Absorption Cost: The method of allocating all factory indirect expenses to products.
Account: Part of double entry records, containing details of transactions for specific item, is known as account.
Account Codes: The process of identifying, measuring and communicating economic information to permit informed judgments and decisions by users of the information.
Accounting: The uses to which data recorded by bookkeeping can be put for various purposes.
Accounting Cycle: The sequence in which data is recorded and processed until it becomes part of the financial statements at the end of the period.
Accounting Information System: The total suite of components that, together, comprise all the inputs, storage, transformation processing, collating, and reporting of financial transaction data. It is, in effect, the infrastructure that supports the production and delivery of accounting information.
Accounting Policies: Principles, bases, conventions, rules and practices; applied by an entity, which specify how the effects of transactions and other events are to be reflected in its financial statements.
Accounts: This is a term previously used to refer to statements produced at the end of accounting periods, such as the Trading and Profit and Loss account and the Balance Sheet. It is commonly known as Financial Statements.
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