To pass this unit, please study the 20 vocabulary words below.
- accurate
- allowance for uncollectable accounts
- amend
- apply
- assist
- comptroller
- current
- declare
- dividend
- escrow
- exemption
- extraordinary item
- income statement
- IFRS (international financial reporting standards)
- inventory
- oversee
- record
- regulation
- split
- supersede
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free from error, careful
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"Make sure the figures are accurate before submitting the tax return."
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a contra asset account recording debts which may not be collected
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"We need to post that debt to the allowance for uncollectable accounts as the company has gone into receivership and we probably won't be paid."
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to improve by correcting existing information
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"The entry was posted to the wrong account so the account had to be amended."
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to be suitable, pertinent or relevant to
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"Different accounting policies apply to different countries."
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to give help to
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"How can I assist you?"
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the person in charge of the financial accounts of a company
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"It is the comptrollers responsibility to ensure that the returns are filed on time."
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new, present or most recent
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"The current legislation differs in several ways from the old."
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to make known, announce officially or state clearly
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"The company declared net losses of "two million" in the last financial year."
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a sum of money paid to shareholders
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"Shareholders were happy with the company's performance as they received a larger dividend than in the previous year."
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a contract, deed or bond which is deposited with a third party
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"The purchase may be agreed if the company deposits the funds in an escrow account."
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not included within, unaffected by
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"There are many exemptions to the VAT regulations, which makes it harder to know which items should have VAT and which shouldn't."
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gain or loss included in financial reports which come from infrequent or unusual sources
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"The losses caused by damage from the flying saucer were recorded as an extraordinary item."
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a financial report which shows the firms net profit or loss over a given period
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"It was clear from the third quarter income statement that the company wasn't going to hit target."
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a common set of accounting principles
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"Both UK and US GAAP differ from the IFRS to some degree."
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a complete listing of all goods held by an entity, or the goods which are on the list
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"Most retailers keep a large inventory, which needs to be carefully listed for the accounts."
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to supervise
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"The comptroller carefully oversees all large financial transactions."
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to set down in writing
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"All income must be recorded for accounting purposes."
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a law, rule or other obligation set by an authority
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"All companies must follow the regulations of the country in which they do business."
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to divide between two or more
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"As both salesmen achieved the same result, the bonus will be split between them."
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to replace in power, validity or effectiveness
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"The new directive supersedes the old so we need to change the way we operate."