Unit 20: Vocabulary

To pass this unit, please study the 20 vocabulary words below.
above board
in a legal and proper manner
We are not worried about the audit as everything was prepared above board.
dishonest, unethical or illegal
The company was fined when the tax authority realized that their return had been prepared in a back door way.
be in the ballpark
to estimate with reasonable accuracy
They didn't know the exact figure and guessed at 500,000 which turned out to be in the ballpark.
bean counter
a person such as an accountant who is very concerned with small details
Even as a young boy Peter was a bean counter, so it made perfect sense when he said he wanted to be a financial controller.
spent a large amount of money (in a wasteful way)
The new manager didn't know what he was doing and blew the yearly overtime budget in 2 months.
bull market
a time when the prices of most shares are rising
By studying the stock market over a period of time, you can see if we are in a bull market or not.
close of play
the end of the working day
I may be late home tonight as I have to finish this report by the close of play.
cooked the books
changed numbers dishonestly in the accounts of a company
The financial controller was fired after he was caught cooking the books.
to make smaller by reducing the number of people working in a place
A lot of companies have had to downsize as a result of the financial crisis.
drill down
to study something in great detail
We really need to drill down on the budget and find out where we went wrong.
hold fire
to delay, or wait for something before continuing
They had to hold fire on the accounts preparation as they are waiting for the client to supply some missing documents.
like herding cats
to be difficult and time consuming
Dealing with the IRS can be like herding cats as there are so many forms which need to be completed.
a small mistake in an agreement or law which can be abused for benefit
The contract was carefully written so that there were no loopholes.
make ends meet
have just enough money to pay for things you need
Most people want more than to make ends meet.
more basic or important than other things
The company produces many items, but the meat-and-potatoes products are plant pots.
on the fritz
temporarily broken or out-of-order
I always have a coffee before I go to work as the office coffee machine is usually on the fritz.
PBC (Prepared By Client)
Used to show that documents were not prepared by professionals
The job involves checking PBC documents to make sure they contain no errors.
something which is not worth what you have paid for it
That new computer was a real rip-off, he could have bought one much cheaper.
wealthy, or having money
John had always been well-off, but after his investments paid off he became a multi-millionaire.
went bust
forced to close because of being financially unsuccessful, to go bankrupt
When the company went bust over 500 people lost their jobs.
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