S

 

sales

the total value of goods sold or revenue from services rendered.

secured

protected or guaranteed as in the case of a loan where the lender holds the title of some asset until the borrower has repaid the loan in full.

service business

a business that deals in service activities such as a retailer, tourism business, banking, education provider, etc

sole trader

a person who trades by himself/herself without the use of a company structure or partners and bears alone full responsibility for the actions of the business.

solvent

the condition of a business when all debts can be paid as they come due.

stock

physical items (inventory) that a business uses in its production process or has for sale in the ordinary course of doing business.

stock at valuation (SAV)

stock valued at wholesale or cost price.

stock control

the method of determining how much stock should be held and how much needs to be reordered and when, with the aim of controlling stock holding costs while maintaining efficient operation of the business.

stock turnover

the ratio of cost of goods sold over average stock (at cost). This indicates how many times, on average, the entire inventory (stock) was sold and replaced during the year.

supplies

in relation to the GST, supplies include the goods and services you sell through your enterprise and many other transactions such as providing advice or information, leasing out commercial premises or providing hire equipment.

supply

for GST purposes, supply is defined as:

  • a supply is any form of supply and includes:
    • supply of goods and services;
    • provision of advice or information;
    • a grant, assignment or surrender of real property;
    • a creation, grant transfer, assignment or surrender of any right;
    • a financial supply; and
    • entry into or release from an obligation to do anything, to refrain from an act or to tolerate an act or situation.
2018-04-26T10:02:21+00:00

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