GLOSSARY

1. AMORTIZATION: It refers to the spreading out of capital expenses for intangible assets over a specific duration (usually over the asset's useful life) for accounting and tax purposes.
2. DEPRECIATION: Depreciation is an accounting method of allocating the cost of a tangible asset over its useful life.
3. CUSTOMER PORTFOLIO: A customer portfolio is a segmented list of the various groups that do business with you.  This portfolio helps them to get the big picture about their financial situation. Similarly, a customer portfolio can help a business get the big picture about its customer base.
4. PROVISIONS: A provision is an amount that you put in aside in your accounts to cover a future liability.
5. DEFERRED: It comprises the set of accounts represented in the value of the prepaid expenses incurred by the economic entity in the development of its activity, as well as those other expenses commonly denominated deferred charges, which represent goods or services received, of which it is expected obtain economic benefits in other future periods.
6. TAX: Is a mandatory financial charge or some other type of levy imposed upon a taxpayer (an individual or other legal entity) by a governmental organization in order to fund various public expenditures.
7. STOCK: Stock is a type of security that signifies ownership in a corporation and represents a claim on part of the corporation's assets and earnings.
8. LOAN: A loan is a debt provided by an organization or individual to another entity at an interest rate
9. BANKING RECONCILATION: A bank reconciliation is a process performed by a company to ensure that the company's records are correct and that the bank's records are also correct