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ABBREVIATION NOTES FOR ACCOUNTING TERMS, Summaries of Accounting

University of Batangas (UB)Accounting

ABBREVIATION NOTES FOR ACCOUNTING TERMSABBREVIATION NOTES FOR ACCOUNTING TERMSABBREVIATION NOTES FOR ACCOUNTING TERMS

Typology: Summaries

2021/2022

Uploaded on 09/03/2022

kim-ara
kim-ara 🇵🇭

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AFAR ABBREVIATION
PARTNERSHIPS
A/R: Accounts Receivable
ADA: Allowance for Doubtful Accounts
NI: Net Income
NL: Net Income
TCC: Total Contributed Capital
TAC: Total Agreed Capital
FV: Fair Value
PV: Present Value
BEG. CAPITAL: Beginning Capital
P&L: Profit & Loss
CPP: Cash Priority Program
LAB: Loss Absorption Program
CORPORATE LIQUIDATION
NRV: Net Realizable Value
COGS: Cost of Goods Sold
SHE: Shareholder's Equity
REVENUE RECOGNITION
GP: Gross Profit
IS: Installment Sales
GPR: Gross Profit Rate
GPreg: Gross Profit regular sales
GPis: Gross Profit installment sales
SP: Selling Price
CIP: Construction in Progress
DECENTRALIZED OPERATIONS
HO: Home Office
COST ACCOUNTING
DM: Direct Materials
DL: Direct Labor
WIP: Work in Process
FG: Finished Goods
COGS: Cost of Goods Sold
JIT: Just in Time
TP: Trigger Point
S1: Service Department 1
S2: Service Department 2
P1: Producing Department 1
P2: Producing Department 2
Con: Controllable
Vo: Volume
Sp: Spending
Var Ef: Variable Efficiency
Fx Sp: Fixed Spending
VSV: Variable Spending Variance
VEV: Var Ef
FSV: Fx Sp
AFOH: Actual Factory Overhead
BASH: Budgeted Allowance based on Std
Hours
SHSR: Std Hours x Std OH Rate
BAAH: Budgeted Allowance based on
Actual Hours
AVOH: Actual Variable OH
AH: Actual Hours
SH: Std Hours
SVR: Std Variable Rate
AFxOH: Actual Fx OH
BFxOH: Budgeted Fx OH
SFxOH: Std Fx OH
NH: Normal Hours
SFxR: Std Fx OH Rate
MPV: Material Price Var
MQV: Material Quantity Var
LRV: Labor Rate Var
LEV: Labor Eff Var
AP: Actual Price
SP: Std Price
AQ: Actual Quantity
SQ: Std Quantity
AR: Actual Rate
SR: Std Rate
CC: Conversion Costs
BI: Beginning Inventory
EI: Ending Inventory
FOH-a: Factory Overhead applied
FOH-c: Factory Overhead control
PD: Preceding department
NLU: Normal Lost Units
ALU: Abnormal Lost Units
C-TO: Completed-Transferred Out
BUSINESS COMBINATION
DACs:
CONSOLIDATED FS:
BV: Book Value
SP: Selling Price
RE: Retained Earnings
G/L: Gain/Loss
U-VA: Under-valuation
O-VA: Over-valuation
UG: Unrealized Gain
UL: Unrealized Loss
A/R: Accounts Receivable
A/P: Accounts Payable
OPEX: Operating Expenses
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AFAR ABBREVIATION

