ABC Activity-based costing
a/c Account
ARR Accounting rate of return
b/d Brought down (from the previous period on the same page)
b/f Brought forward (from the previous page)
(note: these last two abbreviations are sometimes used
interchangeably)
BEP Break-even point
BS Balance sheet
c/d Carried down (to the next period on the same page)
c/f Carried forward (to the next page)
(note: these last two abbreviations are sometimes used
interchangeably)
CFS Cash flow statement
CPP Current purchasing power
CR Credit
CVA Current value accounting
C-V-P Cost-volume-profit
DF Discount factor
DR Debit
EBIT Earnings before interest and tax
EPS Earnings per share
F Favourable (variance)
FIFO First-in, first-out
FRS Financial Reporting Standard
(this is the name given to UK accounting standards created since 1990)
GAAP Generally accepted accounting practice
HCA Historic cost accounting
IAS International Accounting Standard
IFRS International Financial Reporting Standard
IRR Internal rate of return
LIFO Last-in, first-out
Ltd Limited company
(these companies are usually referred to as ‘private’ companies.
However, ‘private’ may also be used more generally to mean ‘not
listed on a stock exchange’)
MC Marginal costing
NBV Net book value
NPV Net present value
NTV Net terminal value
p.a. Per annum (i.e. each year)
PBIT Profit before interest and tax
P/E Price/earnings ratio
P&L Profit and loss account
(sometimes this is referred to as an ‘income statement’)
plc Public limited company
(this is usually referred to as a ‘public’ company. However,
sometimes ‘public’ is used to mean something more, namely ‘listed
on a stock exchange’. Some, but not all, public limited companies are
listed on a stock exchange)
ROCE Return on capital employed
ROE Return on shareholders’ equity
RPI Retail price index
(in some countries, this is termed the Consumer Price Index – CPI)
SSAP Statement of Standard Accounting Practice
(this is the name given to UK accounting standards created before 1990)
TAC Total absorption costing
TB Trial balance
U Unfavourable (variance)
WAC Weighted average cost
WIP Work-in-progress
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