ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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T-ACCOUNT is the basis for journal entry in accounting. T-accounts have three basic elements. A title, a left side (debit side) and a right side (credit side). To make an entry in a t-account, put the currency (dollar, pound, etc.) amount on the appropriate side (debit or credit). There are five basic types of accounts: assets, liabilities, equity, revenue and expenses. Assets, liabilities and equity are the balance sheet accounts.
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DEBT REFINANCING involves raising new money to repay existing debt. It is often done and should not be confused with debt restructuring, a more fundamental process in which a borrower changes the structure of its debts (this usually happens when a borrower is unable to meet it's obligations; this may involve a reorganization of its liabilities, for instance by converting debt into equity. Debt rescheduling refers to a delay in the repayment of a debt, usually applying to both interest and principal payments, and can involve a renegotiation of the terms of the debt.
LABOR THROUGHPUT VARIANCE reveals potential constraints on throughput caused by changes in the mix of products being produced. It is computed the way the traditional labor "efficiency" variance is computed but aggregated at a fairly high level (e.g., total plant or total department) and expressed as percent of actual clocked production hours vs. standard production hours.