A comprehensive guide to understanding auditors' remuneration, including historical context, types, key events, detailed explanations, and much more.
A detailed examination of the auditors' report, including its types, purposes, historical context, key events, legal requirements, and its significance in corporate governance.
An individual granted special authorization to act as the auditor of a company under the Companies Act 1967, based on experience. The power to grant authorizations ended in 1978; since 1989 an authorized auditor is not eligible for appointment as an auditor of a listed company.
Automated audit refers to the process of using technology and software to conduct audits. This comprehensive overview covers historical context, types, key events, and detailed explanations of automated audits, along with examples, considerations, and related terms.
Comprehensive exploration of Automatic Exchange of Information (AEOI), its history, categories, key events, significance, examples, related terms, and more.
Understanding available hours is critical in project management, workforce planning, and operational efficiency. This article explores its definitions, applications, key considerations, and more.
Comprehensive guide to understanding AVCO, its historical context, types, key events, detailed explanations, mathematical models, and its significance in economics, finance, and accounting.
The Average Collection Period measures the time it takes for a company to collect payments from its credit sales, highlighting efficiency in managing receivables.
A comprehensive guide to understanding Average Cost, including its definitions, types, formulas, examples, and relevance in various fields such as accounting, economics, and finance.
A detailed analysis of Average Costing, a method to determine unit costs for homogeneous items, including historical context, types, key events, formulas, applications, and more.
A comprehensive exploration of avoidable costs, including their definition, categories, key considerations, examples, and related terms.
In accounting, 'B/D' or 'brought down' is a notation used in bookkeeping to denote the transfer of a balance from one page or accounting period to another.
B/D (Brought Down) indicates the balance carried forward from the previous page or period in accounting. It is crucial for ensuring accuracy in financial statements.
Comprehensive coverage on the abbreviation 'B/F,' its usage in accounting and financial contexts, and related terms and concepts.
An overview of 'B/F' or 'Brought Forward', a key accounting term signifying amounts carried over from one period to the next.
A method of costing a product based on a management philosophy that includes having the minimum levels of stock available; in these circumstances, the valuation of stocks becomes less important, making the complex use of absorption costing techniques unnecessary.
Backlog Depreciation refers to the additional depreciation that arises when an asset is revalued and its accumulated depreciation increases. It is a significant concept in accounting that reflects the accurate value of assets over time.
An amount owed by a debtor that is unlikely to be paid, such as when a company goes into liquidation. This should be written off to the profit and loss account or a provision for bad debts as soon as foreseen.
An exploration of bad debt, its identification, impacts on financial statements, and strategies for management and mitigation in various financial sectors.
A comprehensive guide on bad debt provision, including historical context, types, key considerations, formulas, importance, applicability, examples, related terms, comparisons, interesting facts, and FAQs.
Bad Debt Relief provides a tax relief mechanism for businesses dealing with unpaid debts, specifically under the cash accounting VAT scheme.
An in-depth look at bad debts, their impact on businesses, methods to account for them, and related financial implications.
Exploring the concept of bad debts recovered, its impact on financial statements, and related considerations.
An extensive look at the British Accounting and Finance Association, its historical context, key events, importance, and related terms.
A comprehensive exploration of the concept of balance in financial accounts, its historical context, types, key events, and importance in finance and accounting.
An in-depth exploration of balance, its significance in economics, finance, and beyond. Understanding the different types of balance, their historical context, applications, and examples.
Balance Forward refers to the balance at the end of one accounting period that is carried forward to the beginning of the next period, ensuring continuity in financial records.
The practice of totalling the debit and credit sides of an account and inserting a balance to make them equal at the end of a financial accounting period.
A comprehensive guide to understanding Balance Sheets, their components, significance, types, historical context, and more.
A detailed explanation of balance sheets including their purpose, components, and importance in financial accounting.
The balance sheet date is the date at the end of the reporting period for which financial statements are prepared, assessing the financial position of an entity.
Comprehensive article on Balance-Sheet Asset Value, encompassing historical context, types, key events, formulas, charts, importance, examples, considerations, related terms, comparisons, interesting facts, stories, quotes, FAQs, and references.
