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FINAL ACCOUNTS - accounts drawn up at the end of the accounting
period. Usually refers to the Profit and Loss Account and Balance Sheet at the
end of the financial year.
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FINANCE HOUSE - an enterprise that finances credit purchases. Also
known as a finance company.
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FINANCIAL STATEMENTS - a statement, in monetary terms, of the results
of an accounting entity's transactions over a given period.
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FIXED ASSETS - any asset that is being held for use in the business,
e.g. buildings, machinery, land, etc.
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FIXED CHARGE - a charge given as security for the fulfilment of a financial
obligation, which is a charge on a special identifiable item of property, giving
the chargee the right to utilise that particular item of property if the obligation
is not fulfilled.
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FULL ACCOUNTS - "Full Accounts" is the term given to a set
of accounts that is not either "Small" or "Medium". When
a company files Full accounts you should see a profit and loss account, balance
sheet and notes to the accounts. It must be noted that even if a company qualifies
for either "Small" or "Medium" they are perfectly within
their rights to still file Full accounts.
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FLOATING CHARGE - a charge given as security for the fulfilment
of a financial obligation in which the property charged is defined by naming
a type of property. If the financial obligation is not fulfilled, the chargee
has the right to utilise whatever property of that type happens to be owned
by the giver of the charge at the time when the charge is enforced.
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