Glossary of Accounting Terms

Isigama Sophengululo Zincwadi

Contents

1. Accounting / Uphengululo zincwadi.............................................................................4

2. Accounting cycle / umjikelo wophengululo zincwadi .................................................4

4. Accounting policies / imigaqo nkqubo yophengululo zincwadi .................................4

5. Accumulated depreciation / Ukuhla kwexabiso okongezelelekayo ...........................4

6. Advocates’ journal / Ijenali yegqwetha lejaji ...............................................................5

7. Assets / Imithombo yobutyebi ......................................................................................5

8. Books of first entry (or prime or original entry) / Iincwadi zongeniso lokuqala .......6

10. Capital Gains Tax (CGT) / Irhafu yengeniso eyintloko ................................................7

11. Carrying amount / Ixabiso langoku ..............................................................................7

12. Cash and cash equivalents / Imali nezinto ezilingana nayo .......................................7

15. Close Corporation / Iqumrhu lokusondelelana ............ Error! Bookmark not defined.

16. Company / Inkampani .................................................... Error! Bookmark not defined.

17. Conceptual Framework / Isakhelo somsebenzi ........... Error! Bookmark not defined.

19. Contra-account / iakhawunti enxamnye ....................... Error! Bookmark not defined.

20. Credit / Ukufaka intlawulo ............................................. Error! Bookmark not defined.

21. Credit customers / Abaxumi betyala ............................ Error! Bookmark not defined.

22. Creditor / Umtyalwa ....................................................... Error! Bookmark not defined.

23. Creditors’ ledger / Ileja yomtyalwa ...............................................................................9

24. Credit note / Isibhilivana sokuhlawula..........................................................................9

25. Debit / Ukufaka intlawulo ...............................................................................................9

26. Debtor (Trade debtors) / Umtyali (Abatyali borhwebo)................................................9

27. Debtors’ ledger / Ileja yabatyali .....................................................................................9

28. Depreciation / Ukuhla kwexabiso..................................................................................9

30. Double-entry system / Inkqubo yokungenisa kabini .................................................10

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31. Drawings / Okutsaliweyo .............................................................................................10

32. Equity / Iekhwithi ..........................................................................................................11

33. Expenses / Iindleko ......................................................................................................11

34. Expense accounts / Iiakhawunti zeendleko ...............................................................11

35. Fair presentation / Unikezelo olulungileyo .................................................................11

36. Fees journal / Ijenali yeentlawulo ezimiselweyo ........................................................11

37. Financial position / Imeko yezimali .............................................................................11

38. Financial performance / Inkqubela yezimali ...............................................................12

39. Financial statements / Iingxelo mali (iziteyitimenti zemali) .......................................12

40. General journal / Ijenali jikelele...................................................................................13

41. Going concern / Ishishini eliqhubekayo .....................................................................13

42. Gross profit / Inzuzo iyonke ........................................................................................13

43. Historical cost / Indleko eyimbali ...............................................................................13

44. Imprest system / Inkqubo yomwangalala wemali .....................................................13

45. Income / Ingeniso .........................................................................................................14

46. Income tax / Irhafu yengeniso .....................................................................................14

47. Internal controls / Ulawulo lwangaphakathi ...............................................................14

51. Liabilities / Uxanduva...................................................................................................15

52. Mark-up / Unyuso .........................................................................................................15

53. Matching concept / Ingcinga yokungqamana ............................................................15

54. Materiality / Ulutho ......................................................................................................16

55. Nominal accounts / Iiakhawunti zonyakamali ........................................................../16

56. Partnership / Indibaniselwano.....................................................................................16

57. Payments on behalf of clients / Intlawulo eyenziwa egameni labaxhasi ................16

59. Petty cash journal / Ijenali yemali engumwangalala .................................................17

61. Prudence concept / Ingcinga yokulumkela ...............................................................17

62. Purchases / Okuthengiweyo .......................................................................................17

63. Qualitative characteristics / Iimpawu zozathuzo .......................................................17

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/64. Recordkeeping / Ugcino ngxelo .................................................................................18

65. Reporting entity / Icandelo lokwenza ingxelo............................................................19

66. Sales / Intengiso ..........................................................................................................19

67. Shares / izabelo ...........................................................................................................19

68. Sheriffs’ journal / Ijenali yoonothimba .......................................................................19

69. Sole trader / Umrhwebi oyedwa ..................................................................................19

70. Source documents / Imibhalo eyimithombo yolwazi ................................................19

71. Substance over form / Ubuthumbu ngaphezu kwemilo ...........................................20

72. Timeliness / Imida yexesha ........................................................................................20

