual must pay out when conducting a transaction with another party.

Category: Accounts

The workflow associated with the picking, packing and delivery of the packed items to a shipping carrier.

Category: Accounts

Non Cleared Margin Requirement.

Category: Accounts

Mean Absolute Deviation is the average of the absolute value, or the difference between actual values and their average value, and is used for the calculation of demand variability.

Category: Accounts

The Modified Accelerated Cost Recovery System (MACRS) is the current tax depreciation system in the US. The capital cost of tangible property is recovered over a specified life by annual deductions for depreciation .

Category: Accounts

The principal book or computer file for recording and totaling

Category: Accounts

The total price of a product or shipment once it has arrived at a buyer’s doorstep.

Category: Accounts

Job levels are catagories of authority in an organization. Each level is typically associated with a sale ray range and a series of job titles.

Category: Accounts

The formal recognition of a company’s inventory that no longer has value.

Category: Accounts

All costs associated with holding or storing inventory for sale.

Category: Accounts

The system for collecting information and producing statistics on the trade in goods between countries of the European Union.

Category: Accounts

An account that receives all the temporary accounts of a business upon closing them at the end of every accounting period.

Category: Accounts

The bank should be directed to put a stop payment on the check.

Category: Accounts

The depreciation expense charged during the current period is added to the accumulated depreciation at the beginning of the period while deducting the depreciation expense for a disposed asset.

Category: Accounts

A way to calculate depreciation for tax purposes. A fixed asset is assumed to have been in service for one-half of it’s first year,irrespective of the actual purchase date. The remaining half year of depreciation is deducted from earnings in the final year of depreciation.

Category: Accounts

Global Location Number can be used by companies to identify their locations, giving them complete flexibility to identify any type or level of location required

Category: Accounts

A number used to record business transactions in the general ledger

Category: Accounts

Tax authorities have jurisdiction over sales tax in a specific area. The address’s geographic area determines the tax jurisdiction and as a result the tax to be paid and the authority it is payable to.

Category: Accounts

The main currency used by a business or unit of business. The currency of the primary economic environment in which the company operates.

Category: Accounts

The difference between the actual or real value of a product and the predicted or forecast value.

Category: Accounts

Accounting period of a particular duration.

Category: Accounts

Any fee representing the cost of credit, or the cost of borrowing.

Category: Accounts

Exponential Smoothing is used to forecast the business volume for taking appropriate decisions. This is a way of ‘Smoothing’ out the data by eliminating much of random effects.

Category: Accounts

The forecasted cost of a project as the project progresses.

Category: Accounts

A online secure global money transfer service for business.

Category: Accounts

Revenue a company derives from it’s operations.

Category: Accounts

A collection letter sent to defaulting debtor demanding payment by the creditor.

Category: Accounts

Divide 100% by the number of years in the asset’s useful life, this is your straight -line depreciation rate. then multiply that number by 2 and that is your Double Declining Depreciation rate.

Category: Accounts

Expenses are recorded in the same period as the revenue that is earned as a result of those expenses. So when a company purchases an expensive asset that will be used for many years, it does not deduct the entire purchase price as a business expense in the year of purchase but instead deducts the price over several years.

Category: Accounts

Calculate double declining balance depreciation rate and expense amount for an asset for a given year based on it’s acquisition cost, salvage value and expected useful life.

Category: Accounts

A form of accelerated depreciation.

Category: Accounts

The annual depreciation expense equals the cost of the asset minus the salvage value, divided by the useful life (number of years).

Category: Accounts

An amount that an employer withholds from employee’s wages and pays directly to the government.

Category: Accounts

Payment for a service or product that is withheld pending the completion of some specified condition.

Category: Accounts

A fee paid in advance to someone to secure their services for use when required.

Category: Accounts

Return of a portion of a purchase price by a seller to a buyer after the payment of the full invoice amount.

Category: Accounts

An individual article or unit.

Category: Accounts

A flex budget itemizes different expense levels depending upon changes in the amount of actual revenue.

Category: Accounts

The process of methodically communicating with customers to ensure the collection of accounts receivable. Communications progress from gentle reminders to more demanding and firmer collection options.

Category: Accounts

A deposit of money by a payer directly into a payee’s bank account.

Category: Accounts

Tabulation of the quantity of a good that all consumers in a market will purchase at a given price.

Category: Accounts

The manufacturing cost of a product relative to the cost of raw materials.

Category: Accounts

Earmarking or setting aside of funds in response to a purchase requisition.

Category: Accounts

A blanket purchase order is a contractual arrangement between a buyer and a supplier, for the supplier to deliver goods and services to the buyer, at a pre- set price, for a period of time.

Category: Accounts

Money that is owed and should have been paid earlier.

Category: Accounts

Artificial general intelligence. The intelligence of a machine that could successfully perform any intellectual task that a human being can.

Category: Accounts

An accelerated depreciation method that records large depreciation expenses during the earlier years of an asset’s useful life, and smaller ones in later years.

Category: Accounts

Declining balance method =( Net Book Value-Residual Value)*Rate of Depreciation(in *)

Category: Accounts

A method in which a constant rate of depreciation is applied to an assets declining book value each year.

Category: Accounts

The responsiveness of demand for good X following a change in the price of a related good Y.

Category: Accounts

A note a financial institution sends a client, informing the customer about an incremental change in account balances. Generally good news.

Category: Accounts

Document issued by the seller of goods or services to the buyer, reducing the amount that the buyer owes to the seller under the terms of an earlier invoice.

Category: Accounts

A method of establishing a selling price in which an agreed percentage is added to the cost price to cover profit.

Category: Accounts

A measure of the financial effectiveness and efficiency of a project. It divides the budgeted cost of work completed ,or earned value , by the actual cost of the work performed.

Category: Accounts

A project or department for which costs are accumulated or measured.

Category: Accounts

Costs over which the company has full authority

Category: Accounts

A account used to record the balances of a number of subsidiary accounts and to provide a cross – check on them.

Category: Accounts

You can report the total costs of a project by reporting the committed costs along with the actual costs. Committed costs are the outstanding requisitions and purchase orders charged to a project , which are not yet invoiced.

Category: Accounts

An incentive in the form of a percentage or fixed amount discount offered by a seller to a buyer for paying an invoice ahead of the scheduled due date.

Category: Accounts

The indirect costs that are associated with either employees or the inventory of the company.

Category: Accounts

A cost recovery system in which the client or payer is charged a percentage of the total cost of equipment, services and venues of which they have already used.

Category: Accounts

A prospective buyer’s last and highest offer.

Category: Accounts

A quantity or consignment of goods produced at one time or to arrange things in sets or groups.

Category: Accounts

Previous balance on an account which is carried forward over to the next billing period.

Category: Accounts

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