Pretty high stakes situation right? I think I’d rather just stick with my year 11 modern history class speech about Gorbachov and the Cold War. He has one chance to convince the people of his argument, and if he fails he will likely face death. He’s filled with emotion Grief, guilt, rage and vengeance are coursing through his veins, but he must compose himself and choose his words carefully, so as to not be removed from the stage. What’s more, Marc Antony has come to speak to the mob in the wake of the murder of Caesar, an act which to him is brutal and unjust, but to everyone else was the right thing to do. Well imagine what Marc Antony must be feeling during this public address, stepping up to the plinth to face a rabble of angry and bloodthirsty Romans who believe he’s wrong even before he starts speaking. Insolvent – Being unable to pay debts as and when they fall due.Nobody likes public speaking, right? It’s up there in the top 3 phobias world-wide. Goodwill – An amount that someone may be willing to pay over and above the market value of assets due to other considerations such as reputation, knowledge and customer databases the business holds Work in progress – Costs which have been incurred directly relating to jobs which are still ongoing at the year endīalance sheet – A summary showing a snapshot of what a business owns and owes, and therefore what it is worth on paper (excluding any goodwill), at a specific date If sales are invoiced in advance and the service is not provided until after the year end, the sales income should be moved into a future period This is a cost which relates to goods/services used in the financial period but for which a purchase invoice has not been received or it is dated after the end of financial periodĪccrued income – Accounting for sales of services provided during thefinancial year but which were not invoiced to customers until after the year endĭeferred income – The opposite of accrued income. ![]() Prepayments – Amounts charged in advance for a service used by the business, such as insurance or rent, which covers a period longer than the financial yearĪccruals – The opposite of a prepayment. Trade creditors/accounts payable – Amounts that are owed to suppliers Trade debtors/accounts receivable – Amounts that are owed by customers Net profit – The gross profit less overhead expenses, including finance costs and depreciation chargesįixed assets – Items such as machinery, motor vehicles or computer equipment that are not purchased for resale but are to be used in the business for longer than one year Gross profit – The difference between sales and the cost of goods/services that have been sold Profit and loss – A summary of the sales, costs and expenses for a specific period of time, usually a financial year Inevitably there are terms we use that are not familiar to all, so we’ve listed some below that you might hear from time to time when discussing accounts, along with a brief description of meaning: We also invest heavily in our systems to continuously improve our communication with our clients. We know that Accountants (probably closely following lawyers!) are amongst the worst offenders when it comes to talking in technical jargon.Ī4G are conscious of this, which is why we ensure that our down to earth, yet professional approach is in line with our mission statement – ‘to be the best all-round advisers to owner-managers’. ![]() “It’s (all) Greek to me”, (another frequently used Shakespearism), is a common response from many business owners and individuals who use finance or legal professionals. This brings us to the language of business and accounting. The only downside of such a rich language is its complexity, and the misunderstandings that can and often do arise. Many of Shakespeare’s sayings and phrases are still used in our everyday vocabulary – even by those of us who were less than fond of studying his works at school! Shakespeare has largely contributed to the diverse language we enjoy today and the abundance of words we have available to express ourselves. It is hard to think of anyone else who has had such an impact on the English language. Many of you will recognise the first line of Mark Antony’s famous speech in Shakespeare’ Julius Caesar, and yet not all of us could place it in context. We recently passed the 400 th anniversary of Shakespeare’s death, marking the occasion with celebrations of his long lasting influence.
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