73. Transaction / Isenzo soshishino.................................................................................21

74. Transfer journal / Ijenali yokudlulisela .......................................................................21

75. Trial balance / Ibhalansi yokuvavanya .......................................................................21

76. Trust account / Iakhawunti yokuthemba ....................................................................21

77. Trust creditor / Umfaki mali othembeleyo .................................................................21

78. Trust money / Imali yokuthembela .............................................................................22

79. Trust transactions / Izenzo zoshishino zokuthembela .............................................22

80. Underlying assumption / Okucingelwayo ..................................................................22

81. Understandability / Ukuba nokuqondeka ...................................................................22

82. Value-Added Tax (VAT) / Irhafu eyongezwe kwixabiso .............................................22

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Accounting terminology / Isigama sezifundo zophengululo zincwadi (iAccounting)

1. Accounting
Accounting is a system of information that measures the results of business activities; it
records, summarises, analyses and reports financial transactions and communicates the
information to the users.
Ingxelo yezoqoqosho lweshishini
Ingxelo yezoqoqosho lweshishini yinkqubo yokuchaza iinkcukacha ngokwenzekileyo
kwizimali zenkampani neziqhamo
zemisebenzi yoshishino; yinkqubo yokwenza ingxelo, ishwankathele, iphicothe kwaye
inike ingxelo yezenzo zoqoqosho zenkampani kwaye idlulisele olo lwazi
kubasebenzisi.
2. Accounting cycle
Accounting cycle is a step-by-step process of collecting, summarising, recording and
presenting financial information.
Umjikelo wengxelo yezoqoqosho
Yinkqubo ehamba ngokwamanyathelo ekuqokeleleni, ekushwankatheleni,
nasekubhaleni ingxelo nokunikezela ngolwazi lwezoqoqosho.
3. Accounting equation
A mathematical equation on which the framework of accounting is based. The equation
MUST always balance. (BAE)
Ulungelelwaniso kuphengululo zincwadi
Lulungelelwaniso lwemathematiki olusisakhelo sengxelo yoshishino zeshishini. Olu
lungelwaniso KUFUNEKA amanani alingane.
4. Accounting policies
Accounting policies are a set of rules or procedures, which an entity follows to prepare its
financial statements
Imigaqo nkqubo yengxelo yoshishino lweshishini
Yingqokelela yemigaqo okanye iinkqubo ezibekiweyo nezilandelwa lishishini ekulungiseni
iziteyitimenti (iingxelo) zoqoqosho.
5. Accumulated depreciation
The amount of a long-term asset's cost that has been allocated to the
depreciation expense since the time that the asset was acquired. Accumulated
depreciation is shown as a contra account to the cost account of the asset in the
Statement of Financial Position.
Ukuhla kwexabiso okongezelelekayo
Sisixa mali esibekelwe bucala seasethi nekwaziwayo ukuba liya kuhla ngalo ixabiso laloo
asethi emva kwexesha elithile ukususela mhla kwafunyanwa loo asethi. Ukuhla
kwexabiso okongezelelekayo kubonakaliswa njengeakhawunti esebenza nxamnye
neakhawunti yexabiso le asethi..

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6. Advocates’ journal
The purpose of the advocates’ journals is to record all items regarding claims for services
rendered by advocates. The advocates’ journal is completed from statements received
from the advocates for services rendered to the clients of the law firm.
Ijenali yegqwetha lejaji
Injongo yejenali yegqwetha lejaji kukugcina onke amanqaku amalunga namabango
eenkonzo ezinikezelwe ngamagqwetha. Ezi ngxelo zithathelwa kwiziteyitimenti ezivela
kumagqwetha ngeenkonzo azinikezele kubaxumi benkampani yezomthetho.
7. Assets
A present economic resource controlled by the entity as a result of past events.
An economic resource is a right that has the potential to produce economic benefits.
Control links a right to an entity, which provides the entity with the power to decide how a
resource is used in order to obtain the economic benefits.

Imithombo yobutyebi / iiasethi

Into engumthombo wezoqoqosho elawulwa lishishini ngenxa yeziganeko ezidluleyo.

Into engumthombo wezoqoqosho lilungelo elinamandla okuvelisa iziqhamo
kwezoqoqosho.
Ulawulo lunxulumanisa ilungelo kwishishini, elinika ishishini igunya lokuthatha isigqibo
sokuba umthombo uza kusetyenziswa njani ukuze uze neziqhamo kwezoqoqosho.

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8. Books of first entry (or prime or original entry)
Books of first entry are part of the double-entry system. All transactions are first entered
into a book of first entry. Thereafter the transactions are posted to the general ledger.
Examples of books of first entry are:

– Cash receipts journal

– Cash payments journal
– General journal
– Fees journal
– Transfer journal
– Purchases journal
– Sales journal These four journals are used if the business buys and
– Purchases returns sells goods on credit.
journal
– Sales returns journal

Iincwadi zongeniso
kuqala

Ziincwadi eziyinxalenye
yenkqubo yengxelo
yezoshishino. Zonke
izenzo zoshishino
ziqala zibhaliswe
kwincwadi yongeniso
lokuqala. Emva koko
izenzo zoshishino
zibhaliswa kwincwadi
yengxelo jikelele.
Imizekelo yeencwadi
zongeniso kuqala
zezi:

- Ijenali yeerisithi zemali

engenileyo
- Ijenali yeerisithi zemali
ehlawuliweyo
- Ijenali jikelele
- Ijenali yeentlawulo
ezimiselweyo/ yeefizi
- Ijenali yokuludlulisela
- Ijenali yokuthenga
- Ijenali yokuthengisa

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- Ijenali yokubuyisa
izinto ezithengiweyo
- Ijenali
yokubuyisa izinto
ezithengisiweyo. Ezi
jenali zine zokugqibela
zisetyenziswa xa
ishishini lithenga
kwaye lithengisa izinto
ngetyala.

