eng vocab

Question 1

embark

(ɛmˈbɑːk)

Answer 1

(intransitive; usually followed by **on **or upon) to commence or engage (in) a new project, venture, etc

You have embarked on the challenging and rewarding study of accounting

Question 2

encounter

(ɪnˈkaʊntə)

Answer 2

to be faced with; contend with ⇒ he encounters many obstacles in his work

Question 3

receipts

(rɪˈsiːts)

Answer 3

plural noun

(business) the amount of money received during a particular period, for example by a shop or theatre; takings

Question 4

disburse

(dɪsˈbɜːs)

disbursement

Answer 4

to pay out

ancient governments also kept records of receipts and disbursements

Question 5

ever

(ˈɛvə )

Answer 5

at all times; always

• ⇒ ever busy*
• in the solution of ever-growing world problems*

Question 6

payable

taxes payable

Answer 6

(often followed by on) to be paid

⇒ payable on the third of each month

Question 7

income tax return

(ˈɪnkəm tæks rɪˈtɜːn)

Answer 7

a declaration of personal income made annually to the tax authorities and used as a basis for assessing an individual’s liability for taxation

Question 8

financial statement

Answer 8

A printed document showing how much money has been paid into and taken out of a bank or building society account is called a statement.

Question 9

relevant information

Answer 9

having direct bearing on the matter in hand; pertinent

= significant, appropriate,
= pertinent, fitting, fit, material, appropriate

Question 10

a sound decision

Answer 10

firm; solid; substantial ⇒ a sound basis
financially safe or stable ⇒* a sound investment*
showing good judgment or reasoning; sensible; wise ⇒ sound advice
valid, logical, or justifiable ⇒ a sound argument

Question 11

scarce

(skɛəs)

Answer 11

rarely encountered
insufficient to meet the demand

• the allocation of scarce resources.*

Question 12

allocation of scarce resources

Answer 12

An allocation is an amount of something, especially money, that is given to a particular person or used for a particular purpose.

⇒ [+ for] The aid allocation for Pakistan was still under review.

Question 13

Someone discharges their duties

Answer 13

If someone discharges their duties or responsibilities, they do everything that needs to be done in order to complete them. (formal)

• ⇒ [V n] …the quiet competence with which he discharged his many college duties.*
• This information tells how management has discharged its responsibility for protecting and managing the company’s resources. *

Question 14

oversee

(oʊvəʳsiː)

Answer 14

If someone in authority oversees a job or an activity, they make sure that it is done properly.

⇒ [V n]Use a surveyor or architect to oversee and inspect the different stages of the work.

Question 15

an appraisal

Answer 15

variable noun

If you make an appraisal of something, you consider it carefully and form an opinion about it. ⇒ [+of] What is needed in such cases is a calm appraisal of the situation.

2. variable noun

Appraisal is the official or formal assessment of the strengths and weaknesses of someone or something. Appraisal often involves observation or some kind of testing. ⇒ Staff problems should be addressed through training and appraisals. [Also + of]

Question 16

actuary

(æktʃuəri)

Answer 16

An actuary is a person who is employed by insurance companies to calculate how much they should charge their clients for insurance.

Question 17

thorough

(θʌrə)

Answer 17

Someone who is thorough is always very careful in their work, so that nothing is forgotten.

• ⇒ Martin would be a good judge, I thought. He was calm and thorough.*
• Some history of accounting is provided in this section of the course, so take thorough notes. *

Question 18

liabilities

Answer 18

A company’s or organization’s liabilities are the sums of money which it owes. (business (or law)

⇒ The company had assets of $138 million and liabilities of $120.5 million.

Question 19

assets

Answer 19

The assets of a company or a person are all the things that they own. (business)

⇒ [+ of] By the end of 1989 the group had assets of 3.5 billion francs.

Question 20

equity

Answer 20

In finance, your equity is the sum of your assets, for example the value of your house, once your debts have been subtracted from it. (business)

Question 21

buy on account

Answer 21

=buy on crédit

Question 22

well-rounded

Answer 22

rounded in shape or well developed ⇒ a well-rounded figure
full, varied, and satisfying ⇒ a well-rounded life
well planned and balanced ⇒ a well-rounded programme

Question 23

savvy

Answer 23

verb

-vies, -vying, -vied

to understand or get the sense of (an idea, etc)

See no savvy

noun

comprehension

adjective

-vier, -viest

(mainly US) shrewd; well-informed

Question 24

underlying

Answer 24

The underlying features of an object, event, or situation are not obvious, and it may be difficult to discover or reveal them. ⇒ To stop a problem you have to understand its underlying causes. ⇒ I think that the underlying problem is education, unemployment and bad housing.

Question 25

incur | (ɪnkɜːʳ)

Answer 25

If you incur something unpleasant, it happens to you because of something you have done. (written) ⇒ [V n] The government had also incurred huge debts. ⇒ [V-ed] ...the terrible damage incurred during the past decade.

Question 26

conjure up [kʌndʒəʳ]

Answer 26

If something such as a word or sound **conjures up **particular images or ideas, it makes you think of them. *⇒ [V P n] Jimmy Buffett's music conjures up a warm night in the tropics. * ## Footnote *⇒ [V P n] What does the word 'feminist' conjure up for you?*

Question 27

installment plan

Answer 27

An installment plan is a way of buying goods gradually. You make regular payments to the seller until, after some time, you have paid the full price and the goods belong to you.

Question 28

trade-off

Answer 28

A trade-off is a situation where you make a compromise between two things, or where you exchange all or part of one thing for another. (journalism) ⇒ [+ between] ...the trade-off between inflation and unemployment.