Since accounting terminology - like all jargon - can be a little off-putting, some brief and informal explanations may be helpful.
They are given only for the purpose of shedding light in dark places and should not be taken as a definitive accounting guide or student reference !
Leger balances having a current monetary value, ie, total debtors invoices outstanding but due to be paid within the foreseeable future, positive bank balance/s, etc
An examination of accounting records - carried out by an outside agency - for the purpose of confirming that they are a true record of all transactions
In the case of Limited companies, it may be mandatory that the examination be carried out by a member of an approved professional institution and that a certified copy of the Final Accounts for each financial period be lodged with the relevant government bodies
Even when not mandatory, an annual independent audit may be performed for the purpose of assuring shareholders that the organisation in which they have invested money is trading in a financially responsible manner
Limited companies with a relatively small annual turnover may elect to "opt out" of the traditional government audit requirements
In the case of small businesses - where no shareholders are involved - this may be an attractive option
It does not, however, relieve an organisation of its obligation to present an annual Financial Return to the relevant government bodies
Vehicles, equipment, etc, which carry sufficient value to warrant their being treated rather like a long-term expense instead of being "written off" within the current financial period
Statement of assets and liabilities indicating the book value of the business as at the date prepared
A calculation, both proving the accuracy of bank statement/s and establishing the "true" balance based on payments and receipts not yet appearing on the bank statement
A vat-inclusive record of all invoices received and payments issued, usually batched by supplier or subcontractor name
This is not a true ledger, but rather an analysed extract from the Nominal / General Ledger
A vat-inclusive record of all invoices issued and payments received, usually batched by client or customer name
This is not a true ledger, but rather an analysed extract from the Nominal / General Ledger
A mechanism for annually reducing the value of an asset and recording it as an expense over a number of financial periods
A regular payment from the bank account, the amount of which may vary and is determined by the supplier or subcontractor to whom the payment is made
A record of original purchase price, annual depreciation and current book value of equipment
The vat-exclusive value of trading purchases analysed by category, ie, stationery, electricity, raw materials, minor equipment, payroll costs, etc
A mechanism for "transferring backwards" an expense relating to the current year, but actually paid and recorded in the following accounting year
Typically, this might arise with audit fees, high-value goods or equipment delivered but not yet invoiced, payroll costs paid in arrears, etc
A mechanism for "transferring forwards" an expense relating to the following year, but actually paid and recorded in the current accounting year
The most common example would be an annual insurance premium, paid in full in the current year, but including cover for part of the following accounting year
A record of all business transactions, categorised by revenue, expense, asset and liability, etc
Payment before deduction of pension, paye, prsi, health insurance, employee loan repayment, etc
A vat-exclusive record of revenue and income generated during the current financial period
Strictly speaking, all transactions are journal entries
However, the term is also used to refer to transactions created for the purpose of making adjustments to ledger balances, ie, depreciation, expenses accrued, expenses prepaid, etc
Liability account recording the original value and amount currently outstanding in respect of a lease
Ledger balances recording the amount of money owed to others, ie, total creditors invoices outstanding, overdrawn bank account/s, loan or leasing account, etc
Payment after deduction of pension, paye, prsi, health insurance, employee loan repayment, etc
A record of all business transactions, categorised by revenue, expense, asset and liability, etc
Record of all payments issued
Statement of income and expenditure indicating the current year's gross profit or loss before tax
Record of all payments received
An examination of accounting records - carried out by the Revenue Commissioners - for the purpose of confirming that they are a true record of all transactions
A vat-exclusive record of revenue and income generated during the current financial period
A vat-exclusive record of revenue and income generated during the current financial period
A vat-inclusive record of all invoices issued and payments received, usually batched by client or customer name
A regular payment from the bank account, the amount of which is fixed and is determined by the person or organisation making the payment
Legally required returns of personal or trading information to a government body
Failure to file returns (non-compliance) may lead to the imposition of heavy financial penalties and, possibly, prosecution
General term to describe items recorded in the accounting system, ie, invoice, payment, journal, etc
List of all Nominal / General Ledger account names and balances produced as proof that the ledger is "in balance", ie, the cumulative debit values should always be equal to the cumulative credit values
Traditionally, presented with all debit balances in the left-hand column and all credit balances in the right-hand column