9. Capital account
When an owner of a business makes cash contributions or contributes other assets to the
business, the capital account is credited and the “Bank” or “Asset” account is debited.
Iakhawunti eyintloko
Xa umnini shishini enikela ngemali okanye ngeminye imithombo yobutyebi eshishinini, loo
mali ifakwa kwiakhawunti yengeniso-mali yabanikazi beshishini, inyusa nemaili
ekwi”Bhanki” okanye kwi”Asethi”
10. Capital Gains Tax (CGT)
Capital gains tax (CGT) is not a separate tax but forms part of income tax. A capital gain
arises when you dispose of an asset on or after 1 October 2001 for proceeds that exceed
its base cost. Capital gains are taxed at a lower effective tax rate than ordinary income.
Irhafu yengeniso eyintloko
Le rhafu ayahlukanga kwirhafu yengeniso, koko iyinxalenye yayo. Yona yenzeka xa
uthengisa umthombo wobutyebi / iasethi yakho, ukuze ufumane inzuzo engaphaya
kwexabiso layo elisisiseko, kwaye oku kwaqala ukususela kumhla woku-1 kaOkthobha
ngowama-2001. Inzuzo eyintloko irhafiswa ngomyinge ongezantsi kunendlela
ekurhafiswa ngayo ingeniso yesiqhelo.
11. Carrying amount
The amount at which an asset is recognised in the financial statements after deducting
any accumulated depreciation and accumulated impairment losses thereon.
Ixabiso langoku
Eli lixabiso leasethi elibhalwa kwizisetiyimenti zoshishino emva kokuba kutsalwe ilahleko
yokuhla kwexabiso leasethi nezinye iilahleko zokonakala kweasethi.
12. Cash and cash equivalents
Money available in bank accounts, savings bonds, certificates of deposits and money
market funds.
Imali nezinto ezilingana nayo

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Yimali ekhoyo elugcinweni lweebhanki, kwiibhondi zolondolozo, kwizatifiketi zokuvalela
imali nakwingxowa mali yeemarike.
13. Cash versus accrual basis of accounting
Accrual accounting depicts the effects of transactions and other events and
circumstances on a reporting entity’s economic resources and claims in the periods in
which those effects occur, even if the resulting cash receipts and payments occur in a
different period.
Ingxelo yemali engenileyo nehlawuliweyo kwezoshishino nengxelo yezoshishino
enoba imali ihlawulwe ngoko nangoko okanye akunjalo
Ingxelo yezenzo zoshishino enoba imali ihlawulwe ngoko nangoko okanye akunjalo
ibonisa ifuthe lezenzo zoshishino nemiphumo yezo zenzo zoshishino nezinye iimeko
zeshishini ngeli xesha ifuthe okanye isenzo soshishino senzeka ngalo, nokuba iirisithi
zemali neentlawulo bezenzeke okanye zizokwenzeka ngelinye ixesha.
14. Chart of accounts
A chart of accounts is a listing of all accounts used in the general ledger of an
organisation. The chart of accounts is sorted in account number order to simplify the
locating of specific accounts.

