Accountancy

Accountancy

Industry: Financial services

Add a new term

Contributors in Accountancy

Become a Contributors

Accountancy

FIFO (first-in, first-out)

Financial services; Accountancy

The assumption that the items of inventory that were purchased or produced first are sold first, and consequently the items remaining in inventory at the end of the period are those most recently ...

finance lease

Financial services; Accountancy

A lease that transfers substantially all the risks and rewards incidental to ownership of an asset. Title may or may not eventually be transferred.

A contract that requires the issuer to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payment when due in accordance with the original ...

financial asset

Financial services; Accountancy

Any asset that is: (a) cash; (b) an equity instrument of another entity; (c) a contractual right: (i) to receive cash or another financial asset from another entity; or (ii) to exchange financial ...

financial instrument

Financial services; Accountancy

Any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

financial liability

Financial services; Accountancy

Any liability that is: (a) a contractual obligation: (i) to deliver cash or another financial asset to another entity; or (ii) to exchange financial assets or financial liabilities with another ...