An audit limited to verification of the existence, ownership, valuation, and presentation of the assets and liabilities in a balance sheet.
The Balance-Sheet Equation, also known as the Accounting Equation, forms the foundation of double-entry bookkeeping, encapsulating the relationship between a company’s assets, liabilities, and equity.
An in-depth exploration of the methods for presenting a balance sheet, including vertical and horizontal formats as outlined in the Companies Act. Understanding the structure, classification, and requirements of each format.
The balance-sheet total represents the total net worth of an organization, calculated as the sum of fixed assets and net current assets, less long-term liabilities.
Balancing is the accounting process of ensuring that total debits match total credits in a ledger to confirm accurate financial reporting.
The balancing allowance is an accounting adjustment available on the disposal of an asset when the proceeds are less than the written-down value for tax purposes.
An in-depth look into balancing charges in corporation tax, including definitions, types, examples, historical context, importance, and considerations.
A figure that is inserted to make one total equal another, often used in accounting to ensure that accounts balance correctly.
A comprehensive examination of the balancing item in accounting, its purpose, types, historical context, and significance in financial reporting.
An in-depth exploration of the Bank Cash Book, focusing on its definition, historical context, types, key events, explanations, importance, applicability, and more.
A detailed process of matching and comparing figures from accounting records against those presented on a bank statement to ensure the accuracy of financial records.
A comprehensive guide on Bank Reconciliation Statements, exploring their purpose, historical context, types, importance, and step-by-step process for businesses and organizations.
A Bargain Purchase Option refers to a clause in a lease agreement that allows the lessee to purchase the leased asset for a price significantly lower than its fair market value at the end of the lease term.
An in-depth exploration of the Basic Costing Method, its types, historical context, key events, and importance in cost accounting.
An in-depth look at Basic Earnings Per Share (EPS), a key financial metric used to assess a company's profitability without considering the potential dilution from outstanding obligations.
A comprehensive guide to understanding Basic EPS, its calculation, significance, and applications in financial analysis.
A cost or income standard set in standard costing to form the basis upon which other standards are set, often exemplified by labor minutes allowed per unit of product.
The basis used for the apportionment of costs between a number of cost centres when the costs are to be shared between them equitably. This article provides historical context, types, key events, detailed explanations, formulas, charts, applicability, examples, considerations, related terms, comparisons, interesting facts, famous quotes, and FAQs.
A comprehensive examination of the basis upon which personal income or business profits are assessed in the UK for each fiscal year.
A comprehensive guide to understanding batch-level activities in cost accounting, including their types, importance, applicability, and examples.
The term 'Bean Counters' refers to accountants, often used in a derogatory sense to depict their meticulous attention to detail in financial records.
A comprehensive guide to Bearer Instruments, their features, types, historical context, and practical applications in finance.
Bearer plants are plants used in the production or supply of agricultural produce. They play a critical role in the agricultural industry and have specific accounting and management considerations.
An approach to accounting that considers psychological and social aspects in addition to technical facets, focusing on areas such as budgetary control and performance measurement.
Understanding Below-the-Line Entries in Financial Statements
An in-depth explanation of below-the-line items in accounting, their types, significance, and applicability in firm and national income accounts.
A comprehensive overview of the generally accepted accounting principles (GAAP) specifically tailored for large entities, including historical context, key events, detailed explanations, comparisons, examples, and more.
A billing period is the set duration during which charges are calculated and recorded before being billed to the customer.
A comprehensive guide to understanding bills payable, including their significance, types, historical context, and how they impact a business's financial health.
Bills Receivable refer to an item in a firm's accounts under current assets, summarizing the bills of exchange being held until the funds become available when they mature. Learn more about their historical context, key events, importance, and examples.
A comprehensive overview of bin cards, essential tools in inventory management used to track receipts, issues, and balances of stock items.
Comprehensive explanation of Biological Assets, their accounting treatment, types, and importance.
A thorough exploration of the concept of Blanket Rate, its historical context, types, key events, detailed explanations, applications, and related terms in production and cost management.
An in-depth look at Bloomberg Tax's extensive services in tax, accounting, and payroll, including its news and data analytics offerings.
An organization established in 2005 with a remit to set technical standards for the actuarial profession. It is part of the Financial Reporting Council.
