Unit 13: Vocabulary

Please study the 20 vocabulary terms below. Then press the Mark Complete button to continue.
USA
UK
arrears
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Money that is owed or should have already been paid.
USA
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As he was five months in arrears on his payments, the company repossessed his car.
USA
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authorization
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Official permission for something to happen.
USA
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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
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The act of breaking a law, promise or other agreement.
USA
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The company was taken to court for breaching the contract.
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creditor
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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
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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
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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
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An official argument or disagreement between two or more parties.
USA
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The court looked into the details of the dispute over payment.
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exceed
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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.
USA
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external
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Of, or coming from the outside.
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There are several external bodies which regulate financial accounting.
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incentives
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An intentional action or plan which encourages a desired reaction.
USA
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The company pays incentives to staff to try and motivate them.
USA
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internal
USA
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Of, or coming from the inside.
USA
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Management accounting generally deals with internal reports.
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outstanding
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Not yet paid, solved or done.
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The outstanding debt was paid and the account balance returned to zero.
USA
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oversight
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A mistake made by a failure to notice something.
USA
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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
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To send someone to a different person or place for help.
USA
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I'm afraid I don't have the authority to make that decision, so I will have to refer you to my supervisor.
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remit
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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
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A person, company or body that provides goods.
USA
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As they were not happy with the quality of goods, they decided to change their supplier.
USA
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term
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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
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Happening at a suitable moment.
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All reports must be filed in a timely manner.
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vital
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Very important.
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The accounting department is vital to the success of a company.
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withhold
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To refuse to give something, or to 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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