Unit 8 Vocabulary: Financial Statements

"After James had finished the bank reconciliation, it became clear the company had a major cash flow problem."

"The accounts showed a large profit for the year, but as the company had spent a lot on new assets there was a lack of cash in hand."

"Each month the accounts supervisor cross-checks the records which were posted against the nominal code assigned."

"The financial director looked at the draft set of accounts and then approved them."

"The company issued a pro forma invoice, with 14-day payment terms, when the order was confirmed."

"If the IRS finds any irregularities in your tax calculations, you can be fined."

"Working in a multi-national accounting department, you should keep track of the exchange rate at all times."

"The financial controller does the ledger control for the company as the first step in his management accounting."

"Each accounting function maintains a separate ledger."

"The auditors meticulously studied the accounting records looking for anything suspect."

"The management board studied the notes to the accounts to make sure they understood the workings properly."

"The company will only reimburse staff for petty cash purchases if they provide a receipt."

"Mr Smith decided not to invest the profit from the last year so he retained it in his bank account."

"The latest date for filing your tax return is the 31st of March, so ensure that you have it finished and sent by the 29th."

"Peter was posting the previous day’s sales into the system when his manager arrived."