UK Business Jargon - Letter A
Index : A|B|C|D|E|F|G|H|I|J|K|L|M|N|O|P|Q|R|S|T|U|V|W|X|Y|Z
Accounts
The formal statement of a companys financial affairs.
Accounts payable
Money owed by a company or individual for the goods or services they have received.
Accounts receivable
Money owed to a company or individual for the goods or services they have provided.
Administration
The appointment of a licensed insolvency practitioner over a defaulting company either by a court, by a holder of a floating charge over the company's assets, or by the company itself. Administration has the primary purpose of rescuing the company by trading it back into solvency.
AGM
Annual general meeting.
Annual accounts
Must be submitted to Companies House with the auditor's report, or an accountant's report for companies with turnover of less than £5 million and a balance sheet of less than £2.8 million. The accounts consist of a directors' report signed by a director or the company secretary, a profit and loss account, a balance sheet signed by a director, the auditor's report signed by the auditor or accountant's report signed by the accountant, and notes to the accountants. The accounts must be laid before a general meeting of all members of the company. They must be approved by the meeting.
Annual Return
Summary of company structure, registered address and shareholding, filed each year by every company with Companies House.
Anti-virus software
Software that scans emails, attachments and disks for malicious viruses and worms, and removes them or prevents them entering your computer system. Because of the rate at which new viruses emerge you should select software that is capable of being updated on a regular basis, usually by means of a download from the manufacturer's website.
Assets
Assets are all the business's possessions The things owned by the company such as vehicles, shares, buildings, and money in the bank.
Asset Finance
Loans specifically made against plant, equipment, vehicles, or IT hardware and software.
Assurance
A term interchangeable with insurance but generally used in connection with life cover as assurance implies the certainty of an event and insurance the probability.
Asymmetric digital subscriber line (ADSL)
An always-on technology for transmitting digital information at high bandwidths using existing phone lines. It is asymmetric because it can receive information faster than it sends it on the basis that most users download more information than they upload.
Auditors
Accountants appointed to review and report upon the annual accounts of a company. Only accountants qualified as members of one of the professional bodies recognised by legislation can act as auditors.
Audit report
The result of the review of the annual accounts by the auditors. It must accompany the accounts when filed at Companies House. An unqualified report means that the auditors found nothing wrong with the accounts. If the auditors are concerned that the accounts are not a true reflection of the state of the company the report will be qualified by their comments on what they have found.
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