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Summary Definition. Define Proficiencies: Proficiency means the aptitude to adequately performance a task.
- Manage Cash
Definition: Cash management is the efficient collection,...
- Manage Cash
It provides descriptions of three levels of proficiency. These descriptions, together with the learning outcomes, provide information to help IFAC member bodies design their professional accounting education programs for a variety of professional accounting roles and specializations.
To help remove some of the mystery behind accounting language, this article will provide definitions and explanations for some of the most common Accounting Terms & Phrases. With this guide, you’ll better understand financial statements, reports, and conversations about your finances.
- Accounts Payable. Accounts Payable refers to the money a company owes to its creditors or suppliers for goods and services purchased on credit. It represents a liability on the company's balance sheet until payment.
- Balance Sheet. The Balance Sheet is a financial statement that provides a snapshot of a company's financial position at a specific time. It presents the company's assets, liabilities, and shareholders' equity, enabling stakeholders to assess its financial health.
- Cash Flow. Cash Flow represents the movement of cash into and out of business over a specific period. It provides insights into a company's ability to generate cash and meet its financial obligations.
- Depreciation. Depreciation is the systematic allocation of the cost of a tangible asset over its useful life. It reflects the asset's value decrease due to wear and tear, obsolescence, or other factors.
- Accounts receivable (AR) Accounts receivable (AR) definition: The amount of money owed by customers or clients to a business after goods or services have been delivered and/or used.
- Accounting (ACCG) Accounting (ACCG) definition: A systematic way of recording and reporting financial transactions for a business or organization.
- Accounts payable (AP) Accounts payable (AP) definition: The amount of money a company owes creditors (suppliers, etc.) in return for goods and/or services they have delivered.
- Assets (fixed and current) (FA, CA) Assets (fixed and current) definition: Current assets (CA) are those that will be converted to cash within one year.
Many words used in the world of accounting, finance and business have specialized meanings. In fact, some words are just made up for these professions. It is difficult to learn financial concepts, business structures, accounting principles if you don’t know what some accounting terms mean.
People also ask
What does proficiency mean in management?
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What does accounting mean in simple terms?
Jul 9, 2024 · Accounting Period: An accounting period defines the length of time covered by a financial statement or operation. Examples of commonly used accounting periods include fiscal years, calendar years, and quarters, which divide the calendar year into three-month periods.