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15. Creditors’ ledger
All transactions with credit suppliers will be recorded in the creditors’ ledger.
Ileja yabatyalwa
Zonke izenzo zoshishino ezinabanikezeli nkonzo abatyalwayo zibhalwa kwileja
yabatyalwa.
16. Credit note
A document that records the cancellation of a sale or return of part of the goods included
in the original sale.
Isibhilivana sokuhlawulwa
Ngumbhalo oxela ukurhoxiswa kwentengo okanye ukubuyiselwa kwezinye izinto
ebezikhona kwintengiselwano yokuqala.
17. Debit
A debit is an accounting entry that either increases an asset or expense account or
decreases a liability or equity account.
Ukufaka intlawulo
. Yintlawulo efakwa kwingxelo yezoshishino enyusa ixabiso leakhawunti zeasethi okanye
iakhawunti yeendleko zeshishini. Le ntlawulo icutha imali iakhawunti yesikweleti seshishini
okanye iakhawunti yemali yabanikazi beshishini.
18. Debtor (Trade debtors)
A debtor is a person or enterprise that owes money to another party. The terminology in
terms of IFRS is “Accounts Receivable”.
Umtyali (Abatyali borhwebo)
Ngumntu okanye ishishini elityala omnye umntu okanye ishishini. Ngokwesigama seIFRS
kuthiwa “Accounts Receivable” kuxelwa ‘Iiakhawunti Ezinokufumaneka’.
19. Debtors’ ledger
All transactions with credit customers will be recorded in the debtors’ ledger.
Ileja yabatyali
Zonke izenzo zoshishino nabatyali beshishini zibhalwa kwileja yabatyali.
20. Depreciation
Depreciation is the amount by which the cost of a physical asset reduces in value each
year. The cost of the asset is allocated over its useful life or life expectancy. It is an
accounting method.
Ukuhla kwexabiso
Lixabiso ngokwemali ekuthi ihle ngalo iasethi ebambekayo kunyaka ngamnye. Ixabiso
leasethi libalwa ngokuthathela ingqalelo eli xesha isebenziseka ngalo iasethi okanye
ixesha ekulindeleke ukuba isebenziseke ngalo. Yindlela yokufaka indlelo yezoshishino.
21. Disclosure
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The act of making something known such as information.
Ukwazisa
Sisenzo sokutyhila nokunika ulwazi ngombandela othile.
22. Double-entry system
A system whereby the total value of the debits in the transaction must equal the total value
of the credits in the transaction.
Inkqubo yokufaka ingxelo yezoshishino
Yinkqubo apho kufuneka ukuba ixabiso lokutsaliweyo lilonke kwizenzo zoshishino lilingane
nexabiso lokungenisiweyo lilonke.
23. Drawings
The action of withdrawing resources (cash or goods) from a business by the owner for
private use.

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Okutsaliweyo
Sisenzo sokutsala kwimithombo (imali okanye impahla), kutsalwa kwishishini ngumnini walo
esenzela ukuzenzela kwakhe okusecaleni.
24. Equity
Equity is the residual interest in the assets of the entity after deducting all its liabilities.
Iekhwithi
Le yimali esalayo yabanikazi beshishini engumthombo yobutyebi / esala kwiiasethi
zeshishini emva kokuba kutsalwe onke amatyala.
25. Expenses
Expenses are decreases in assets, or increases in liabilities, that result in decreases in
equity, other than those relating to distributions to holders of equity claims.
Iindleko
Kukuhla kweeasethi okanye ukwanda kwamatyala okudala ukuhla kwiekhwithi,
ngaphandle kwezo zibhekiselele kwindleko zokubhatala abo banamabango ekhwithi.
26. Expense accounts
Expense accounts are accounts that are used to record transactions that decrease equity.
Iakhawunti yeendleko
Yiakhawunti esetyenziselwa ukubhala zonke izenzo zoshishino ezithoba iekhwithi.
27. Fair presentation
Financial statements are described as showing a “true and fair view” when they are free
from material misstatements and representing faithfully the financial performance and
position of an entity.
Ingxelo enyanisekileyo
Ziziteyitimenti zoshishino ezichazwa njengezibonisa ‘imbonakalo enyanisekileyo
nelungileyo’ xa zingenazimposiso naxa zibonakalisa ngokunyanisekileyo ukusebenza
nobume beshishini.
28. Fees journal
The fees journal is the most important journal in an attorney’s practice. The services
rendered to their clients are recorded in the fees journal.
Ijenali yeentlawulo ezimiselweyo (iifizi)
Le yeyona jenali ibaluleke ngaphezu kwazo zonke kwinawo yomsebenzi yamagqwetha.
29. Financial position
The financial position of an entity is the current balances of the recorded assets, liabilities
and equity of the entity.
Imeko yezimali

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Apha kuxelwa izinto ezikhoyo nezibhalisiweyo kwishishini, ngokweeasethi, amatyala ne-
ekhwithi.
30. Financial performance
The financial performance identifies how well an entity generates revenues and manages
its assets, liabilities and the financial interests of its stakeholders.
Inkqubela kwezoqoqosho
Apha kuqwalaselwa indlela eliqhuba ngayo ishishini ekunyuseni imithombo yobutyebi
nasekulawuleni imithombo yobutyebi, amatyala nezinto ezingaba nengeniso
kwabachaphazelekayo.
31. Financial statements
Financial statements provide detail of the entity's financial activities and reflect
the financial effects of business transactions and events on the entity. The reports quantify
the financial strength, performance and liquidity of a company over a period of time.
Ingxelo mali / isiteyitimenti sezimali
Yinkcazelo ezeleyo yako konke okwenzekayo kwishishini, nebonisa ifuthe lezenzo
zoshishino. Ezi ngxelo zibala amandla eemali zeshishini, ukusebenza kweshishini, nokuba
zintoni ezinokuthengiseka zenze imali ngokukhawuleza.

