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Association of Chartered Certified Accountants.
A chronological (arranged in order of time of occurrence) list of debits and credits relating to a specified asset, liability, expense, or income of a business and forming part of the ledger an account in a ledger is a unique location for accumulating similar categories of transaction. Example: The account “Travel Expenses” would be used to summarize and add up all the expenditure relating to travel expenses in a given accounting period.
An accounting procedure used informally. That is, an accounting convention has been neither endorsed nor prohibited by the standards bodies of accounting. In general, when an accounting standards body has neither
The period of time reflected in financial statements. Usually, the accounting period is either the calendar year or a quarter. For example, companies listed on the Stock Exchange must report their financial state for the accounting period since their previous report. Most private companies you will deal with will have a 12-month accounting period, often from March 1st of one year to end of February the following year.
Accounting Process Chart
Get a copy of this chart to better understand this definition. This chart simply shows four main accounting activities in sequence.
An authoritative statement issued by a governing accounting body that specifies how a particular type or category of financial transaction and other accounting matter should be reflected in financial statements.
For example, in South Africa, all companies listed on the Johannesburg Stock Exchange are required comply with the International Financial Reporting Standards (IFRS). These accounting standards were issued by the International Accounting Standards Board (IASB).
Also known as creditors: The amounts of money due or owed to a supplier by the company.