Unit 13: Vocabulary

Please study the 20 vocabulary below and press the 'Mark Complete' button.
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arrears
money that is owed or should have already been paid
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As he was five months in arrears on his payments, the company repossessed his car.
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authorization
official permission for something to happen
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The payment was a week late because the financial director only gave authorization to pay it yesterday.
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breach
the act of breaking a law, promise or other agreement
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The company was taken to court for breaching the contract.
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creditor
someone who money is owed to
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As the invoice hadn't been paid the creditor started legal proceedings.
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debtor
someone who owes money
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We have 5 long-term debtors who owe us a total of $175,000.
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discrepancy
a difference between two things that should be the same
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While processing the invoice, John noticed a discrepancy in the number of units ordered and delivered.
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dispute
an official argument or disagreement between two or more parties
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The court looked into the details of the dispute over payment.
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exceed
to be greater than a number, or go beyond a limit
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If an order exceeds $10,000 it is eligible for a 5% discount.
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external
of, or coming from the outside
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There are several external bodies which regulate financial accounting.
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incentives
something (often financial) that encourages a person to do something
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The company pays incentives to staff to try and motivate them.
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internal
of, or coming from the inside
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Management accounting generally deals with internal reports.
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outstanding
not yet paid, solved or done
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The outstanding debt was paid and the account balance returned to zero.
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oversight
a mistake made by a failure to notice something
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It appears that there has been an oversight and the clerk forgot to mail in the VAT return.
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refer
to send someone to a different person or place for help
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I am afraid I do not have the authority to make that decision, I will have to refer you to my supervisor.
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remit
to send money to someone
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We have to remit all tax payable for the period by the 21st of April.
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supplier
a person, company or body that provides goods
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As they were not happy with the quality of goods, they decided to change their supplier.
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term
a period of time during which something lasts or can last
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Our standard payment terms for invoices is 21 days.
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timely
happening at a suitable moment
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All reports must be filed in a timely manner.
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vital
very important
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The accounting department is vital to the success of a company.
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withhold
to refuse to give, or keep back something
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The company withheld payment as they were not satisfied with the quality of the goods delivered.
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