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Thread: Oi Biggles!

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    Skweeky's Avatar Manker's web totty
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    Can you just quote the most commonly used terms withing an accounting department?

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    Gripper's Avatar Dexter's Apprentice.
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    Fiscal?

    All spelling mistakes and grammatical errors in my post's are intentional.

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    Agrajag's Avatar Just Lame
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    Trial

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    Skweeky's Avatar Manker's web totty
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    No... I mean things like 'sales ledger', 'VAT' etc...

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    Alien5's Avatar μετά BT Rep: +6BT Rep +6
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    etc...

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    Biggles's Avatar Looking for loopholes
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    Skweeks

    Basic records are "ledger entries" sales, materials, assets etc.,

    It is important that income and expenditure is "matched" to correct periods of reporting and activity.

    "Variance Analysis" (were the forecasts correct? - if not why not?) is usually undertaken to provide Management Information and allow managers to make decisions (hah!)

    ABC - some firms use "Activity Based Costing" matching all relevant costs to specific activities rather than spreading them as an "Overhead" This sounds great and dandy but is a bugger to do and usually has Finance sections running around like blue-arsed flies.

    "Profit and Loss Statement"
    and
    "Balance Sheet" are the two big reporting documents and a lot of day to day work on the ledgers is used to compile these.

    also important are

    "Depreciation Policy" how a company treats its assets on the Balance Sheet and the amount carried into the Profit and Loss Statement each year.

    "Capital Allowances" what the Treasury allow against asset purchases ( and can be set against tax liabilities)

    "Corporation Tax" (and why not paying is a bad idea)

    Distribution of Profits

    Profits after tax have to be dealt with - some to shareholders, some to set against known asset replacement and perhaps some to invest in other companies/take overs etc., - the latter could actually be a more beneficial use of the money for the shareholders in the longer term.

    "IAS" - International Accounting Standards or Teh Rules (as they are known) each standard deals with a specific area i.e Reporting to Shareholders or Treatment of Assets and each has a number.

    Finally, a really important word if you are job hunting

    "Governance"

    Read up on the Cadbury Report and the US Sarbanes-Oxley

    These follow on from major corruption scandals like Enron and set new standards of Corporate Accountability to protect Shareholders and other Stakeholders

    Stakeholder theory is also an interesting modern concept but perhaps a bit OTT for your porpoises.

    I hope this helps.

    I am going to have to go and have a shower now - accountancy on a Saturday - I am unclean
    Cogito cogito ergo cogito sum


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    Skweeky's Avatar Manker's web totty
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    Basically, I'm going for a job interview with some company that is looking for someone who speaks Dutch, has some knowledge about acccounting ( I know about sales ledgers, balance sheets, active and passive etc) and can do administration as well.

    They'd better bloody give me the job

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    Skweeky's Avatar Manker's web totty
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    Just to clarify, decpreciation policy refers to the period of time a company takes to write off a certain asset and thus the period of time they pay tax on this asset?

    It's bloody hard to try and make out what is what if you learnt everything you know about the subject in a completely different language

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    Biggles's Avatar Looking for loopholes
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    Quote Originally Posted by Skweeky View Post
    Basically, I'm going for a job interview with some company that is looking for someone who speaks Dutch, has some knowledge about acccounting ( I know about sales ledgers, balance sheets, active and passive etc) and can do administration as well.

    They'd better bloody give me the job
    If you know the basics an overview of International Accounting Standards and Governance will mean you can demonstrate that you are up to date with the hot topics in Accountancy (if that is a fair and reasonable use of the word hot)
    Cogito cogito ergo cogito sum


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    Biggles's Avatar Looking for loopholes
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    Quote Originally Posted by Skweeky View Post
    Just to clarify, decpreciation policy refers to the period of time a company takes to write off a certain asset and thus the period of time they pay tax on this asset?

    It's bloody hard to try and make out what is what if you learnt everything you know about the subject in a completely different language
    Depreciation is how the Company writes off the asset and treats it in the accounts it shows to the owners (the shareholders)

    For tax purposes the company has to use the Treasury rules which are called Capital Allowances. It is these calculations that are used to set against the tax owed not the company's depreciation policy. Part of the good Governance thing is that the depreciation policy has to be fair and reasonable - it would be easy to present the figures to the shareholders in an attractive light by saying their computers will last 100 years and there has been no asset "Impairment"

    I'm "" the accountancy words btw.
    Cogito cogito ergo cogito sum


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