Estimation – using a common sense approach to calculation by seeing if the answer produced seems ‘reasonable’

Percentage – ‘per cent’ means ‘out of every hundred,’ so a percentage is the top number of a fraction where the bottom number is 100

Discount – a percentage of an account deducted from that amount

Decimal place – the number of digits (numbers) to the right of the decimal point; £ and p are quoted to two decimal place, e.g. £4.99

Rounding – in the case of £ and p, reducing the number of digits to two decimal places by rounding up or down to the nearest p.

Benchmark – in costing this is a forecast figure for future performance (e.g. sales) against which the actual figure is then compared.

Mean average – the sum of a series of figures divided by the number of figures – this is also known as a ‘weighted average’

Time series – a series of data collected regularly over a period of time e.g. annual sales figures.

Line graph – a visual representation of a time series set out in a line

Bar chart – a chart which sets out a series of bars, the height of which indicates the extent of the value that varies.

Pie chart – a circle divided into sectors to represent in the correct proportion the parts of a whole – like a pie divided into ‘slices’

	Created by tomfaulkner over 11 years ago

Accounts (Work effectively in accounting and finance) Note on Work effectively in accounting and finance Chapter 3,4,5, created by tomfaulkner on 18/05/2013.