Other Comprehensive Income (OCI)
Other comprehensive income includes items of income and expense that are not recognized in profit or loss, such as certain gains and losses on financial instruments and foreign currency translation di...
OpenFinancial Dictionary
Accounting & Finance Terms (English)
Output tax
VAT charged on taxable supplies made by a business.
OpenOutput VAT
Output VAT is VAT charged on sales to customers.
OpenP & L
Abbreviation for PROFIT AND LOSS STATEMENT.
OpenP.O
PO an acronym for Purchase Order
OpenParent Company
A parent company is an entity that controls one or more subsidiaries, usually through owning a majority of their voting shares.
Openpartnership
Partnership Relationship between two or more persons based on a written, oral, or implied agreement whereby they agree to carry on a trade or business for profit and share the resulting profits
Openpayable
Payable is in accounting often called the account of obligations payable on the date of the balance sheet, even if the invoice is not received on the date of the balance sheet, and the account payable...
Openpayback
Payback In business decision making, payback means the number of years before the cash invested in the project will be returned. It involves the cash flows from the project but generally the cash flow...
Openpayee
Payee The person or organization to whom a check is written or made payable
OpenPCAOB
Public Accounting Oversight Board (PCAOB) – A private sector, non-profit corporation charged with overseeing the auditors of public companies
OpenPerformance materiality
Materiality level applied at the assertion level to reduce audit risk.
OpenPerformance obligation
A promise in a contract to transfer a distinct good or service.
Openperiod cost
Period cost is a cost that is not related to generating revenue, such as the production of goods or services that are sold, but it causes revenue to be achieved, such as general expenses and others, a...
OpenPermanent establishment (PE)
A fixed place of business through which an enterprise operates.
OpenPetty Cash
A small amount of cash kept on hand for minor expenses and reimbursements.
OpenPetty Cash
A small amount of cash kept on hand for minor expenses and reimbursements.
Openpost balance sheet events
Also referred to as a subsequent event. An event occurring after the date of the balance sheet, but prior to the date that the balance sheet is actually released. For example, a balance sheet dated De...
OpenPost Date
is placing on a document or a check a date that follows the date of the initiation or execution of the document. For example, a post dated check cannot be cashed until the date written on the check.
OpenPost Dated Cheques - PDC
Checks that are not yet due, are recorded in the deferred checks account. A calculation of checks received for the company to be on the side of the assets and issued checks have an account on the liab...
Openposting
Register a journal entry in the relevant general ledger accounts
OpenPostretirement benefits
all types of retiree benefits; may include medical coverage, dental coverage, life insurance, group legal services, and other benefits.
OpenPostulate
in logic, is a proposition that is accepted as true in order to provide a basis for logical reasoning.
OpenPPE
mean Property, Plant and Equipment and also called Fixed Assets can means also pay period Ending
OpenPPI
Shortcut to the product price index
OpenPR
is an acronym for, among others, "public relations", "payroll" and "purchase request".
OpenPredictive Analytics
The use of data, statistical algorithms, and machine learning techniques to identify future outcomes based on historical data.
Openpreferred stock
Preferred stock A class of corporate stock that provides preferential treatment for dividends: Dividends will be paid to holders of preferred stock before common shareholders receive dividends. In exc...
Openprepaid expense
Prepaid Expenses A current asset that represents advance payments for future expenses. As expenses are used or expire, expenses increase and prepaid expenses decrease.
OpenPrepaid Expense
A prepaid expense is a payment made in advance for benefits to be received in future periods.
OpenPrepaid Expenses
Prepaid expenses are payments made in advance for benefits to be received in the future, such as rent or insurance. They are recorded as assets until consumed.
Openpresent value
Present value is the discounted value of a payment or series of payments that will be received in the future, taking into account a specific interest or discount rate. Present value represents a serie...
OpenPresentation currency
The currency in which financial statements are presented.
OpenPresentation Currency
Presentation currency is the currency in which the financial statements are presented. It may be different from the functional currency.
Openprincipal
This term in financial accounting refers to the amount of debt excluding interest. Mortgage loan payments typically require monthly payments of principal and interest.
Openprior period adjustment
Prior Period Adjustment The most common example is correcting an error from a prior year. When this correction is made, it may be included in the statement of retained earnings for the current period ...
OpenPrivate Placement
A private placement (DEBT) is the sale of bonds or other securities directly to a limited number of investors; Used in the context of common stocks. For example, selling stocks, bonds or other investm...
OpenProceeds
Revenue is generally in a business the total amount brought in, e.g. Sale proceeds. In insurance, it is the net amount received (whether from a check or from an insurance settlement) after deducting a...
OpenProcurement
The process of finding, acquiring, and buying goods, services, or works from an external source, often via a tendering or competitive bidding process.
OpenProduct Cost
Product cost is the cost of inventory on hand, also called inventurable cost. They are assets until the products are sold. Once sold, it becomes an expense, i.e. Cost of Goods Sold (COGS). All manufac...
OpenProfessional skepticism
An attitude that includes a questioning mind and a critical assessment of evidence.
OpenProffessional Invoice
A professional invoice is an invoice related to professional services provided, i.e. medical, legal or accounting services.
OpenProffessional Services
Professional services are those services provided by university-trained professionals, e.g. Doctors, lawyers and accountants, usually for professional fees.
OpenProfit And Loss Statement (P&L)
The profit and loss statement, which is referred to as the profit and loss statement, and is also referred to as the income statement or income statement, and is also referred to as the revenue and ex...
Openprofit center
A profit center is a department of an organization responsible for making a profit, for example, a department of a company that is not a standalone entity but is required to produce profits within the...
Openpromissory note
A promissory note is evidence of a debt with a specified amount due and an interest rate. The note may specify a due date or may be payable on demand. The promissory note may or may not be accompanied...
OpenProperty, Plant and Equipment (PPE)
They are tangible assets that serve more than one financial period, such as cars, buildings, equipment, etc. It is consumed annually by the amount of annual depreciation expenses in the income stateme...
OpenProspectus
A prospectus is the disclosure document for an offering registered with the Securities and Exchange Commission. The final prospectus is issued on the effective date, i.e. when the offering is issued b...
OpenProvision
A liability of uncertain timing or amount.
OpenProvision
A provision is a liability of uncertain timing or amount. It is recorded when the company has a present obligation and a reliable estimate can be made.
Open