When I was younger, I remember my Mum becoming frustrated at the way names were shortened to an acronym and then shortened again, ie: the Melbourne Cricket Ground being shortened to the MCG and then again to the G! While we teased her at the time, little did I know how much of an impact the use of acronyms would have on my daily working life!
On the days I teach First Aid, I joke at how many acronyms are used to remember the terms – DRSABCD, COWS, SAMPLE, PQRST – to name a few…
And in tax and accounting there are acronyms for just about everything! Here are a few I come across on a daily basis:
GST – Goods and Services tax
BAS – Business Activity Statement
ABN – Australian Business Number
TFN – Tax File Number
PAYG – Pay As You Go
CGT – Capital Gains Tax
FBT – Fringe Benefits Tax
P&L – Profit and Loss Statement
BS – Balance Sheet
TB – Trial Balance
…I promise you I could keep going with this list, at times I think I need an acronym dictionary to keep up with everything.
If you’re keen to know more about any of these acronyms, or you’ve come across one that you don’t understand, drop me a line and I’ll let you know!