A Dictionary of Finance and Banking

By Brian Butler; David Butler et al. | Go to book overview

A

A1 A description of property or a person that is in the best condition. In marine insurance, before a vessel can be insured, it has to be inspected to check its condition. If it is "maintained in good and efficient condition" it will be shown in *Lloyd's Register of Shipping as 'A' and if the anchor moorings are in the same condition the number '1' is added. This description is also used in life assurance, in which premiums are largely based on the person's health. After a medical examination a person in perfect health is described as "an Al life".

AADFI Abbreviation for * Association of African Development Finance Institutions.

ABI Abbreviation for * Association of British Insurers.

above-the-line1. Denoting entries above the horizontal line on a company's *profit and loss account that separates the entries that establish the profit (or loss) from the entries showing how the profit is distributed. Prior to the introduction of Financial Reporting Standard 3, 'Reporting Financial Performance', in October 1992, it was understood that any exceptional items that were within the ordinary activities of the business were shown above the line, while any extraordinary items that were outside the ordinary activities of the business were shown below it. There was, however, criticism that the definitions of extraordinary and exceptional items could be manipulated to improve the *earnings per share figure. For example, if a building was sold for a large profit it could be interpreted as being exceptional and included in the earnings per share, whereas if it was sold at a loss it could be interpreted as being extraordinary and not included in the earnings per share. Since the introduction of FRS 3, both exceptional and extraordinary items are shown above the line and are included in the earnings per share. 2. Denoting advertising expenditure on mass media advertising, including press, television, radio, and posters. It is traditionally regarded as all advertising expenditure on which a commission is payable to an advertising agency. 3. Denoting transactions concerned with revenue. as opposed to capital, in national accounts. CompareBELOW-THE-LINE.

Absorption costing The process of costing products or activities by taking into account the total costs incurred in producing the product or service, however remote. This method of costing ensures that full costs are recovered provided that goods or services can always be sold at the price implied by full- cost pricing. However, if sales are lost due to the high sales price opportunities may be lost of making some contribution to overheads. CompareMARGINAL COSTING.

ACA Abbreviation for Associate of the *Institute of Chartered Accountants.

ACC Abbreviation for * Agricultural Credit Corporation Ltd.

ACCA Abbreviation for Associate of the Chartered Association of Certified Accountants. SeeCERTIFIED ACCOUNTANT; CHARTERED ACCOUNTANT.

acceptance1. The signature on a *bill of exchange indicating that the person on whom it is drawn accepts the conditions of the bill. Acceptance is usually written: 'Accepted, payable at ... (name and address of bank): (Signature)'. See also NON-ACCEPTANCE. 2. A bill of exchange that has been so accepted 3. Agreement

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A Dictionary of Finance and Banking
Table of contents

Table of contents

  • Title Page iii
  • Preface v
  • A 1
  • B 23
  • C 48
  • D 91
  • E 112
  • F 131
  • G 152
  • H 164
  • I 168
  • J 190
  • K 192
  • L 194
  • M 211
  • N 233
  • O 247
  • P 258
  • Q 288
  • R 291
  • S 313
  • T 345
  • U 361
  • V 368
  • W 372
  • X, Y, Z 377
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