Basic Bookkeeping and Accounting Glossary

what are the two inventory designations typically used by a retail business for accounting purposes?

Where LPG sites are authorised as tax warehouses, LPG will be treated normally as supplies and acquisitions of warehoused excise goods. This means that any supply VAT due is not accounted for until the product is removed from the site, even when traded within the site. Where the LPG site is authorised as a tax warehouse, any import VAT due on incoming LPG is not payable until this LPG is removed from the warehouse for home use in the UK.

Prior to 1967 auditors of an unquoted company were exempt from the statutory qualification requirements placed on other company auditors. The Companies Act 1967 abolished this exemption but allowed an auditor with sufficient practical experience to apply to the Secretary of State for authorisation to practise. Past authorisations will continue to be valid by virtue of the transitional provision in section 1219. Section 1222 provides that auditors authorised under the 1967 Act may not be treated as statutory auditors for any purpose other than to perform the statutory audit of an unquoted company (as defined in section 385).

4 What happens at Budget time

The automatic disclosure obligations currently contained in sections 198 to 211 of Part 6 of the 1985 Act will be replaced by regulations under the Financial Services and Markets Act 2000, as amended by Part 43 of this Act, in implementation of the Transparency Obligations Directive. In the regulations, a different concept of “interest in voting rights” will be adopted in order to implement the Transparency Obligations Directive. This section provides additional flexibility by enabling Ministers to designate, by order , companies or classes of company to which the regulations are to apply, or to modify the effect of the regulations in relation to a designated class of companies or specified companies. Where a company fails to comply with this section, the company and every officer of the company who is in default commits an offence (see subsection ). Where a public company that is formed under this section, or under section 117 of the 1985 Act, has not obtained a trading certificate within a year of its incorporation, it may be wound up by the court (see section 122 of the Insolvency Act 1986). This section explains what is meant by “offer to the public” for the purposes of the prohibition on public offers contained in section 755.

Someone who applies for shares in a new issue with the intention of selling them soon after trading begins. The stag hopes that the price will rise high enough in early trading to allow a quick profit to be made. Some new issues are structured in a way to frustrate stags, for example, by including a special provision favouring shareholders who keep their shares for a period of time. The number of shares that a company is allowed to issue – specified in the Memorandum of Association, Not all the authorised share capital needs to be issued but if it needs to be adjusted, a full shareholder meeting is required. Minimum Of Fuss, Maximum Of Flavour.The MOFMOF principle and acronym are advocated by, and should be attributed to, Italian chef Antonio Carluccio.

Figure 3: Capital investment in the general government sector is broadly coherent with the national accounts

This section reproduces the effect of section 370 of the 1985 Act and provides a default provision where the company’s articles are silent, allowing any member to be elected as chairman of a general meeting by a resolution of the company passed at the meeting. This section provides that the expenses of complying with section 315 need not be paid by the members if the meeting to which the request relates is a public company AGM and a sufficient number of requests are received before the company’s year-end. Otherwise the company’s expenses will have to be met by the members who requested the circulation of the statement unless the company resolves otherwise. In this case, the members requesting the statement must deposit a sum to cover the company’s costs .

Waste Of Flipping Time And Money.Originated in the Australian Army and now deservedly in wider use. E.g., “I have to work the weekend on the latest company WOFTAM project…” . I am additionally informed that WOFTAM was certainly in use in the Australian Army, in Melbourne, by the 1980s. There retail accounting it described a particularly disinterested or demotivated soldier/civilian trainee, close being discharged from basic training due to lack of suitability, also referred to a ‘ration thief’ or ‘oxygen thief’ in ironic reference to using resources needed by properly committed colleagues.

2 Where to get advice about the approval of import and export facilities

The auditor must also receive all communications relating to general meetings. This section enables members with at least 5% of the voting rights in a private company to prevent an auditor being automatically re-appointed by giving notice to the company. The company’s articles can enable members to do this with less than 5% of the voting rights, but cannot increase the required percentage.

What are the different types of inventory in retail business?

There are four main types of inventory: raw materials/components, WIP, finished goods and MRO.