Unit 12: Vocabulary

Please study the 19 vocabulary terms below. Then press the Mark Complete button to continue.
US
UK
accurate
free from error, careful
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UK
Make sure the figures are accurate before submitting the tax return.
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UK
allowance for uncollectable accounts
a contra asset account recording debts which may not be collected
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UK
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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UK
amend
to improve by correcting existing information
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UK
The entry was posted to the wrong account so the account had to be amended.
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UK
apply
to be suitable, pertinent or relevant to
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UK
Different accounting policies apply to different countries.
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UK
comptroller
the person in charge of the financial accounts of a company
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UK
It is the comptrollers responsibility to ensure that the returns are filed on time.
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UK
current
new, present or most recent
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UK
The current legislation differs in several ways from the old.
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UK
declare
to make known, announce officially or state clearly
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UK
The company declared net losses of 2million in the last financial year.
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UK
dividend
a sum of money paid to shareholders
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UK
Shareholders were happy with the company's performance as they received a larger dividend than in the previous year.
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UK
escrow
a contract, deed or bond which is deposited with a third person
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UK
The purchase may be agreed if the company deposits the funds in an escrow account.
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UK
exemption
not included within, unaffected by
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UK
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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UK
extraordinary item
gain or loss included in financial reports which come from infrequent or unusual sources
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UK
The losses caused by damage from the flying saucer were recorded as an extraordinary item.
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UK
income statement
a financial report which shows the firms net profit or loss over a given period
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UK
It was clear from the third quarter income statement that the company wasn't going to hit target.
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UK
IFRS (international financial reporting standards)
a common set of accounting principles
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UK
Both UK and US GAAP differ from the IFRS to some degree.
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UK
inventory
a complete listing of all goods held by an entity, or the goods which are on the list
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UK
Most retailers keep a large inventory , which needs to be carefully listed for the accounts.
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UK
oversee
to supervise
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UK
The comptroller carefully oversees all large financial transactions.
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UK
record
to set down in writing
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UK
All income must be recorded for accounting purposes.
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UK
regulation
a law, rule or other obligation set by an authority
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UK
All companies must follow the regulations of the country in which they do business.
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UK
split
to divide between two or more
US
UK
As both salesmen achieved the same result, the bonus will be split between them.
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UK
supersede
to replace in power, validity or effectiveness
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UK
The new directive supersedes the old so we need to change the way we operate.
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