The time frame for which a business prepares its accounts, used to measure financial performance and position.
The practice of totaling the debit and credit sides of an account and inserting a balance to make them equal at the end of a financial accounting period.
In book-keeping, 'brought down' (abbreviated as b/d) refers to an opening balance that has been transferred from the previous period to the current ledger.
Understanding the financial and physical capital maintenance concepts helps ensure that a company's capital is preserved, facilitating accurate performance measurement over time.
A chairman's report, sometimes referred to as a chairperson's report or chairwoman's report, is a comprehensive overview of a company's activities and prospects, presented by the chair of the company in the annual report and accounts.
A financial period, also known as an accounting period, is a specific timeframe within which financial performance is measured and reported for both businesses and individuals. This span is essential for preparing periodic financial statements and evaluating profitability, financial position, and cash flows.
Negative cash flow is a crucial financial metric that indicates an excess of cash outflows over cash inflows for a company during a specific period.
Net cash flow refers to the difference between the cash that enters (cash inflows) and exits (cash outflows) an organization during a specific financial period. It can either be positive, signifying a cash surplus, or negative, indicating a cash deficit.
A Profit and Loss Account is a financial statement that summarizes the revenues, costs, and expenses incurred during a specific period, leading to a company's net profit or loss.
