Tooltip Tags: accounting

auditor (en)

An individual qualified at the state level to conduct audits. An auditor may be an internal auditor (an individual whose primary job function is to

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year-end closing

An accounting procedure undertaken at the end of the year to close out business from the previous year, carry forward balances from the previous year,

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working capital

Current assets minus current liabilities. Working capital measures how much in liquid assets a company has available to build its business. The number can be

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wear&tear

The damage that naturally and inevitably occurs as a result of normal wear or aging. It is used in a legal context for such areas

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wages cost

The costs of paying employees for their work. Along with other costs such as pension contributions, these costs typically form the largest single cost item

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variable cost

Expenses that change in proportion to the activity of a business. Variable cost is the sum of marginal costs over all units produced. (source: http://en.wikipedia.org/wiki/Variable_cost)

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utilities expense

Under the accrual basis of accounting, this account reports the cost of the electricity, heat, sewer, and water used during the period indicated in the

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unqualified opinion

Auditor’s opinion of a financial statement, given without any reservations. Such an opinion basically states that the auditor feels the company followed all accounting rules

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unit cost

Is the cost incurred by a company to produce, store and sell one unit of a particular product. Unit costs include all fixed costs and

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turnover

For a company, the ratio of annual sales to inventory; or equivalently, the fraction of a year that an average item remains in inventory. (source:

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