Unit 3: Vocabulary

The auditors checked the factory to make sure that all the assets listed in the accounts were there.

All purchases over five thousand dollars must be authorized by accounts payable.

I hate working with daybooks, it is so much easier to use a computerised accounting system.

The majority of experienced bookkeepers use double entry bookkeeping as it allows them to check that both sides agree.

All business owners should ensure that their tax returns are received by the Inland Revenue by 31st April.

The director stopped the lunch program for employees so he could reduce expenditure and save money.

The company is looking for a way to increase its income, so they are talking about expanding into a new market.

John wasn't paying attention so the answer he got was incorrect.

The company shut down when the accounts showed that the liabilities were larger than the income and assets.

It took me ages to remember all of the nominal codes, but now I do it is much quicker to enter invoices into the system.

When you post a transaction in the system, the programme will automatically post the second side of it.

When James had finished the clients' tax return he gave it to his supervisor to check before sending to the Inland Revenue.

As Bob wasn't very good at maths he used single entry bookkeeping to keep track of his daily transactions.

You should remember that each T-account should balance. If it doesn't, there must be a mistake somewhere.