A computer word; it shows how stored information can be accessed randomly or in some order.

The time taken to retrieve data from a magnetic storage system.

Any tax that is imposed upon gifts and inherited property. It is imposed on the receiver of the gift or property.

An insurance that takes care of loss of life, property, vehicle and third party risks as a result of possible accident.

It is a bill of exchange signed by a person to accommodate another. Should the original fail to pay the bill amount, the liability would devolve on the person who signed the bill.

A word relating to bill of exchange: a person signing the note on behalf of the maker or acceptor of a bill as a guarantor.

A term in accounting: a classified head in the ledger in which transactions are entered on the debit or credit side, as the case may be.

1) pay day. 2) The day of settlement of transactions in a stock exchange.

Generally refers to a manager in the accounts department; also a person in an Advertising or Public Relations agency entrusted with managing agency services for a client.

It is one method of crossing a cheque. The cheque can be negotiated only by the payee through his bank account.

A management term; refers to specified obligation of an employee for identified function or result.

The subject or profession which deals with business accounting, mainly of financial transactions.

A skilled professional who processes financial data to help: 1) keep records, 2) draw management attention to and 3) solve business problems.

The function of the accountant; consists in recording, classification and presentation of financial data to reveal the financial health of a corporate body and to help corporate management.

Concepts and principles on which accounting or financial transactions should be collated and presented; defining accounting periods (such as financial year); formatting the balance sheet heads.

The sequential and repetitive steps for collection, collation, classification, and presentation of financial data.

Accounts are maintained in terms of dollar or rupee. If there is continuous inflation the money value of assets, costs and income distort the real value. So, corrections are applied for inflation to reduce the figures to real values in constant terms.

Generally accepted accounting principles on which accounting data are collected, processed and reported.

The identity that assets are always equal to liabilities plus net worth. It is also called balance sheet identity. This identity is the direct outcome of the fundamental principle of double entries for each and every transaction.

A manual for guiding employees in the preparation of corporate accounts from financial data till completion of final accounts; also includes the chart of accounts.