SWOT analysis
SWOT analysis examines internal strengths and weaknesses and external opportunities and threats affecting the success of the subject being analyzed.
OpenFinancial Dictionary
Accounting & Finance Terms (English)
Accounting and Finance Terms Explained
Explore accounting, finance, auditing, taxation, and economics terms explained in clear English. Each entry provides a definition, a detailed explanation, practical uses, and examples where available.
Use the search box below to find a term by its name, definition, application, or related financial concept.
SYD
An acronym for sum-of-the-years'-digits (SYD) depreciation method.
OpenSYD depreciation method
An acronym for sum-of-the-years'-digits (SYD) depreciation method.
OpenT&E
An acronym for Travel & Entertainment.
OpenT&M
T&M means Time and Materials.
OpenT&R
T&R can mean: Technical & Research or Termination & Recoupment.
OpenT-accounts
T-accounts are a visual representation of ledger accounts shaped like the letter T with debit on one side and credit on the other.
OpenT-BILL
T-BILL: see Treasury Bill.
OpenT/T
T/T is a payment transaction abbreviation for wire transfer (telegraphic transfer), often referring to a bank-to-bank transfer.
OpenTangible
Refers to physical assets such as property, equipment and machinery, unlike intangible assets.
OpenTangible Asset
A tangible asset is a physical asset such as property, equipment and machinery, unlike intangible assets.
OpenTarget Costing
A disciplined process for determining and achieving a total cost at which a proposed product must be produced to generate desired profitability at the anticipated selling price.
OpenTarget Income
A level of income to be obtained; CVP analysis projects activity levels necessary to achieve this benchmark.
OpenTariff
Usually, a country's tax on imports. May sometimes refer to the rate of tax and is used interchangeably with the term duty.
OpenTariff Ad Valorem
A tariff determined as a percentage of the value of the goods.
OpenTax
A charge levied by a governmental unit on income, consumption, wealth, or other basis.
OpenTax base
The tax base is the amount of income on which tax will be calculated after tax adjustments according to tax laws, for a company or an individual.
OpenTax base
The amount attributed to an asset or liability for tax purposes.
OpenTax Court
A court competent to examine tax-related disputes where a jurisdiction allocates a court to tax matters.
Opentax depreciation
Depreciation used on a company's income tax return, usually different from depreciation in financial statements.
OpenTAX EFFECT METHOD
Tax effect method recognizes the tax effect in the year the relevant income is recorded, regardless of when tax is payable.
OpenTax Invoice
Tax invoices support VAT reporting and input VAT recovery and must include mandatory fields such as supplier details, VAT number, date, description, and VAT amount.
OpenTax loss carry forward/backward
A tax benefit that lets a company or individual deduct losses to reduce tax liability, by carrying losses forward/backward (where permitted).
OpenTax loss carryforward
Tax loss carryforward allows unused tax losses to be carried forward to offset taxable profits in future periods, subject to conditions and limits.
OpenTax Payable Method
A method where tax expense equals the provision for taxes payable for the period and deferred tax is not recognized.
OpenTax Period
Businesses must report VAT for each tax period according to the assigned filing frequency and maintain proper records covering that period.
OpenTax residency
The status determining in which jurisdiction a person or entity is taxable.
OpenTax Year
The annual period used to compute taxable income; may be a calendar year, fiscal year, or a short period for which a return is made.
OpenTaxable
Funds or transactions subject to taxation.
OpenTaxable income
Taxable income is the profit subject to tax after adjusting accounting profit for tax rules, exemptions, and allowable deductions.
OpenTaxable Income
Taxable income is the income reported to the government for calculating income tax after deductions allowed by law.
OpenTaxable Supply
Taxable supplies require proper tax invoicing and reporting, and they generally allow recovery of related input VAT, subject to conditions.
OpenTaxation
The process of imposing taxes (e.g., sales tax or income tax).
Opentelephone expense
The cost of telephone service used during the period; also called communication expenses.
Opentemporary accounts
Accounts that are closed at the end of each accounting year, including revenues, expenses, gains, losses, income summary, and drawings (for sole proprietors). Also called nominal accounts.
OpenTemporary difference
A temporary difference is the difference between the carrying amount of an asset or liability and its tax base, creating future taxable or deductible amounts.
Opentemporary help expense
Temporary staffing costs used during the period indicated in the income statement.
OpenTestimony
Testimony is evidence given by a competent witness under oath.
OpenThe Commercial Invoice
A legal document used internationally to ship goods between merchants. It usually includes exporter/importer, shipment contents, amounts, payment terms, and sometimes carrier name and order number.
OpenThe Invoice
It is an invoice issued by the seller to the buyer and contains a detailed list of what was sold, whether it is a good or service. The full information on the invoice should indicate the place of ship...
Opentheory of double entry
You can see Double Entry.
OpenThird Party
A third party is someone other than those directly involved in a transaction or agreement.
OpenThird Party Recovery
Third Party Recovery normally refers to delinquent accounts receivable recovered by a collection agency for a fee.
OpenTI
TI can mean, among others, Total Income or Tenant Improvements.
OpenTIC
TIC is Total Invested Capital.
OpenTIC/EBIT
TIC/EBIT is one of the earnings multiple ratios used in determining company value.
OpenTILL ROLL
A roll of paper on which the separate amounts of money paid for goods are recorded in a retail shop cash register.
Opentime deposit
A bank deposit that can be withdrawn only after a set period of time or with prior notice, e.g., a certificate of deposit (CD).
Opentime period assumption
Also known as the periodicity assumption; an accounting guideline that allows an entity to prepare reports for each fiscal period.
Opentime period Concept
It stipulates that the economic entity shall adhere to fixed time periods to announce the result of the business and financial position, regardless of the end of projects or sale of all goods.
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