Book-keeping and account
Questions and Answers
Accounting✅✅planning, recording, analyzing, and interpreting financial information
book-keeping✅✅(n) the work of keeping a record of the financial accounts of the business
Financial Statements✅✅business documents that report financial information about a business
entity to decision makers
Balance Sheet✅✅a statement of the assets, liabilities, and capital of a business or other
organization at a particular point in time, detailing the balance of income and expenditure over
the preceding period.
Inland Revenue✅✅a board of the British government that administers and collects major direct
taxes( employees tax, National insurance contributions, tax of the profit of business)
HM Revenues and Customs (HMRC)✅✅The government authorities in the UK responsible for
collecting tax. ( collection or refund of moneys for a business which is registered for value added
tax (VAT) purpose)
trend✅✅a general direction in which something is developing or changing
seasonal variation✅✅a pattern that repeats itself at known regular intervals of time
forecast✅✅a simple prediction of the future
Iflation✅✅a rapid increase in prices
Deflation✅✅a decrease in the general level of prices
index✅✅Measures over time the overage changes in the value, prices or quantities of a group of
items
Cyclical variations✅✅Variations in sales occurring over periods of time of much more than a
year.
Random variations✅✅May occur at any time and will cause unusual and unpredictable sales
figures; e.g. exceptionally poor weather, or negative public image following a high-profile
product failure.
time series✅✅Is a series of figures or values recorded over time
Questions and Answers
Accounting✅✅planning, recording, analyzing, and interpreting financial information
book-keeping✅✅(n) the work of keeping a record of the financial accounts of the business
Financial Statements✅✅business documents that report financial information about a business
entity to decision makers
Balance Sheet✅✅a statement of the assets, liabilities, and capital of a business or other
organization at a particular point in time, detailing the balance of income and expenditure over
the preceding period.
Inland Revenue✅✅a board of the British government that administers and collects major direct
taxes( employees tax, National insurance contributions, tax of the profit of business)
HM Revenues and Customs (HMRC)✅✅The government authorities in the UK responsible for
collecting tax. ( collection or refund of moneys for a business which is registered for value added
tax (VAT) purpose)
trend✅✅a general direction in which something is developing or changing
seasonal variation✅✅a pattern that repeats itself at known regular intervals of time
forecast✅✅a simple prediction of the future
Iflation✅✅a rapid increase in prices
Deflation✅✅a decrease in the general level of prices
index✅✅Measures over time the overage changes in the value, prices or quantities of a group of
items
Cyclical variations✅✅Variations in sales occurring over periods of time of much more than a
year.
Random variations✅✅May occur at any time and will cause unusual and unpredictable sales
figures; e.g. exceptionally poor weather, or negative public image following a high-profile
product failure.
time series✅✅Is a series of figures or values recorded over time