PARTNERSHIPS

A/R: Accounts Receivable ADA: Allowance for Doubtful Accounts NI: Net Income NL: Net Income TCC: Total Contributed Capital TAC: Total Agreed Capital FV: Fair Value PV: Present Value BEG. CAPITAL: Beginning Capital P&L: Profit & Loss CPP: Cash Priority Program LAB: Loss Absorption Program CORPORATE LIQUIDATION NRV: Net Realizable Value COGS: Cost of Goods Sold SHE: Shareholder's Equity REVENUE RECOGNITION GP: Gross Profit IS: Installment Sales GPR: Gross Profit Rate GPreg: Gross Profit regular sales GPis: Gross Profit installment sales SP: Selling Price CIP: Construction in Progress DECENTRALIZED OPERATIONS HO: Home Office COST ACCOUNTING DM: Direct Materials DL: Direct Labor WIP: Work in Process FG: Finished Goods COGS: Cost of Goods Sold JIT: Just in Time TP: Trigger Point S1: Service Department 1 S2: Service Department 2 P1: Producing Department 1 P2: Producing Department 2 Con: Controllable Vo: Volume Sp: Spending Var Ef: Variable Efficiency Fx Sp: Fixed Spending VSV: Variable Spending Variance VEV: Var Ef FSV: Fx Sp AFOH: Actual Factory Overhead BASH: Budgeted Allowance based on Std Hours SHSR: Std Hours x Std OH Rate BAAH: Budgeted Allowance based on Actual Hours AVOH: Actual Variable OH AH: Actual Hours SH: Std Hours SVR: Std Variable Rate AFxOH: Actual Fx OH BFxOH: Budgeted Fx OH SFxOH: Std Fx OH NH: Normal Hours SFxR: Std Fx OH Rate MPV: Material Price Var MQV: Material Quantity Var LRV: Labor Rate Var LEV: Labor Eff Var AP: Actual Price SP: Std Price AQ: Actual Quantity SQ: Std Quantity AR: Actual Rate SR: Std Rate CC: Conversion Costs BI: Beginning Inventory EI: Ending Inventory FOH-a: Factory Overhead applied FOH-c: Factory Overhead control PD: Preceding department NLU: Normal Lost Units ALU: Abnormal Lost Units C-TO: Completed-Transferred Out BUSINESS COMBINATION DACs: CONSOLIDATED FS: BV: Book Value SP: Selling Price RE: Retained Earnings G/L: Gain/Loss U-VA: Under-valuation O-VA: Over-valuation UG: Unrealized Gain UL: Unrealized Loss A/R: Accounts Receivable A/P: Accounts Payable OPEX: Operating Expenses

GOVERNMENT ACCOUNTING:

COA: Commission on Audit DBM: Department of Budget and Management GAM: Government Accounting Manual TRA: Tax Remittance Advice NON-PROFIT ORGANIZATIONS NPO: Non-profit Organization

FAR

FAR 1 - Assets GR: General Rule Exc: Exceptions NCA: Non-Current Assets CIF: Cost, Insurance and Freight FAS: Free Along-Side G/L: Gain/Loss AR: Accounts Receivable CA: Carrying Amount/Current Asset (check usage hehe) BA: Biological Asset FVLCTS: Fair Value Less Cost To Sell NRV: Net Realizable Value GPR: Gross Profit Rate TGAS: Total Goods Available for Sale EI: Ending Inventory BI: Beginning Inventory FV-OCI: Fair Value thru Other Comprehensive Income FV-P&L: Fair Value thru Profit & Loss AC: Amortized Cost UG: Unrealized Gain NI: Net Income SLM: Straight Line Method BC: Borrowing Costs PV: Present Value R&D: Research & Development FAR 2 - Liabilities CL: Current Liabilities NCL: Non-Current Liabilities FV: Fair Value FV-PL: FV thru Profit or Loss AC: Amortized Cost GR: General Rule Exc: Exception CA: Carrying Amount/Current Asset (check usage hehe) SP: Selling Price CP: Conversion Privilege SC: Share Capital TD: Temporary Differences I/S: Income Statement B/S: Balance Sheet DTL: Deferred Tax Liability DTA: Deferred Tax Asset NOLCO: Net Operating Loss Carry-over NCA: Non-Current Asset OCI: Other Comprehensive Income OCL: Other Comprehensive Loss G/L: Gain/Loss SASP: Stand-Alone Selling Price ROU: Right of Use FAR 3 - SHE RE: Retained Earnings SC: Share Capital SP: Share Premiums TS: Treasury Shares OS: Ordinary Shares PS: Preferred Shares CA: Carrying Amount FVLCTS: Fair Value Less Costs To Sell BVPS: Book Value Per Share SR: Subscription Receivable EPS: Earnings Per Share BEPS: Basic EPS WTD AVE: Weighted Average DEPS: DIluted EPS IV: Intrinsic Value Y1,Y2,Y3: Year 1, 2, 3.... FAR 3.1: Other Items FS: Financial Statements NCAHFS: Non-Current Asset Held For Sale A/R: Accounts Receivable N/R: Notes Receivable NI: Net Income WC: Working Capital RE: Retained Earnings FAR 3.2: SMEs SRC: Securities Regulation Code ROHQ: Regional Operating Headquarters

