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Vocabulary


Date: 2015-10-07; view: 374.


ACCOUNTING AND FINANCIAL STATEMENTS

Unit 13

bookkeeping –writing down the details of transactions (debits and credits)

accounting –keeping financial records, recording income and expenditure, valuing assets and liabilities, and so on

historical cost –the price paid for an asset when it was bought, rather than what it is worth now

asset –something belonging to an individualor a business that has value or the power to earn money

liability –an amount of money owed by a business to a supplier, lender etc

managerial accounting –preparing budgets and other financial reports necessary for management

cost accounting – working out the unit cost of products, including materials, labour and all other expenses

replacement cost –the cost of buying an asset now, rather than the price that was paid for it in the past

tax accounting –calculating an individual's or a company's liability for tax

auditing –inspection and evaluation of accounts by a second set of accountants

'creative accounting' –using all available accounting procedures and tricks to disguise the true financial position of a company

depreciation –when the value of something goes down, usually gradually

overheads –a company's general costs for activities not related to particular products

fixed assets –something that a business owns and that it uses in order to produce goods, e.g. a piece of land, a building , or a piece of machinery

net book value –the value of an asset or a group of assets in a company's financial records after depreciation or revaluations

financial statement –a statement showing the financial state of a business, at the end of a particular period of time, including its balance sheet, profit and loss account, and other necessary information

profit and loss account (GB) income statement (US) –a financial statement showing the financial results of a company's normal activities for a particular period of time, usually the financial year

expenditure –the total amount of money that a government, organization or person spends during a particular period of time

balance sheet –a document showing a company's financial position and wealth at a particular time, often the last day of its financial year

double-entry bookkeeping –the accounting system in which each transaction is recorded twice, as a debit in one account and as a credit in another

accounting equation –one of the relationships between assets and liabilities used in accounting

owner's (shareholder's) equity –the difference between the value of a company's assets and its liabilities other than those to shareholders. In principle, this is what the company would be worth to shareholders if it stopped trading, its assets were sold and debts paid

net assets –the overall value of a business, the difference between its assets and its liabilities

share capital –capital that a company has from investors who have bought shares

retained profit –net profit for a particular period of time , or for several periods of time, that are not paid to shareholders in dividends

market capitalization –the total value of all the shares on a stockmarket at a particular time

source and application of funds statement –a particular form of the funds flow statement

debenture (zero-interest bond) –an interest-paying loan which may be traded on bond markets

freehold property –property which you own completely and for an unlimited time

instalment –one of a series of regular payments that are made until all of an agreed amount has been paid


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