Provision for Warranty
A provision for warranty is a liability recognized for expected costs of repairing or replacing products under warranty obligations in the future.
OpenFinancial Dictionary
Accounting & Finance Terms (English)
Proxy
Document authorizing someone other than the shareholder to exercise the right to vote the stock owned by the shareholder.
OpenPTI
an acronym for Pre tax Income.
OpenPurchase Order
A purchase request from the buyer to the seller stating the merchandise to be purchased, its prices, specifications, and terms of payment, specified by a specific period. Acceptance of the purchase or...
OpenPurchaser
It is the person or company that made the purchase from the company, and it is classified by accounts under customer accounts, accounts receivable, or debit commercial accounts.
OpenPurchases
Purchases or Purchases Account is A temporary account used in the periodic inventory system to record purchases of goods for resale. This account shows the total amount of merchandise purchases, net p...
Openpurchases discounts
Purchases Discounts A temporary corresponding purchase account used in a periodic inventory system that represents discounts allowed by payment within specified credit terms such as 1/10 (1% of the am...
OpenQualified opinion
Issued when the auditor concludes that misstatements are material but not pervasive.
OpenQuick Assets
Quick Assets is Current Assets minus Inventories, or you can said it is equal Cash, Marketable Securities, Investments and Accounts Receivable
Openquick ratio
The quick ratio (or acid test ratio) is a more stringent test than the current ratio for short-term solvency, which is a company's current ability to pay its existing debts when they come due. This ra...
OpenReal-Time Reporting
The requirement to report financial or tax information to authorities in real-time or near real-time.
OpenReasonable assurance
A high but not absolute level of assurance that financial statements are free from material misstatement.
OpenRecoverable amount
The higher of fair value less costs to sell and value in use.
OpenRegTech
Regulatory Technology - The use of technology to facilitate compliance with regulatory requirements.
OpenRelated parties
Individuals or entities with relationships that may influence transactions.
Openrelevance
Relevance is a qualitative characteristic in accounting. Relevance is related to information that is timely, useful, and has predictive value that will make a difference to the decision maker
Openrelevant cost
Relevant costs are items on which future costs and revenues are expected to differ relative to the alternative decisions under consideration
Openrelevant range
The relevant range is usually used to describe fixed costs. We often say that fixed costs will not change as volume changes. However, if the size triples, there will likely be more fixed costs as the ...
Openreliability
reliability A quality of accounting information such that it is faithful in representation; free from bias, neutral, and verifiable
OpenRemote Auditing
Audit procedures performed without physical presence at the client's location, using technology for evidence gathering.
OpenRent Earned
It is the value of the amounts, according to the accrual basis of accounting, that were calculated for leasing some of the company’s properties to others or properties that the company rented for re-r...
Openrent expense
Under the accrual basis of accounting, the account Rent Expense will report the cost of occupying space during the time interval indicated in the heading of the income statement, whether or not the re...
Openrent revenue/income
Under accrual accounting it is the rent earned during the period indicated in the heading of the income statement, regardless of when the money is received from the tenant.
Openrepairs
Operating expenses made to return an asset to its previous condition (rather than to make the asset more than it was originally). The amount is charged to an account such as Repairs and Maintenance Ex...
Openrepairs and maintenance expense
Expenses incurred to restore an asset to its previous condition or to maintain the operation of the asset in its current condition (rather than to improve the asset). For example, if a company truck i...
OpenRepayment conditions
Payment terms are agreed terms determined by the seller that explain the method of payment, for example 50% advance payment and 50% upon delivery, or payment within 30 days of the invoice date. The te...
OpenRepayment in advance
It is an advance payment that the customer makes to the supplier before the supply. It may be paid by the company to suppliers or collected by the company from customers, advance payament more common
Openreplacement
A restoration of an asset, at least partially, to its original condition; such costs may be capitalized by reducing accumulated depreciation
OpenREPLACEMENT VALUE
is a valuation similar to an adjusted book value analysis. Replacement value is different than liquidation value in that is uses the value of the replacement value of assets, which is usually higher t...
Openreplenish
A term associated with petty cash. Replenish means to return the amount of actual cash in the petty cash box back to the amount appearing in the general ledger account Petty Cash.
OpenREPO
is a contract under which the seller of securities, such as Treasury Bills, agrees to buy them back at a specified time and price. Also called repurchase agreement or buyback.
OpenReportable Condition
is a matter coming to the auditor’s attention relating to SIGNIFICANT DEFICIENCIES in the design or operation of the entity's internal control that could ADVERSLY AFFECT an entity’s ability to fulfill...
OpenReportable Segment
is a business segment or geographical segment for which IAS 14 requires segment information to be reported.
OpenReporting Entity
The legal entity for which financial reports are prepared
OpenReporting Period
It is the period included in the chartered accountant’s report, and it relates to the financial period of the report, which is a full year, 12 months. The report may be for a period of more than 12 mo...
OpenRepresentation expenses
are those expenditures whose character and primary purpose is for representational or entertainment related activities, including receptions or banquets.
OpenRequisition
Requisition is a written request to buy something. Usually, once approved, the requisition is then transformed into a purchase order.
Openresidual value
The residual value means the remaining difference after deducting the other side. It may be referred to as the remaining amount in the productive asset after deducting depreciation at the end of its p...
Openretained earnings
The excess of a corporation's income over its dividends
OpenRetained Earnings
Retained earnings represent accumulated profits that are reinvested in the business instead of being distributed to owners.
OpenRetained net surplus (deficit)
Means retained earnings (losses)
OpenRetained Profit
Mean Retained Earnings but Retained Earning is more common.
OpenRetire
Retirement is the act of leaving work according to age or by agreement at a certain age.
OpenRetirement
Retirement is leaving work according to age or agreement at a certain age.
Openretirement of assets
This usually means disposing of long-term owned assets and not getting any proceeds from their disposal.
Openretirement of bonds
To repurchase bonds that the company had previously issued.
OpenRetirement of stock
Buy back shares previously issued by the company.
Openretrospective adjustment
Applying a different accounting principle to previously issued financial statements as if the newly adopted method had always been in use, i.e. making the new accounting principle method retrospective...
OpenReturn
It is the return of something, such as the return on shares or the return on fixed assets, and it is usually a percentage or an indication of the return on goods.
OpenReturn And Allownce
Returns and allowances refer to goods returned from the sales process or allowances given for some defects or to increase sales.
Open