Glossary Of Accounting Term-Alphabet J

GLOSSARY of Accounting Terms       RETURN TO GLOSSARY INDEX  Joint venture A contractual arrangement whereby two or more parties undertake an economic activity that is subject to joint control.  

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GLOSSARY of Accounting Terms RETURN TO GLOSSARY INDEX Income Increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in increases in equity, other than those relating to contributions from equity participants. Intangible asset An identifiable non-monetary asset without physical substance. Interim [...]

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GLOSSARY of Accounting Terms RETURN TO GLOSSARY INDEX Historical cost A measurement basis according to which assets are recorded at the amount of cash or cash equivalents paid or the fair value of the consideration given to acquire them at the time of their acquisition. Liabilities are recorded at the amount of proceeds received in [...]

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GLOSSARY of Accounting Terms RETURN TO GLOSSARY INDEX     Historical cost A measurement basis according to which assets are recorded at the amount of cash or cash equivalents paid or the fair value of the consideration given to acquire them at the time of their acquisition. Liabilities are recorded at the amount of proceeds [...]

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GLOSSARY of Accounting Terms RETURN TO GLOSSARY INDEX Gains Increases in economic benefits and as such are no different in nature from revenue. Going concern The financial statements are prepared on a going concern basis unless management either intends to liquidate the entity or to cease trading, or has no realistic alternative but to do [...]

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GLOSSARY of Accounting Terms   RETURN TO GLOSSARY INDEX  FIFO (first-in, first-out) The assumption that the items of inventory that were purchased or produced first are sold first, and consequently the items remaining in inventory at the end of the period are those most recently purchased or produced. Finance lease A lease that transfers substantially [...]

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GLOSSARY of Accounting Terms   RETURN TO GLOSSARY INDEX      Economic life Either: the period over which an asset is expected to be economically usable by one or more users; or the number of production or similar units expected to be obtained from the asset by one or more users.   Equity The residual [...]

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GLOSSARY OF ACCOUNTING TERMS      RETURN TO THE GLOSSARY INDEX  Depreciation (amortisation) The systematic allocation of the depreciable amount of an asset over its useful life. [ In the case of an intangible asset, the term ‘amortisation’ is generally used instead of ‘depreciation’. The two terms have the same meaning. ]   Dividends Distributions of [...]

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GLOSSARY of Accounting Terms RETURN TO THE GLOSSARY INDEX Capital Under a financial concept of capital, such as invested money or invested purchasing power, the net assets or equity of the entity. The financial concept of capital is adopted by most entities. Under a physical concept of capital, such as operating capability, the productive capacity [...]

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GLOSSARY of Accounting Terms RETURN TO THE GLOSSARY INDEX   Basic earnings per share Profit or loss that is attributable to ordinary equity holders of the parent entity (the numerator) divided by the weighted average number of ordinary shares outstanding during the period (the denominator).   Borrowing costs Interest and other costs incurred by an [...]

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