Unit 5 Vocabulary: Management Accounting

Adjective
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Additional
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in addition to, extra
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"His promotion will mean additional work, but also additional pay."
Verb (infinitive)
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Assist
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help or make easier
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"Having correct and timely financial information assists in making operational decisions."
Noun (thing)
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Benchmarks
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a standard by which something can be measured or assessed
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"The recently released benchmark figures show that CPAs are earning more."
Noun (thing)
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Budgeting
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the process of creating set financial targets which should be met
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"A lot of companies fell short of the budgeting expectations because of the unexpected impact of the financial crisis."
Verb (infinitive)
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Draft
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to prepare a written version of something
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"The lawyer drafted the contract and sent it to his client for approval."
Noun (thing)
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Entity
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a person, partnership, organization, or business that has a legal and separately identifiable existence
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"A limited company is a separate legal entity from its members."
Verb (infinitive)
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Forecast
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to estimate or calculate in advance
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"By studying the previous year's accounts and considering any changes in the market, you can forecast the financial state of the company 12 months in advance."
Adjective
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In-depth
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carefully worked out, detailed or thorough
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"Management accountants need an in-depth knowledge of finance and management as well as accountancy to be successful."
Verb (infinitive)
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Indicate
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to show, or be a sign of something
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"The financial report indicates that the company has exceeded its expectations."
Noun (thing)
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Management accounting
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the process of preparing management reports and accounts that provide accurate financial and statistical information
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"The management accounting team finished their analysis of production costs and presented their findings to the board of managers."
Noun (thing)
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Overheads
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the ongoing administrative expenses of a business which cannot be matched to any specific business activity
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"In an attempt to try and reduce overheads the company switched water suppliers and cancelled the 'free lunch' programme for staff."
Noun (thing)
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Period
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an interval of time characterized by the occurrence of a certain condition or event
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"The accounting period for tax reporting is 12 months from the 1st of January."
Noun (thing)
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Risk
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the possibility of suffering harm or loss
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"It is important to minimize the risk to a company by having all the relevant information before making a decision."
Noun (thing)
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Takeover
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the transfer of control of a firm from one group of shareholders to another group of shareholders
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"AOL's takeover of Time Warner was one of the largest acquisitions in business history."
Noun (thing)
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Variance
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the difference between two figures
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"The company expected costs to be 100,000 but the actual costs were 120,000 so the director asked about the reason for the variance."
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