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