Glossary of management accounting terms pdf files

A glossary of technical terms on the economics and finance of health services by. A list of these ipsass is located on the inside back cover of the glossary. A number of factors must be considered when setting up a management accounting system and the management style and structure of an organisation will affect the system which it creates. A record that holds the results of financial transactions. It must also be filed within the timeframe allotted or. Accounting terminology guide over 1,000 accounting and. Heres what you need to know about gross revenue and other key issues. A service that oversees, measures, and evaluates financial information for decision making purposes. Revised march 30, 2010 3 amortization gradual and periodic reduction of any amount, such as the periodic writedown of a bond premium, the cost of an intangible asset or periodic payment of mortgages or other debt. A taxpayer, whether business or individual, must file a request on a form. It builds on the environmental accounting glossary prepared in 20 by. Reasonable management salaries are the salaries that management believes are reasonable to be paid if external persons were to be appointed to management positions in the organisation. The rate is shown as a fraction or a percentage of the.

Here is a finance and accounting glossary for a nonfinancial manager. The complete glossary of project management terms smartsheet. Page 1 of 5 glossary of cost accounting terms established in sffas 4, managerial cost accounting concepts and standards for the federal government activity the actual work task or step performed in producing and delivering products and services. Subject matter includes accounting, management, information systems and.

Financial and asset management glossary of terms and. Allocation a method of separating an assets value or expenditures among corporations or lineitems. This glossary contains all terms defined in the 24 accrual basis international public sector accounting standards ipsass on issue as at december 31, 2006. Best management practicetm is a trade mark of axelos limited. Accounting period expenditure and revenue measurement within a predetermined time frame. Account a fiscal and accounting entity with a selfbalancing set of general ledger codes in which cash and other financial resources, together with all related liabilities and residual equities or. The following glossary is designed to help nonfinance experts understand some of the terminology used in public agency financial management.

Mel king institute definitions of accounting terms for. This az pocket guide to understanding financial terms is just one of the achievements of ebss partnership with nala. Public administration glossary of terms the following list of selected terms and concepts are commonly used in public administration and finance1. The different types of management accounts are covered in section six. It is based on the assumption that, as a persons income increases, the. Information is an important part of any such system and the study unit will go on to. Harold averkamp cpa, mba has worked as a university accounting instructor, accountant, and consultant for more than 25 years. Accounting terminology paul martin chartered accountant ltd.

Glossary of business terms adjective adj headwords for adjectives followed by information in square brackets only before a noun and not before a noun show any restrictions on where they can be used. Financial accounting i about the tutorial this tutorial will help you understand the basics of financial accounting and its associated terminologies. The process responsible for identifying the actual costs of delivering it. Controls, such as file duplicating, in an information technology it environment.

Definitions have also been provided for many terms from related business disciplines. Miscollects, organizes, and distributes data in such a way that the. Asset management a service from a financial adviser to spread a persons investment between a number of assets, such as shares, government bonds, cash and property, so that they can potentially earn more money asset management insurance cover for an event such as death, rather than an event that might happen, such as fire or theft atm. Accounting glossary center for nonprofit excellence. A compensation component that accounts for almost 40 percent of the typical total. Audience this tutorial has been designed to help beginners pursuing education in financial accounting or business management. Having launched it originally in 2004 we have now updated it with modern terminology to meet with the increasing demand for the book. The framework moves beyond the rulesbased languages of accounting to properly emphasize the management orientation of management accounting.

It is with the help of statistics that this information is. In this spirit, weve compiled this handy guide to the most commonly used accounting terms for your reference. Accounting concepts accounting concepts are the principles that guide the preparation of accounting information. Establishing standardized definitions for common project management terms is a challenge, even for seasoned pros. Dictionary of accounting 0 7475 6991 6 dictionary of aviation 0 7475 7219 4. A formal statement of management s expectations of sales, expenses, volume, and other financial transactions of an organization. Return on assets the relationship between net profit and total assets. Glossary of business financial terms 1 glossary of business financial terms accrual basis accounting. Glossary of management accounting terms the definition of one word or phrase may depend on understanding another word or phrase defined elsewhere in the reference list. An aggregation of actions performed within an organization that is useful for purposes of activitybased costing.

