Certificate terminology
As from 15th October 2010, all certificate in business accounting examinations will use international accounting terminology. The changes are as follows:
| UK GAAP term |
International accounting term |
| 'Stock' |
'Inventory' |
| 'Profit and loss statement' |
'Income statement' |
| 'Balance sheet' |
'Statement of financial position' |
| 'Cash flow satement' |
'Statement of cash flows' |
| 'Provision for doubtful debts' |
'Allowance for receivables for doubtful debts' |
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