Glossary

Question 1

abbreviated accounts

Answer 1

short form of accounts containing less than the full disclouse that companys act 2006 pernits small to medium sized conpanies to file at companys house

Question 2

absorption costing

Answer 2

way of allocating overhead costs to products.

Question 3

acccountability

Answer 3

principle of corporate governance which requires a board of directors or whoever is charged with with governance to take responsibility for actions and to report the outcome of those actions

Question 4

accountancy and actuarial discipline board

Answer 4

part of the financial repotting council. investigates members of audit firms which are concidered to be in the public interest

Question 5

accounting reference date

Answer 5

date in which the accounting period for accounts has to be prepared and audited ends

Question 6

accounting standards board

Answer 6

body responsible for issuing accounting standards. its aim to improve standards of financial accounting and reporting for benefits of users of financial info.

Question 7

accrual

Answer 7

amount set aside for a specific liability - where expinditure has been incurred for a period but no invoice recieved.