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32. General journal
A general journal is used to record unique journal entries that cannot be processed in a
more efficient manner. The account(s) to be debited and the account(s) to be credited
along with their amounts and a brief description are entered in the general journal.
Depreciation is an example of an item recorded in the general journal.
Ijenali jikelele
Kule jenali kubhalwa zonke iingeniso neendleko ezikhethekileyo nezingenzeki
njengesiqhelo. Kubhalwa iiakhawunti emazihlawuliswe nemazihlawule, kubhalwe ezo
zixa kwakunye nenkcazelo emfutshane. Ukuhla kwexabiso leasethi ngumzekelo wezinto
ezinokubhalwa kule jenali.
33. Going concern
The assumption that a business entity will be in operation for the foreseeable future, and
that the enterprise has neither the intention nor the need to liquidate or curtail materially
the scale of its operations.
Ishishini eliqhubekayo
Yingcinga yokuba ishishini liya kuhlala liqhuba kwixesha elizayo, kwaye alizimiselanga
kwaye akukho sidingo sokulibhangisa okanye kucuthwe imisebenzi yalo.
34. Gross profit
The difference between the selling price of the goods and the cost price of the goods.
Inzuzo iyonke
Ngumahluko phakathi kwemali elixabiso lokuthengisa izinto nemali ezithengwe ngayo ezo
zinto.
35. Historical cost
Financial statements are prepared using historical cost. This means that assets, liabilities,
income and expenditure are recorded at the price paid/received at the date of the
transaction.
Indleko eyimbali

Iingxelo mali ziqulunqwa ngokusebenzisa imbali yeendleko. Le nto ithetha ukuba

imithombo yobutyebi, amatyala, ingeniso nenkcitho zibhalwa ngokwela xabiso
lalihlawulwe/lalihlawuliswe ngomhla wesenzo soshishino.
36. Imprest system
The imprest system is a financial accounting method for paying out and subsequently
replenishing a fund such as petty cash. At any point in time the cash on hand plus the
value of the petty cash vouchers for expenses paid should be equal to the original fixed
imprest petty cash amount.
Inkqubo yomwangalala wemali

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Le yinkqubo yokufaka ingxelo yokunikezela nokongeza imalana esetyenziswelwa
iintwanantwana zeshishini. Ngamaxesha onke, imali ekhoyo kufuneka ilingane nemali
eqingqiweyo nekwakuvunyelwene ngayo.
37. Income
Income is increases in assets, or decreases in liabilities, that result in increases in equity,
other than those relating to contributions from holders of equity claims.
Ingeniso
Kukwanda kweeasethi okanye ukuncipha kwamatyala okukhokelela ekwandeni kwe-
ekhwithi, ngaphandle kweminikelo yabo banamabango ee-ekhwithi.
38. Income tax
An income tax is a tax that governments impose on income generated by businesses and
individuals within their jurisdiction.
Irhafu yengeniso
Le yirhafu ebizwa ngurhulumente kwingeniso eyenziwa ngamashishini kunye nabantu
abaphantsi kwaloo rhulumente.
39. Internal controls
Internal control is a measure, which is incorporated in the accounting system of an entity
to ensure that the financial information provided by such system is complete, accurate
and reliable. Internal control further ensures that the assets of the entity are protected
against loss or fraud, that management policy is implemented and that all parts of the
system function properly.
Ulawulo lwangaphakathi
Yindlela ebandakanywe kwinkqubo yengxelo yezoshishino, ukuqinisekisa ukuba
iinkcukacha ezinikwe yiloo nkqubo ziphelele, zichanekile kwaye zithembekile. Olu lawulo
lukwaqinisekisa ukuba imithombo yobutyebi yeshishini iyakhuselwa kwilahleko okanye
ubuqhophololo, luqinisekise nokuba umgaqo nkqubo wolawulo uyathotyelwa kwaye onke
amanqanaba awo asebenza ngokufezekileyo.