A book or record in which certain types of transactions are recorded before becoming part of the double-entry bookkeeping system. The most common books of prime entry are the day book, the cash book, and the journal.
Book value, often termed as net book value or net asset value, is a financial metric indicating the value of a company's total assets less intangible assets and liabilities. It provides an essential benchmark for investors, though it may not always reflect market conditions.
The value attributed to a company's assets in its financial records, often based on the original purchase price or a periodic revaluation.
The net asset value of a company, calculated as total assets minus total liabilities.
A comprehensive explanation of Book Value and Market Value, key differences, examples, and their significance in finance and investment.
A Book-Keeper is a professional responsible for recording financial transactions, maintaining accurate financial records, and ensuring the financial health of a business.
Book-keeping involves the meticulous keeping of the books of account of a business, enabling the compilation of profit and loss accounts and balance sheets. It is the foundation of sound financial management and reporting.
Bookkeeping involves systematically recording financial transactions, forming a subset of accountancy but not encompassing broader analysis and reporting.
Understanding the distinction between bookkeeping and financial reporting, their historical context, key events, detailed explanations, mathematical models, and their importance in business.
An in-depth exploration of Books of Account, essential for recording and analyzing a business's financial transactions, including historical context, types, key events, importance, examples, and related terminology.
An extensive encyclopedia entry on borrowing costs, including their definition, historical context, types, key events, mathematical models, examples, and more.
A comprehensive guide to understanding the term 'Bottom Line' in finance, its historical context, importance, key events, and examples.
The Bottom Line refers to the final total of profit or loss on an activity, typically shown at the foot of a financial statement.
An in-depth look into the Bought Day Book, its importance in accounting, historical context, usage, examples, and related terms.
A detailed overview of Bought Ledger, its importance in financial accounting, types, historical context, key events, examples, and related terms.
A comprehensive guide on bounced cheques, covering historical context, types, key events, explanations, formulas, charts, importance, examples, and related terms.
An accounting system in which each department or branch of a business is established as a separate cost centre or budget centre. The net profit per branch may be added together to arrive at the profit for the whole business.
An in-depth exploration of the breakeven point, including its definition, historical context, calculation methods, importance, and application in various fields.
BAFA is the major body of accounting academics in the UK, originally founded as the Association of University Teachers in Accounting. It has approximately 800 members and issues the British Accounting Review.
In book-keeping, 'brought down' (b/d) refers to an opening balance that has been transferred from the previous period, maintaining continuity in financial records.
Brought Down (b/d) refers to the opening balance of an account at the beginning of a period, carried forward from the previous period’s closing balance.
In bookkeeping, 'brought forward' describes an amount that is the total of the corresponding column on the previous page.
Understanding the concept of 'Brought Forward' (b/f) in accounting and finance, including its historical context, importance, and applications in various domains.
An in-depth look at Budget Cost Allowance, including historical context, key components, types, applications, examples, and more.
A way of analyzing a budget and presenting financial statements under major headings, each managed by a particular manager, sometimes involving responsibility for multiple budget expenditure heads.
A comprehensive comparison between a budget, which forecasts future financial performance, and a financial statement, which records past financial activities. Explore definitions, types, components, examples, and FAQs in this detailed entry.
The Budget Year is the period for which an entity’s budget is prepared, often aligning with the financial year, essential for financial planning and management.
The concept of Budgetary Fund Balance is employed to monitor the alignment between budget projections and actual financial performance, providing vital insights into financial management.
An in-depth analysis of Budgetary Slack, its historical context, implications, and impact on organizational performance and financial planning.
An in-depth exploration of budgeted capacity, a critical concept in capacity planning and resource allocation within organizations, including its historical context, types, key events, explanations, mathematical formulas, diagrams, importance, applicability, and related terms.
A comprehensive guide to understanding Budgeted Cost, its importance, applications, and related concepts.
Budgeted Revenue refers to the income level included in a budget representing the income that is expected to be achieved during that budget period. It is a crucial component in financial planning and management.
An in-depth look into the term 'Burden,' often used interchangeably with 'overheads' in the USA, including its historical context, types, significance, and related concepts.
