| Term |
Definition |
| Abacus |
Wooden frame, with balls threaded onto horizontal wires, used for mathematical calculations |
| Acquittance |
Note verifying that a payment has been made, and attesting that the payer is released from his debt or obligation |
| Annuity |
Annual payment of money |
| Arabic numerals |
Numerals in current use, e.g. 1, 2, 3, 4 |
| Arrears |
Money owed but unpaid, e.g. previous year’s rents not paid to the landowner |
| Assessment |
Table showing the names of people liable to pay a tax or rate, and the amount of money they should pay towards that tax or rate based on criteria such as their relative wealth or the value of their possessions |
| Assets |
Goods or property which benefit a business, and which can be made liable for the repayment of the business’s debts |
| Balance |
The difference between the credit side and the debit side of an account |
| Balance sheet |
Account showing the financial position of a company on a particular date |
| Bank |
Financial institution storing money deposited with it by its customers, and lending money out at interest on the security of those deposits |
| Bank note |
Paper substitute for money, originally issued by a bank as a receipt for money deposited with it |
| Bearer |
Person in possession of a bank note, promissory note or bill of exchange |
| Bill |
written demand for payment for services done or goods rendered in the past |
| Bill of exchange |
Written instruction to a third party (e.g. a money lender or a bank) to pay money to another person |
| Capital |
Money used as an investment in order to start a business |
| Cash |
1. Coins or paper money
2. In accounting, a term for money in general |
| Cash book |
Chronological record of receipts and payments |
| Charge and discharge |
Method of accounting giving an overview of receipts and expenditure over the course of a fixed period of time |
| Cheque |
Written instruction to a bank to pay money to another person |
| Compotus |
Latin word for an account, especially used in manorial records |
| Credit |
1. An amount of money allowed to a debtor; e.g. those given credit are allowed a certain amount of time between receiving goods and having to pay for them
2. The side of an account used to record incoming payments
3. A payment into an account |
| Creditor |
Person who is owed money for goods or services |
| Day book |
Daily record of business transactions |
| Debit |
1. The side of an account used to record outgoing payments
2. A payment out of an account |
| Debtor |
Person who owes money for goods or services |
| Impersonal ledger |
Ledger for accounts not associated with individual people or companies, e.g. for property or assets |
| Interest |
Money added to the cost of credit or a loan, usually calculated as a percentage of the principal sum |
| Invoice |
Itemised list of services done or goods rendered, given to the customer along with those goods or services |
| Journal |
Another word for Day book |
| Ledger |
Record of accounts associated with a business |
| Levy |
Another word for a tax or rate, e.g. a churchwardens’ levy for repairs to the church |
| Liabilities |
A company’s debts or obligations |
| Note |
See Bank note or Promissory note |
| Personal ledger |
Ledger for accounts associated with individual people or companies |
| Principal |
Money lent in a loan or mortgage, to be repaid with interest |
| Private ledger |
Ledger for confidential accounts |
| Profit and loss account |
Account listing receipts and expenditure over a stated period |
| Promissory note |
Written promise by one person to pay money to another |
| Quittance |
See Acquittance |
| Rate |
A tax assessed on the basis of relative wealth or amount of property owned, e.g. Poor Rate |
| Receipt |
Written verification of a payment |
| Roman numerals |
Numerals used in Latin and in common use in Britain until the seventeenth century, e.g. i, ii, iii, iv, v, x, l, c |
| Shares |
Equal proportions of the capital of a company, sold to investors in order to raise money for the business |
| Shareholder |
A person owning one or more shares in a company |
| Sterling |
Another word for the currency of the United Kingdom (£) |
| Stocks |
Varying proportions of the capital of a company or the debt of a government institution, sold to investors in order to raise money |
| Subsidy |
A one-off sum of money raised by Parliament from a tax, for the benefit of the monarch |
| Tithes |
One-tenth of agricultural produce (hay, corn, sheep etc.), given to support the church |
| Voucher |
A bill or receipt that has been accepted as correct |
| Waste book |
Book for keeping rough notes of daily business transactions |