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40. Internal control procedures
Internal controls are the mechanisms, rules, and procedures implemented by an entity
to ensure the integrity and reliability of financial and accounting information, promote
accountability and prevent fraud.
Iinkqubo zolawulo lwangaphakathi
Ziindlela zokwenza, yimigaqo neenkqubo ezisetyenziswa lishishini ukuqinisekisa
ingqibelelo nokuthembeka kwengxelo yezoshishino, zikwakhuthaza ukuphendulela
izenzo, zinqande nobuqhophololo.
41. Journal
A journal is a first (primary) book of accounts in which business transactions are originally
recorded in chronological (arranged in order of time) order.
Ijenali
Yincwadi yokuqala yeengxelo, apho izenzo zoshishino ziqala zibhalwe khona
ngokulandelelana kwexesha ezenzeke ngalo.
42. Ledger/s
A ledger is a book, register or software program, which contains, in a summarised and
classified form, a permanent record of all transactions. A ledger is the most important
book of accounts since the trial balance is drawn from the ledger.
Ileja
Yincwadi, yirejista okanye yinkqubo yezibuchwepheshe equlethe, ngendlela
eshwankathelweyo nehleliweyo, ingxelo ehlala ihleli/esisigxina yazo zonke izenzo
zoshishino. Ileja yeyona ncwadi yeengxelo zemali ibaluleke ngaphezu kwazo zonke kuba
ukubalwa kwebhalansi yokuvavanya kuthathelwa kwileja.
43. Liabilities
A liability is a present obligation of the entity to transfer an economic resource as a result
of past events. An obligation is a duty or responsibility that an entity has no practical
ability to avoid.
Amatyala eshishini
Lityala leshishini lokudlulisela umthombo wezoqoqosho ngenxa yeziganeko ezidlulileyo.
Ityala elingenakubalekwa nangayiphi na indlela lishishini.
44. Mark-up
The mark-up is the percentage of profit that is added to the cost price of goods to reflect
the selling price (i.e. cost price + mark-up = selling price).
Unyuso
Linani eliyipesenti lenzuzo elongezwa kwixabiso lokuthenga imveliso ukuze kubonakale
ixabiso lokuthengisa loo mveliso (o.k.t. ixabiso lokuthenga + unyuso = ixabiso
lokuthengisa).
45. Matching concept
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The matching concept is an accounting practice whereby revenues earned and their
related expenses are recognised in the same accounting period.
Umgaqo wokudibanisa
Yindlela yokufaka ingxelo yezoshishino apho iimali ezingenayo neendleko
ezihambelana nazo zifakwa kwingxelo yonyaka ofanayo woshishino..
46. Materiality
Materiality is a concept or convention within accounting relating to the
importance/significance of an amount, transaction, or discrepancy.
Ulutho
Lo ngumgaqo osetyenziswa ngababhali nengxelo yezoshishino xa bejonga ukubaluleka
nokuba silulutho kangakanani na isenzo soshishino, isixamali okanye ukungangqinelani.
47. Nominal accounts
These accounts are used to record profits and losses, income and expenses. The
accounts are designated in the General Ledger by means of an N for nominal.
Iiakhawunti zonyakamali
Kwezi akhawunti kubhalwa inzuzo nelahleko, ingeniso neendleko. Xa zibhalwa nkwiLeja
Jikelele ziphawulwa ngonobumba u’N’ omele inominali, kuba ngesiNgesi kuthiwa
ziinominali.
48. Partnership
A partnership is a form of business where two or more people share ownership, as well
as responsibility for managing the entity and the income or losses the business
generates.
Indibaniselwano
Olu luhlobo lweshishini apho abantu ababini okanye ngaphezulu besabelana ngobunini,
nangoxanduva lokulawula ishishini kunye nengeniso nelahleko eyenziwa lishishini.
49. Payments on behalf of clients
The payment of expenses that are technically the clients' expenses. The expenses will
be recouped from the clients.

Intlawulo eyenziwa egameni labaxhasi/ abathengi beshishini

Kukuhlawula iindleko ezifanele ukuba zihlawulwa ngumxhasi weshishini okanye
umthengi. Ezo ndleko ziye zitsalwe kulo mxhasi.
50. Petty cash fund
Petty cash fund is a relatively small amount of cash that businesses keep on hand for
the purpose of small transactions such as providing change to clients, postage
expenses, etc.
Ingxowa yomwangalala

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Le yingxowa enemalana encinci egcinwa emasangweni eshishini ngenjongo yokwenza
izinto ezincinci ezifana nokunika abaxhasi itshintshi, ukuhlawulela ukuposa izinto, njalo
njalo.
51. Petty cash journal
The petty cash journal (book of first entry) contains a summary of payments made from
the petty cash fund.

Ijenali yomwangalala
Ijenali yomwangalala (incwadi yongeniso lokuqala) iqulethe isishwankathelo seentlawulo
ezenziwe kwingxowa yomwangalala.
52. Prepaid expenses
A prepaid expense is an expenditure paid for in one accounting period, but for which
the underlying asset will not be consumed until a future period. When the asset is
eventually consumed, it is charged to expense.
Iindleko ezihlawulelwa zingekenziwa
Oku kwenzeka xa iindleko zihlawulelwa kwelinye ixesha loshishino kodwa ube
umthombo wobutyebi uza kusetyenziswa kwixesha elizayo. Xa loo mthombo ude
wasetyenziswa, imali yawo ibhekiswa kwiakhawunti yeendleko.

53. Prudence concept

The concept of prudence requires that revenue and profits are only included in the
financial statements once realised but losses and expenses should be provided for once
they become known.
Ingcinga yokulumka
Ukulumka kuthetha ukuba imali engenayo nenzuzo ibhalwe kwiingxelo mali xa
ziqinisekisiwe kodwa ilahleko neendleko zona zibhalwe ngoko nangoko zakwaziwa.

