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