A-level Accounting Specification for first teaching in 2017
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A-level Accounting7127
Specification7127
7127
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 |