54. Purchases
Purchases are any items that are purchased with the intention of selling the items to a
customer.

Okuthengiweyo
Nantoni na ethengiweyo ngenjongo yokuyithengisela abathengi.
55. Qualitative characteristics

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There are four (4) qualitative characteristics of accounting information that serve as the
basis for decision-making purposes in accounting:
Relevance: information makes a difference in decision-making
Reliability: information is verifiable, factual, and neutral
Comparability: information can be used to compare different entities
Consistency: information is consistently presented from year to year
Iimpawu zengxelo enyanisekileyo
Zine (4) iimpawu ezisetyenziswa xa kufakwa ingxelo yezoshishino , nezisebenza
njengesiseko sokuthatha izigqibo ekufakeni ingxelo yezoshishino:
Ukubaluleka: iinkukacha zidala umahluko ekuthathweni kwezigqibo
Ukuthembeka: iinkcukacha zinokungqineka, ziyinyaniso, azikhethi cala
Zingathelekiswa: iinkukacha zingasetyenziswa ekuthelekiseni imiba
ngemiba
Azijikajiki: iinkukacha zinikezelwe ngendlela efanayo unyaka nonyaka

56. Recordkeeping
The activity or occupation of keeping records or financial accounts. Financial data is
entered in ledgers or journals (books of first account).

Ugcino ngxelo

Ngumsebenzi okanye yimpangelo yokugcina iingxelo okanye iiakhawunti zoshishino.

Ingxelo engeemali ifakwa kwiileja okanye iijenali (iincwadi zeeakhawunti zokuqala).

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57. Reporting entity
A reporting entity is an entity that chooses or is required to prepare financial statements.
Ishishini elifaka ingxelo yezoshishino
Ishishini elikhetha okanye ekufuneka liqulunqe iingxelo mali / iziteyitimenti.
58. Sales
Sales are any items that are sold to customers in the normal course of business.
Intengiso
Nantoni na ethengiselwa abathengi ekuqhutyweni koshishino lwesiqhelo.
59. Shares
Shares are units of ownership of a company, usually traded on the stock market.
Izabelo
Zizabelo zobutyebi zabanikazi beshishini, nezidla ngokuthengiswa kwimarike yemithombo
yobutyebi.
60. Sheriffs’ journal
The purpose of the sheriffs’ journal is to record all items regarding claims for services
rendered by sheriffs. The sheriffs’ journal is completed from statements received from the
sheriffs for services rendered to the clients of the law firm.
Ijenali yoonothimba
Kule jenali kubhalwa zonke iinkcukacha zamabango entlawulo yomsebenzi owenziwe
ngoonothimba. Ijenali le iqulunqwe ngeengxelo mali ezivela koonothimba ngomsebenzi
abawenze kubaxhasi benkampani yamagqwetha.
61. Sole trader
A person who is the exclusive owner of a business, entitled to keep all profits after tax has
been paid but also liable for all losses.
Umrhwebi oyedwa
Ngumntu omnye ongumnini weshishini, onelungelo lokuthatha yonke inzuzo emva
kokuhlawula irhafu kodwa unoxanduva lwayo yonke ilahleko.
62. Source documents
A source document is the primary source of information (original document) that contains
the details of a business transaction. A source document records the transactions’ key
information, such as the names of the parties involved, amounts paid/received, the date
and the substance of the transaction. Source documents are used to make entries in the
books of first entry.
Imibhalo eyimithombo yengxelo yezoshishino
Le yingcambu yokuqala yolwazi (umbhalo wokuqala) oqulethe iinkcukacha zezenzo
zoshishino. Iqulethe ulwazi olungundoqo njengamagama abathatha inxaxheba, iimali

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ezihlawulweyo / ezifunyenweyo, umhla nesiqulatho sesenzo soshishino. Le mibhalo
isetyenziselwa ukwenza izingeniso kwiincwai zokuqala zezingeniso.
63. Substance over form
This principle ensures that the financial statements are prepared by observing the
commercial substance of the transaction rather than the legal form.
Ingxelo yoko kukuko ngaphezu kwembonakalo
Lo mgaqo uqinisekisa ukuba iingxelo zemali zibhalwa ngokulandela imigaqo yoko
kuzokwenzeka ngokoqoko eshishinini ngaphezu kwembonakalo ebonakala ngathi
ingenzeka xa kujongwa kuMthetho.
64. Timeliness
Timeliness means that information is available to decision-makers in time to be capable
of influencing their decisions.
Imida yexesha

Apha kuthethwa ukuba ulwazi lufumaneka kwangexesha kwabathatha izigqibo ukwenzela

ukuba lube nefuthe ekuthathweni kwezigqibo.

