Vocabulary Unit19

VOCABULARY
UNIT 19
INCOME
• 1 all the money received from business activities during a given period income
• Any income from investments must be reported.
EXPENDITURE
• 2 all the money that a business spends on goods or services during a given period
expenditure
• A government's revenue and expenditure should be balanced.
BUDGET
• 3 a financial operating plan showing expected income and expenditure budget

• The firm has drawn up a budget for the coming financial year
ASSET
• 4 anything owned by a business - cash, buildings, machines, equipment, etc asset

• When the company was going bankrupt, the government ordered all their assets to be
frozen.
LIABILITIES
• 5 all the money that a company will have to pay to someonelse in the future,
• including debts, taxes and interest payments liabilities
• The business has liabilities of 2 million euros.
DEBIT
• 6 an entry in an account, recording a payment made debit

• The account was in debit at the end of the month.
CREDIT
• 7 an entry in an account, recording a payment received credit

• We only deal with companies that have a good credit record.
INTANGIBLE
• 8 adjective describing something without a material existence, which you can'touch

intangible
• Management evaluates people for promotions, benefits, or other rewards, whether
tangible or intangible.
ACCRUED
• 9 adjective describing a liability which has been incurred but not yet invoiced to the
• company accrued
• Interest will accrue on the account at a rate of seven percent.
DEFERRED
• 1O delayed or postponed until a later time deferred

• The input signature consists of deferred and virtual components, that is, all the
components on which definitions in the module may depend.
COST ACCOUNTING
• 1 calculating all the expenses involved in producing something, including materials,

labour, and all other expenses cost accounting
• We shall be implementing a new cost accounting system.

TAX ACCOUNTING
• 2 calculating how much an individual or a company will have to pay to the local and
national governments (and trying to reduce this to a minimum) tax accounting
• In our country, tax accounting pattern is similar to the pattern of Japan.
AUDITING
• 3 inspecting and reporting on accounts and financial records auditing
• Companies, government agencies and nonprofit organizations use auditing practices to

manage compliance with internal controls
ACCOUNTING
• 4 preparing financial statements showing income and expenditure, assets and liabilities
accounting
• The millionaire hired an accounting firm to take care of his financial accounts.
MANAGAMENT ACCOUNTING
• 5 providing information that will allow a business to make decisions, plan future
operations and develop business strategies managerial or managament accounting
• Management accounting is one of the most fundamental aspects of business
administration
CREATIVE ACCOUNTING
• 6 using all available accounting procedures and tricks to disguise the true financial
position of a company creative accounting
• The book is a guide for investors on how to spot creative accounting techniques used in
annual accounts to flatter profits.
BOOKKEEPING
• 7 writing down the details of transactions (debits and credits) bookkeeping

• The company said many of the problems arose from insufficient controls over its
bookkeeping.
• A thorough and comprehensive system of bookkeeping and accounting was installed.
CASH FLOW STATEMENT
• a statement giving details of money coming inio and leaving the business, divided into
day-to-day operations, investing and financing Cash flow statement
• We looked at balance sheets for debt levels and carefully examined cash flow statements.
INCOME STATEMENT
• a statement showing the difference between the revenues and expenses of a period
• According to its income statement, the company's revenue decreased by 21.5% during the
third quarter.
BALANCE SHEET
• a statement showing the value of a business's assets, its liabilities, and its capitalor
shareholders' equity (money the business has that belongs to its owners)
• Assets acquired under a finance lease are capitalized in the balance sheet.
• keep Records: Gun dealers are required to keep records of all purchases and sales.
• Pay taxes: Workers pay taxes on cash wages but not on fringe benefits like health
insurance
• Record transactions: To record transactions, accounting System uses double-entry
accounting.
• value asset: Stock analysts have written down the bank's net asset value by a
correspondingly precise sum.
• receive income: With a purchased life annuity, investors receive an income for life.
• receive income: With a purchased life annuity, investors receive an income for life.
• calculate liabilities: To calculate total liabilities in accounting, you must list all your
liabilities and add them together.
• 1. all the money belonging to the company's owners
• Shareholders Equity:
• Last June, the company had negative shareholder equity of $ 27 million.
• 2. assets whose value can only be turned into cash with difficulty (e.g. reputation,
• patents, trade marks, etc.)
• intangibles:
• There are intangible benefits beyond a rise in the share price.
• 3 capital that shareholders have contributed to the company above the nominal or par
value of the stock
• additional paid-in capital:
• Additional paid-in capital reveals how much investors have poured into the company.
• 4 expenses such as wages, taxes and interest that have not yet been paid at the date of the
balance sheet
• accrued expenses
• To collect information of accrued expenses in monthly closing
• 5 money owed by customers for goods or services purchased on credit
• Total receivables:
• All receivables, payables, deposits and correspondence must be mailed to/from the
business office in the jurisdiction of incorporation.
• 6 money owed to suppliers for purchases made on credit
• Accounts payable:
• She was responsible for accounts receivable, accounts payable, payroll and purchasing.
• 7 money paid in advance for goods and services
• prepaid expenses
• The company said the Russian assets include receivables, inventories, fixed assets and
prepaid
• 8 profits that have not been distributed to shareholders
• retained earnings
• Corporate retained earnings have also begun to rise.
• 9 tangible asset such as offices, machines, etc.
• property:
• Property ownership certainly had its problems
• 1O the difference between the purchase price of acquired companies and their net
tangible assets
Goodwill:
We do not want to lose the goodwill built up over 175 years.
• 11 the total amount of money owed that the company will have to pay out
• total liabilities:
• To national debts there has been added a great mass of municipal and local indebtedness,
which seems likely to equal, or even exceed in magnitude the liabilities of the central
governments.
INTEREST INCOME NET
• 1 money received from investments

• Net interest income fell 1,8% to 300 milllion dollar
RESEARCH AND DEVELOPMENT
• 2 money spent in order to produce income in the future

• All our profits are re-invested in research and development.
COST OF REVENUE
• 3 the expenses specific to providing the company's services

• The cost of revenue is the total cost of manufacturing and delivering a product or service
to consumers.
GENERAL EXPENSES
• 4 additional expenses involved in running the company

• The company expects to regain profits by cutting costs in personnel and general
expenses.
AMORTIZATION
• Amortization: The usual accounting entry for amortization consists of a debit to

Amortization Expense and a credit to the intangible asset account.
• operating cash flow

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VOCABULARY

• 3 a financial operating plan showing expected income and expenditure budget

• 4 anything owned by a business - cash, buildings, machines, equipment, etc asset

• 6 an entry in an account, recording a payment made debit

• 7 an entry in an account, recording a payment received credit

• 8 adjective describing something without a material existence, which you can'touch

• 1O delayed or postponed until a later time deferred

• 1 calculating all the expenses involved in producing something, including materials,

• We shall be implementing a new cost accounting system.

• 3 inspecting and reporting on accounts and financial records auditing

• Companies, government agencies and nonprofit organizations use auditing practices to

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

• 1 money received from investments

• 2 money spent in order to produce income in the future

• 3 the expenses specific to providing the company's services

• 4 additional expenses involved in running the company

• Amortization: The usual accounting entry for amortization consists of a debit to

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