Long Term Construction Contracts
Long-term construction contracts These are contracts for construction companies with their clients, and the duration of contracts is more than a financial period, and the value of the contracts is not...
OpenFinancial Dictionary
Accounting & Finance Terms (English)
Long Term Contracts
They are long-term contracts that cover more than one financial period and their revenues are recorded according to what was accomplished during the financial period. Long-term construction contracts ...
OpenLow-value asset lease
A lease of an asset that is low in value when new.
OpenLPO
L.P.O an acronym for Local Purchase Order
OpenLyman formula
"Lyman formula is a compensation formula originally developed by investment bankers Lehman Brothers for investment banking services: • 5% of the first million dollars included in the deal in exchange ...
OpenManagement override
When management uses its authority to manipulate accounting records or weaken controls.
OpenManagement representation letter
A letter in which management confirms certain matters to the auditor.
OpenManagement Representation Letter
A management representation letter is a written statement from management confirming key matters to the auditor.
Openmanagerial accounting
Management accounting The field of study in accounting devoted to information needed by a company's management (as opposed to third-party financial accounting). Topics covered in management accounting...
Openmarginal cost
The cost of the next unit.
Openmarginal revenue
The revenue from the next unit.
OpenMarket capitalization
Value at current market prices of a company's equity capital. It equals the share price times the number of shares outstanding.
OpenMarketable Security
Marketable securities are an investment that is easily traded and easily monetized quickly, These securities are usually traded on the public stock exchange, where quotations are readily available, an...
OpenMAT
is Management, Administrative, and Technological.
Openmatching
The principle of matching is a basic concept in accounting, which is to match expenses with revenues during the period. This means that we match expenses with revenues, and expenses must be spent to g...
OpenMatching Concept
The principle of matching is a basic concept in accounting, which is to match expenses with revenues during the period. This means that we match expenses with revenues, and expenses must be spent to g...
OpenMatching Principle
The principle of matching is a basic concept in accounting, which is to match expenses with revenues during the period. This means that we match expenses with revenues, and expenses must be spent to g...
OpenMatching principle
An accounting principle that requires expenses to be recognized in the same period as the related revenues they help to generate.
OpenMatching Principle
The matching principle requires that expenses be recognized in the same period as the revenues they help to generate. This ensures that profit is measured fairly for each period.
Openmateriality
Relative importance is measuring the cost with the benefit. For example, there are sales worth $200 million and there are other losses worth $200. The company does not classify the other losses and ad...
OpenMateriality
Materiality is the magnitude of an omission or misstatement that could influence users’ decisions.
OpenMateriality
A concept that allows accountants to ignore small items that would not influence the economic decisions of users of financial statements.
Openmaturity date
The date on which a note and related interest are due to be paid
Openmaturity value
The maturity value of a security is the amount that will be received at the time the security is redeemed at maturity. For most securities, the maturity value equals the face value; In insurance, it i...
Openmixed costs
"mixed costs Costs that have both a fixed and variable component. For example, the cost of operating an automobile includes some fixed costs that do not change with the number of miles driven (e.g., o...
Openmortgage
Mortgage A lien on real estate to protect the lender. A loan made with this guarantee is referred to as a mortgage loan.
Openmultiple-step income statement
Multi-Step Income Statement An income statement that contains more than one subtraction to arrive at net income. An income statement that shows gross profit is an indication that it is a multi-step in...
Opennatural resources
natural resources Long term assets of a company such as minerals, oil reserves, timberland, stone quarries, etc. The term depletion is associated with natural resources.
Opennet
The net result of combining two or more amounts. For example, net sales equal gross sales minus sales returns, sales allowances, and sales discounts. The net realizable value of accounts receivable is...
OpenNet Assets
Net assets are equal to total assets minus total Liabilities. It can also be said is the amount of excess of assets over liabilities, whick is equl to equity as accounting equation.
OpenNet Credit Sales
The net amount of gross sales on credit minus the sales returns, sales allowances, and sales discounts which pertain to the sales on credit.
OpenNet Current Assets
Net Current Assets equil Current Assets minus Current Liabilities, Also called Working Capital or Net Working Capital
OpenNet Income
Net income is the increase in total revenues and gains compared to total expenses and losses for an accounting period. It is the mathematical result of revenues and gains minus the value of direct and...
Opennet loss
Net loss is the bottom line of the income statement When revenues and gains are less than the total amount of cost of goods sold, operating expenses, losses, and income taxes, it also means excess exp...
Opennet pay
Gross wages or gross salaries minus withholdings for payroll taxes and other items such as insurance, union dues, United Way, etc. Also referred to as "take home pay" or the amount the employee "clear...
Opennet present value
Net present value, or NPV, is a method of valuing capital projects that uses a predetermined interest rate to determine the present value of an investment's net cash inflows and outflows
OpenNet Profit
Net profit is the final profit after deducting all expenses, including operating costs, interest, and taxes. It represents the company’s financial performance during the period.
OpenNet Profit
Net profit is the remaining profit after all expenses, finance costs, and taxes are deducted.
Opennet realizable value
Net realizable value The amount of cash expected to be collected on outstanding accounts receivable; Accounts receivable minus the allowance for uncollectible amounts and also represents the amount yo...
OpenNet Sales
Sales at gross invoice amounts less any adjustments for returns, allowances, or discounts taken.
OpenNFT Accounting
Accounting for Non-Fungible Tokens, unique digital assets verified using blockchain technology.
OpenNon Current Assets
Non-current assets are the economic entity assets from the economic resources that serve more than a year, and are not expected to change during the twelve months following the fiscal year. Such as pr...
OpenNon-controlling interest
Equity in a subsidiary not attributable to the parent.
OpenNon-controlling Interest
Non-controlling interest represents the equity in a subsidiary that is not attributable, directly or indirectly, to the parent company.
Opennumerator
the number put the up in dividend palce
OpenOpening balances
Account balances existing at the beginning of the period, carried over from the prior period.
Openoperating activities
Operational activities: activities involved in generating revenues. For example, purchasing or manufacturing goods and selling goods including marketing and management. In the statement of cash flows,...
OpenOperating expenditure (OPEX)
Day-to-day expenses required for normal business operations.
Openother assets
Other Assets Long-term assets not classified as investments, real estate, plant, equipment or intangible assets. An example is bond issuance costs that are amortized as expenses over the life of the b...
OpenOther comprehensive income
Items not recognized in profit or loss as required by IFRS.
Open