To pass this unit, please study the 15 vocabulary words below.
- 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
Noun (person)
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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."
Noun (thing)
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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."
Verb (infinitive)
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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."
Noun (thing)
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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."
Noun (thing)
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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."
Noun (thing)
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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."
Verb (infinitive)
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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."
Noun (thing)
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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."
Noun (thing)
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accounting books in which accounts were prepared
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"Each accounting function maintains a separate ledger."
Adverb
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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."
Noun (thing)
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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."
Noun (thing)
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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."
Verb (infinitive)
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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."
Verb (infinitive)
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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."
Verb (infinitive)
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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."