32491984
Description
Flashcards by Vijaya Raikode, updated more than 1 year ago
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Created by Vijaya Raikode
over 3 years ago
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| Question | Answer |
| Gain | A monetary benefit, profit or advantage resulting from a transaction or group of transactions. |
| General Reserve | A revenue reserve which is not earmarked for a specific purpose. |
| Going Concern Assumption | An accounting assumption according to which an enterprise is viewed as continuing in operation for the foreseeable future. It is assumed that the enterprise has neither the intention nor the necessity of liquidation or of curtailing materially the scale of its operations. |
| Goodwill | An intangible asset arising from business connections or trade name or reputation of an enterprise. |
| Gross Margin or Gross Profit | excess of the proceeds of goods sold and services rendered during a period over their cost, before taking into account administration, selling, distribution and financing expenses. When result of this computation is negative it is referred to as gross loss. |
| Government | Government refers to government, government agencies and similar bodies whether local, national or international. |
| Government grants | Government grants are assistance by government in cash or kind to an enterprise for past or future compliance with certain conditions. |
| Gross book value | Gross book value of a fixed asset is its historical cost or other amount substituted for historical cost in the books of account or financial statements. When this amount is shown net of accumulated depreciation, it is termed as net book value. |
| Income and Expenditure Statement | A financial statement, often prepared by non-profit making enterprises like clubs, associations etc. to present their revenues and expenses for an accounting period and to show the excess of revenues over expenses (or vice versa) for that period. It is similar to profit and loss statement and is also called revenue and expense statement. |
| Intangible Asset | Asset which does not have a physical identity e.g. goodwill, patents, copyright etc. |
| Inventories are assets: | (a) held for sale in the ordinary course of business; (b) in the process of production for such sale; or (c) in the form of materials or supplies to be consumed in the production process or in the rendering of services. |
| Investment | Expenditure on assets held to earn interest, income, profit or other benefits. |
| Investments | Assets held not for operational purposes or for rendering services i.e. assets other than fixed assets or current assets (e.g. securities, shares, debentures, immovable properties). |
| Issued Share Capital | That portion of the authorized share capital which has actually been offered for subscription. This includes any bonus shares allotted by the corporate enterprise. |
| Joint venture | A joint venture is a contractual arrangement whereby two or more parties undertake an economic activity, which is subject to joint control. |
| Last In, First Out (LIFO) | Computation of the cost of items sold or consumed during a period on the basis that the items last acquired were sold or consumed first. |
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