Please study the 15 vocabulary terms below. Then press the Mark Complete button to continue.
- bank reconciliation
- cash in hand
- cross-check
- draft
- invoice
- irregularities
- keep track of
- ledger control
- ledgers
- meticulously
- notes to the accounts
- receipt
- retain
- to file
- to post
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The process of comparing the actual state of the bank account with the bank nominal code in the accounts.
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After James had finished the bank reconciliation, it became clear the company had a major cash flow problem.
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The amount of liquid equity held by an entity at a certain point of time.
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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.
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Verify by comparing two sets of data.
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Each month the accounts supervisor cross-checks the records which were posted against the nominal code assigned.
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A first version of a document.
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The financial director looked at the draft set of accounts and then approved them.
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The written record of a payment due, which is sent to the customer before payment.
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The company issued a pro-forma invoice, with 14-day payment terms, when the order was confirmed.
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Defects, failures of mistakes.
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If the IRS finds any irregularities in your tax calculations, you can be fined.
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Follow, or pay attention to (particularly in changeable situations).
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Working in a multi-national accounting department, you should keep track of the exchange rate at all times.
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A process in which totals from subsidiary nominal accounts are entered into a control account to make it easier to interpret the data.
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The financial controller does the ledger control for the company as the first step in his management accounting.
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Accounting books in which accounts were prepared.
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Each accounting function maintains a separate ledger.
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Carefully paying attention to every detail.
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The auditors meticulously studied the accounting records looking for anything suspect.
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Additional information added at the end of the accounts to give a full understanding of the company’s situation.
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The management board studied the notes to the accounts to make sure they understood the workings properly.
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The written record of a payment made, which is given to the customer after payment.
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The company will only reimburse staff for petty cash purchases if they provide a receipt.
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Keep in one’s possession.
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Mr Smith decided not to invest the profit from the last year so he retained it in his bank account.
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Officially submit a document to a legal entity.
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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.
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To record (a financial transaction).
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Peter was posting the previous day’s sales into the system when his manager arrived.