A budget period is a designated timeframe during which a specific budget is planned and implemented, aligning closely with the accounting periods utilized by the organization. Typically, this period spans a year but can be broken down into shorter control periods like months or quarters for enhanced financial oversight.
Carried forward (c/f) is an accounting practice of bringing the balance of an account from one accounting period over to the next.
A control period is the span of time for which budgeted figures are compared with actual results. Splitting up the financial year into control periods makes control of the financial figures more manageable.
End of Month (EOM) refers to a specific point in time that typically marks the conclusion of a financial or accounting period. At the EOM, businesses finalize their accounts by reconciling all transactions, completing tasks like issuing invoices, and addressing outstanding receivables and closing inventory.
The pay and file system was a former procedure for paying corporation tax in the UK, introduced for accounting periods ending after 30 September 1993. It required companies to file a detailed return within twelve months of the end of the accounting period.
Adjustments applicable to prior accounting periods due to changes in accounting policies or correction of material errors. These are not normal recurring adjustments or corrections of accounting estimates.
