Financial Terminology for Finance Officers

Financial Terminology for Finance Officers

-Dr. Lalit Kumar Setia* 

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·                 Back up – 

A process to create duplicate record of any original data or files. The back up is used to recover the data or files whenever data or files deleted incidentally.

·                 Balance of payments (BOP) – 

It refers to the record of an economy’s transactions with rest of the world and includes three accounts i.e. current account, capital account, and gold.

·                 Balance Sheet – 

A statement citing financial position of a business at a particular point of time. It shows the balances of assets, liabilities, and capital of the business.

·                 Bankrupt – 

It refers to negative financial position of any business or individual when liabilities become greater than assets. Such business or individual can use bankruptcy i.e. a legal process to be declared bankrupt seeking legally elimination of the debts.

·                 Barter – 

It is a system in which goods and services are exchanged without using money.

·                 Benchmark – 

It refers to a standard or norm fixed to measure or evaluate the performance of individuals and organizations. The process used for fixing benchmarks known as Benchmarking.

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*Copyright © 2018 Dr. Lalit Kumar. All rights reserved.

1. Compliance of Financial Rules in Government Organizations
2. Financial Terminology for Drawing and Disbursing Officers and Financial Executives
3. Organizational Performance depends upon Accountability and Compliance of Rules
4. Fixing Responsibility of an Officer or Staff in Frauds & Embezzlement
5. Financial Terminology for Drawing and Disbursing Officers and Financial Executives
6. Tax Deduction at Source for Deductors
7. Fixing Responsibility of an Officer or Staff in Frauds & Embezzlement
8. Superintendents enforce and supervise administrative control