LMV: Labor Mix Var MYV: Material Yield Var LYV: Labor Yield Var SIC: Std Input Cost SOC: Std Output Cost GROSS PROFIT VARIANCE SPV: Sales Price Var SQV: Sales Quantity Var CPV: Cost Price Var CQV: Cost Quantity Var SP: Selling Price UC: Unit Cost Prev: Previous US: Unit Sales SALES VARIANCE A: Actual B: Budgeted RESPONSIBILITY ACCOUNTING & TRANSFER PRICING EVA: Economic Value-Added WACC: Wtd Average Cost of Capital SHE, beg: Shareholder's Equity beginning MVA: Market Value-Added OS: Ordinary Shares MCE: Manufacturing Cycle Efficiency CAPITAL BUDGETING rd: Cost of Debt IR: Interest Rate rp: Cost of Preferred Stock rs: Cost of Ordinary shares re: Cost of new issuing of OS D1: dividend RE: retained earnings RRF: risk-free rate RM: market rate Bi: beta Pn: price, net CI: Cash inflows CF:cash flows cum disc: cumulative discounted PVCI: Present value of CI ARR: accounting rate of return NPV: net present value WORKING CAPITAL MANAGEMENT OCB: optimal cash balance AD: annual demand II on comp. bal: Interest income on compensating balance EOQ: economic order quantity D: demand O: order cost TOC: total order cost ROP: reorder point LTU: lead time for units SS: safety stocks NU: normal units MLT: maximum lead time NLT: normal lead time SC: stockout costs TRIC: total relevant inventory costs CC: carrying costs TIC: total inventory cost

RFBT UNFAMILLIAR TERMS

Quantum Merit (FRIA of 2010)

- amount he deserved/earned

D - Directors

O - Officers

S - Shareholders

RI - Related Interests

TAXATION

KINDS OF TAXPAYERS

RC: Resident Citizen

NRC: Non-Resident Citizen

RA: Resident Alien

NRA: Non-Resident Alien

NRA-ETB: Non-Resident Alien Engaged in

Trade/Business

NRA-NETB: Non-Resident Alien Not Engaged in

Trade/Business

DC: Domestic Corporation

RFC: Resident Foreign Corporation

NRFC: Non-Resident Foreign Corporation

INDIVIDUAL INCOME TAX

GI: Gross Income

Non-op: Non-operating

GIT: Gross Income Tax

SMW: Statutory Minimum Wage

GPP: Genera; Professional Partnership

NI: Net Income

FCDU: Foreign Currency Deposit Unit

CARP: Comprehensive Agrarian Reform

Program

FMV: Fair Market Value

LI: Leasehold Improvement

FV: Fair Value

NSAs: National Sports Associations

6th degree: 6th degree of consanguinity or

affinity of BIR officials/employees

STT: Stock Transaction Tax

OPEX: Operating Expenses

FBT: Fringe Benefits Tax

DST: Documentary Stamp Tax

IBP: Integrated Bar of the Philippines

REIT: Real Estate Investment Trusts

PSE: Philippine Stock Exchange

PWDs: Persons With Disabilities

SCs: Senior Citizens

DPs: Disabled Persons

PAO: Public Attorney's Office

FILING, PENALTIES AND REMEDIES

LOA: Letter of Authority

CIR: Commissioner on Internal Revenue

CTA: Court of Tax Appeals