ACCOUNTING PERIOD is the time period for which accounts are prepared, usually one year.

ACCOUNT RECEIVABLE is a current asset representing money due for services performed or merchandise sold on credit.

ACCRUAL BASIS OF ACCOUNTING is wherein revenue and expenses are recorded in the period in which they are earned or incurred regardless of whether cash is received or disbursed in that period. This is the accounting basis that generally is required to be used in order to conform to generally accepted accounting principles (GAAP) in preparing financial statements for external users.

ACQUISITION is a very broad term. It includes the things you buy (goods and services) for your business or enterprise. It also includes many other transactions, such as when you obtain advice or information, take out a lease of business premises or hire business equipment.

ALLOWANCES are amounts paid by employers to cover anticipated costs or as compensation for conditions of employment.

ANNUAL GST RETURNS Option 3 for GST reporting (GST instalments) means that you do not supply any actual GST figures each quarter. At the end of the year, you will need to complete an annual GST return, whereby you report GST information for the entire year. A payment may need to accompany this return (or a refund may be due).

APPRECIATION is the increase in the value of an asset in excess of its depreciable cost, which is due to economic, and other conditions, as distinguished from increases in value due to improvements or additions made to it.

ASSET is anything owned by an individual or a business, which has commercial or exchange value. Assets may consist of specific property or claims against others, in contrast to obligations due others.

AUDIT is the inspection of the accounting records and procedures of a business, government unit, or other reporting entity by a trained accountant for the purpose of forming an opinion on the truth and fairness of the financial statements. It could be conducted by a member of the organization (internal audit) or by an outsider (independent audit). An independent audit determines the truth and fairness of the financial statements. A tax audit determines whether the appropriate tax was paid. An internal audit generally determines whether the company's procedures are followed and whether embezzlement or other illegal activity occurred.

AUSTRALIAN BUSINESS NUMBER (ABN) is your identifier for certain dealings with the ATO and other government departments and agencies.

AUSTRALIAN BUSINESS REGISTER (ABR) is a public register, which contains details of all ABN registrations. In registering an entity under the ABR, the registrar will allocate an ABN to the entity and record the applicant's details on it.