The nysscpa has prepared a glossary of accounting terms for accountants and journalists who report on and interpret financial information. A formal statement of managements expectations of sales, expenses, volume. Glossary of cost accounting terms established in sffas 4, managerial cost accounting concepts and standards for the federal government activity the actual work task or step performed in producing and delivering products and services. Dictionary of human resources and personnel management 0 76 8142 x dictionary of ict 0 7475 6990 8 dictionary of information and library management 0 76 7591 8. Comparing doubleentry bookkeeping vs singleentry accounting. With its authoritative and straightforward definitions and its wideranging coverage, this dictionary is essential for students and professionals in accounting and finance. However knowing what these terms mean is critical to understanding the performance of your business. The principle of taxation that holds that the tax burden should be distributed according to a persons wealth. Sections two to five cover terms specific to management accounts. Financial statements records that outline the financial activities of a business, an individual or any other entity. Shortterm interestearning financial instruments that are deemed to be highly. A term referring to the refund of previously paid prop erty taxes due to the overvaluation of property. Glossary of terms essentials of management information systems, 6e.

Established in sffas 4, managerial cost accounting. This glossary provides in one place a list of key terms with. Accounting period any period of time utilised to measure accounting performance e. Hedge a financial term for a specific type of financial instruments trading for risk management. The basis of accounting under which revenues are re corded when earned and expenditures are recorded as soon as they. Accounting date organisations prepare their annual accounts covering a period of 12 months. The nysscpa has prepared a glossary of accounting terms for accountants and. Financial statements documents presenting accounting information which. Mel king institute definitions of accounting terms for financial statements for cdcs 1. Project management glossary of terms page 8 fall 2007 budget the approved estimate for the project or any work breakdown structure component or any schedule activity. As cloud accounting providers, we feel strongly about eliminating jargon and making accounting simple and accessible for everyone. The guide is an important resource that will help to create a much greater understanding of. Words in bold indicate that such a definition is available.

Amortization the measure of an intangible assets loss of value over time by a mathematical formula to properly match revenues against the appropriated value of the asset. The international warehouse logistics association iwla does not take responsibilityfor the content of these definitions and doesnot endorse theseas official. A cost accounting approach which captures overhead and other indirect costs as. Section one covers accountancy terms that are used in the farms financial accounts. Accounts payable sundry creditors short term or current financial obligations that are created through the purchase of merchandise, or obtaining of service. Pdf account payable an amount due for payment to a supplier of. Statement of change in owners equity financial statement of a business that reports the changes that have occurred in the owners equity. Glossary of terms essentials of management information. An accounting approach by which expenses, revenue, assets and liabilities are recognised in the reporting period to which they relate even though cash may have exchanged hands in different periods.

The former is used to report what has happened and the latter to assist. Alternative costing method for strategic management. To help you achieve this goal, were offering this authoritative reference guide, pulling together a complete list of project management terminology. Accounting terminology can be quite a mouthful and hard to remember, especially if you dont have much prior experience with financial or management accounting.

The firm undertakes work for clients in respect of audit, accounts. Financial and asset management glossary of terms and abbreviations abp see annual business plan accrual accounting. Accounts or notes receivable that management determines to be. Corporations currently operate on a fiscal year beginning on july 1st and ending june 30th. Consolidated financial statements financial statements of a group in which assets, liabilities, equity, income, expenses and cash flows of the parent company and its. Glossary of cost accounting terms established in sffas 4. Accrual rate this is the rate by which a pension from an earnings. It is also an ideal source of reference for anyone seeking a clear guide to the oftenconfusing world of accountancy terms. The purpose of this glossary is to provide definitions of terms that are. Accounting terminology guide over 1,000 accounting and finance terms a b c.

This glossary contains more than 600 terms and provides simple, clear explanations. It also expands traditional definitions of management accounting by introducing more inclusive terminology than the widely accepted adjectives of planning. The last day of the period is called the accounting date. Noun n the codes c and u show whether a noun, or a particular sense of a noun, is countable an agenda, two agendas or uncountable. Dictionary of medical terms 0 76 7603 5 dictionary of military terms 0 7475 7477 4 dictionary of. The equation that is the basis of the balance sheet. Glossary of business management terms a comprehensive dictionary of business management terms.

Here is big red books definition of common accounting terminology. Using this definition, accounting can be seen to be about the identification and recording of business transactions as a way of assisting the management and planning of a business. This glossary does not include terms defined in the cash basis ipsas, financial. The following glossary is a condensed version of the new york society of cpas accounting terms glossary. Public agency financial management frequently involves terms that are unfamiliar to nonexperts, the definitions of which also involve other unfamiliar.