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65. Transaction
A transaction can be defined as an exchange of goods or services between two parties.
Isenzo soshishino
Isenzo soshishino sinokuchazwa ngokuthi lutshintshiselwano lwezinto okanye iinkonzo
phakathi kwabantu okanye amaqela amabini.
66. Transfer journal
A transfer journal is a book of first entry which is used to record the transfer of an amount
or balance of one account to another account by means of a transfer journal entry.
Ijenali yodluliselo
Yincwadi yongeniso lokuqala nesetyenziselwa ukubhala ingxelo yokudluliselwa kwemali
okanye imali eseleyo ukusuka kwenye iakhawunti ukuya kwenye ngokwenza ungeniso
kwijenali yodluliselo.
67. Trial balance
A trial balance is a bookkeeping worksheet in which the balance of all ledger accounts
are compiled into a column of debit balances and a column of credit balances. The total
of the debit column should be equal to the total of the credit column. The general purpose
of producing a trial balance is to ensure the entries in an entity’s bookkeeping system
are mathematically correct.
Ibhalansi yokuvavanya
Liphepha elisisicwangciso sokugcinwa kweencwadi apho ibhalansi yazo zonke
iiakhawunti zeleja ziqulunqwe zibe luluhlu lweebhalansi zokutsala noluhlu lweebhalansi
zokufaka imali. Injongo yokukhupha ibhalansi yokuvavanya kukuqinisekisa ukuba
izingeniso kwinkqubo yogcino zincwadi lweshishini zibalwe ngokwematematiki
echanekileyo.
68. Trust account
A trust account is a special bank account that a lawyer must maintain when the lawyer
receives and holds money on behalf of such lawyer's clients or third parties. A lawyer
may not mix any personal funds with funds received in the lawyer's role as a fiduciary on
behalf of a client or third party.
Iakhawunti yokugcina imali bucala
Le yiakhawunti ekhethekileyo yebhanki ekufuneka igcinwe ligqwetha egameni labaxhasi
belo gqwetha okanye abanye ababandakanyekayo. Igqwetha alimelanga kudibanise
imali yalo nemali engene ngenxa yendima yalo yobugqwetha ekumeleni umxhasi okanye
omnye ochaphazelekayo.
69. Trust creditor
A law firm trust account is essentially a business bank account established by the law
firm to hold client funds. Funds deposited into a trust account are neither the property of
the attorney nor that of the law firm. Clients are trust creditors of the law firm.

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Umfaki mali kwiakhawunti yokugcina bucala imali
Iakhawunti yokugcina imali bucala yenkampani yezomthetho yiakhawunti yebhanki
yeshishini evulwe yinkampani leyo, isenzela ukugcina imali yabaxhasi. Imali efakwe
kwiakhawunti yokugcina-bucala imali ayiyoyegqwetha okanye inkampani yezomthetho.
Abaxhasi bangabafaki mali kwinkampani yezomthetho.
70. Trust money
Section 88(1) of the Legal Practice Act states that trust money does not form part of the
assets of the law practitioners’ practice. Thus the creditors of the practice cannot claim
against this money.
Imali egcinwe bucala
Icandelo 88(1) loMthetho Wokusebenza Kwezomthetho lichaza ukuba imali
ayiyonxalenye yemithombo yobutyebi beziko lomsebenzi wamagqwetha. Ngoko ke
abafaki mali beziko abanabango kule mali.
71. Trust transactions
Transactions involving trust funds, which are managed by a designated trustee for the
benefit of a third party in accordance with agreed-upon terms.
Izenzo zoshishino zeakhawunti yogcino-bucala mali
Zizenzo zoshishino ezimalunga nemali egcinwe bucala nezilawulwa lithenjwa
elinyuliweyo egameni lababandakanyekayo, oko kusenziwa ngokulandela imiqathango
ekuvenwe ngayo.
72. Underlying assumption
According to IFRS, the underlying assumptions for the preparation of financial statements
are that the financial statements are prepared under the accrual basis and the going
concern basis.
Okucingelwayo
NgokokweIFRS, imigaqo-siseko xa kulungiselelwa iingxelo mali kukuba ezo ngxelo
zilungiselelwe phantsi kweemeko zokuba kukho ukuqhubekeka kwishishini kwaye
ishishini linemithombo eyaneleyo yokuqhubeka.
73. Understandability
Classifying, characterising and presenting information clearly and concisely makes it
understandable.
Ukuba nokuqondeka
Kukuhlela, ukunika iimpawu nokunikezela ulwazi ngendlela ecacileyo nethe ngqo
ukwenzela ukuba ibe nokuqondeka.
74. Value-Added Tax (VAT)
In South Africa, VAT is charged at 15% of the sales value of the item. VAT at 15% is
added to the price to give a total price including VAT. The VAT rate currently charged is
15% and is known as the standard rate.

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 Irhafu Eyongezwe kwixabiso (iVAT)
Apha eMzantsi Afrika iVAT ibiza i-15% yexabiso lezinto ezithengiweyo. Le VAT ye-15%
yongezwa kwixabiso elibizwayo ukuze kudaleke ixabiso elipheleleyo eliquka iVAT. Izinga
lepesente yeVAT ebizwayo ngoku yi-15% kwaye yaziwa ngokuba yipesente
esemthethweni.

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