Glossary

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South African Revenue Service (SARS)

Subject: 

  • Accounting

government service that deals with tax

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gross profit
Subject:
Accounting

profit calculated as income from sales minus the cost of goods sold.

Creditors control account
Subject:
Accounting

account that summarises the creditors of the business.

profit margin
Subject:
Accounting

(also called mark-up) profit percentage added to the cost price.

reducing balance method
Subject:
Accounting

(also called diminishing balance method) a method of calculating depreciation where the...

debit
Subject:
Accounting

entry in the left-hand side of an accounting record using the double entry principle. A debit...