Appendix: international terminology
| International terminology | Terminology used previously |
|---|---|
| Financial statements | |
| Appropriation account (partnerships) | Profit and loss appropriation account |
| Cash and cash equivalents (limited companies) | Cash in hand, cash at bank/bank overdraft |
| Financial statements | Final accounts and balance sheets |
| Income statement | Trading and profit and loss account |
| Inventory | Stock |
| Irrecoverable debt | Bad debt |
| Loss for year | Net loss |
| Non-current assets | Fixed assets |
| Non-current liabilities | Long-term liabilities |
| Other payables | Expenses due; income received in advance |
| Other receivables | Expenses prepaid; income due |
| Profit for year | Net profit |
| Revenue (within an income statement) | Sales |
| Statement of financial position | Balance sheet |
| Trade payables | Trade creditors (creditors) |
| Trade receivables | Trade debtors (debtors) |
| Accounting ratios | |
| Expenses in relation to revenue % | Expenses in relation to sales % |
| Profit to revenue % | Net profit to sales % |
| Rate of inventory turnover | Rate of stock turnover |
| Trade payable days | Creditor payment period |
| Trade receivable days | Debtor collection period |
