Site Glossary
There are 9 entries in this glossary.
All
| Term |
Definition |
| Balance sheet |
A snapshot of a business’s assets and liabilities at a point in time
|
| Joomla! |
Joomla! Content Management System - Cunning open source software used to build this website.
|
| Limited Company |
Shareholders own the business by acquiring a share of the companies share capital. The shareholders appoint directors to run the company on their behalf
|
| Partnership |
This is the same as a sole trader, except there will be more than one owner. Some of your clients will be partnerships
|
| Profit |
When revenue is greater than expenditure
|
| Profit and Loss Account |
A statement summarising a businesses revenues and expenses for a period
|
| Sole trader |
The owner is the business, and therefore unlike with a Limited Company, there is no limited liability. The owner is liable personally for all debts of the business. Most of your clients will be sole traders
|
| Trial Balance |
A summary of all the 'T' account balances (nominal ledger accounts) at a point in time
|
| VAT |
|
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