Now have a look at the key below and see how well you did! We studied the balance sheet carefully to see if the assets exceeded the liabilities and shareholders’ equity. 2./3. Indirect charges After you feel like you really understand the word, try to think of your own example sentences. Loss Expenses It also mandates that the VentureLine Accounting Glossary be a living document in that the accounting terms are updated whenever new accounting terms are requested.. No matter what, you can generally improve your business English by learning some key accounting terms. In general, when learning new vocabulary it’s a good idea to avoid translating the new words into your native language. Currents assets Definition: An accountant who has a certain amount of experience and who has passed certain exams that qualify them to be a member of an institution, such as the Institute of Chartered Accountants in the UK. Definition: The money a business is left with after deducting all the expenses. 7. The auditor was looking at the financial statements that the company presented him when he realized he was actually interested in a different ___. Definition: A person whose job is to record daily transactions, issue invoices and complete payrolls. Book entry, accounting entry Lawsuit salary at her new workplace was higher than her ___(3.) Definition: An amount of money before taxes are deducted. = ___(5.) FluentU brings language learning to life with real-world videos. DOWNLOAD ALL THE GRAMMAR LESSONS IN ONE CLICK! Cost of goods manufactured AVERAGE FUNDS EMPLOYED see FUNDS EMPLOYED. The company’s assets were easy to calculate, but it was difficult to quantify the value of the employees’ expertise. 30 Easy-to-learn English Terms for Accounting. Discount Definition: Money that a company has to receive for products or services bought by customers or clients. 18. Other assets ENGLISH FOR ACCOUNTING | Topic: Accounting (common words/expressions) - vocabulary matching 1 Match each definition with the letter of one of the following: a - balance sheet, b - liquid assets, c - liability, d - net income, e - property, f - payroll, g - equity, h - journal, i - cash flow, j - expense ACR is Accounts Receivable. AUTOMATED MANIFEST SYSTEM (AMS) is a multi-modular, AUTOMATED/AUTOMATIC TELLER MACHINE (ATM) is an unattended, AVERAGE AGE OF INVENTORY is calculated by. Definition: An entry that shows how much money a company receives. Expenses Fixed expenses Liability It’s calculated as assets minus liabilities. ACCRUAL ACCOUNTING see ACCRUAL BASIS OF ACCOUNTING. In order to decide if the company was worth investing in, they wanted to look at the profit it had been making over the previous year. Liabilities. A. overhead B. appreciation C. depreciation. Chart of accounts, accounting plan / chart Click here to get a copy. As soon as our potential investor realized we had done some creative accounting, they decided to hire an auditor. 19. We also like English4Accounting because it tests your accounting vocabulary in context through reading and listening exercises. Bills payable ), 4. In ___(10. Bond Cost of raws material AM can be: Asset Management, Account Manager, AMALGAMATION is a consolidation or merger, as, AMERICAN DEPOSITORY RECEIPTS (ADR) is ownership in the, AMORTIZATION 1. is the gradual reduction of, AMORTIZATION EXPENSE is the allocation to expenses, ANALYSIS CODES, in accounting, represent software driven, ANALYSTS' ESTIMATES is where analysts, stockbrokers and, ANALYTICAL PROCEDURE is a comparison of financial, ANALYZE is to Identify and classify items, ANCILLARY relates to something extra or of, ANGEL INVESTOR is a private wealthy individual, ANNUALIZE is a statistical technique whereby figures, ANOMALY, generally, is a deviation from the, ANTITRUST LAWS is U.S.legislation to prevent monopolies, AOP is either Adjusted Operating Profit or, APB 18 is the Accounting Principles Board. on the path to systematic vocabulary improvement. If you want more exercises, ProProfs Quiz Maker gives you a few exercises that test both your vocabulary and your knowledge of accounting. ADVANCED ACCOUNTING covers accounting operations, patterns, merger, ADVERSE OPINION is expressed if the basis, ADVISORY SERVICES is a consulting service in, AFFILIATE is a relationship between two companies, AFUDC is Accumulated Funds Used During Construction. FreeAgent is registered with the Financial Conduct Authority under the Payment Services Regulations 2017 (register no. Definition: Everything that a company owes to others, like loans and mortgages. Accounting is about keeping track of money, so you simply can’t afford to make mistakes. A. auditor B. accountant C. bookkeeper. Assets. Accounting, just like information technology, trade, sales and marketing, is one of those very specific business areas in which you need to have the right word at the right time.