Kung-fu JeSuS's definitions

HM customs & excise

(n.) Her Majesty's custom and excise, who control most of British taxation, and really don't give a shit that it's too much, so shut up and pay, you working class daily star and the sun readers who bitch about the government.

HM customs & excise will amalgamate themselves with the Inland Revenue in a few years.

by Kung-Fu Jesus May 6, 2004

Goodwill

(n.) The difference between the value of a business as a whole and the sum of its' net assets. Usually a measurement of reputation, position, contacts etc etc. When a new partner is accepted into the business, they must buy thier share of the goodwill


Can be positive or negative.

Goodwill in the business as at 31 dec 2003 was valued at £80,000.

by Kung-Fu Jesus May 6, 2004

current account

(n.) Account that gives little, or in most cases no interest. Holds the personal short-term money transactions. It is a fluctuating account held for either private or business reasons, sometimes at a bank, although in the case of the latter, may be held within a business. Credits to this account are share of profit, salary and interest allowed on capital account. Debits are loss of profit or drawings.

My current account statement from the bank has me overdrawn.

by Kung-Fu Jesus May 6, 2004

capital account

(n.) Rarely accessed account that records only permanent changes in capital, such as drawings or withdrawl of capital.

The interest on my capital a/c is given to the current account.

by Kung-Fu Jesus May 6, 2004

a/c

Shorthand for account

Capital account - cptl a/c

by Kung-Fu Jesus May 6, 2004

COGS

Acronym: Cost of Goods sold. This is the cost of buying in goods.

Purchases, carriage in etc.

by Kung-Fu Jesus May 6, 2004

Gross profit

(n.) Sales less COGS.

Our gross profit is xx amount.

by Kung-Fu Jesus May 6, 2004