Unit 19 - Accounting and Financial Statement

Question 1

real or not imaginary; able to be shown, touched or experienced

Answer 1

(in-) tangible

Question 2

an arrangement with a bank to keep your money there and to allow you to take it out when you need to

Answer 2

account

Question 3

the skill or activity of keeping records of the money a person or organization earns and spends

Answer 3

accounting

Question 4

to reduce a debt by paying small regular amounts

Answer 4

amortization

Question 5

a report made by a company each year that includes the company’s audited (= officially examined) accounts, along with statements of profits or loss and how the management thinks the company will do in the future

Answer 5

annual report

Question 6

a meeting that happens once every year in which a company discusses its business activities, presents its accounts to shareholders, and elects officers

Answer 6

annual stockholders meeting / annual general meeting

Question 7

a useful or valuable quality, skill or person

Answer 7

asset

Question 8

to make an official examination of the accounts of a business and produce a report

Answer 8

auditing

Question 9

a statement that shows the value of a company’s assets (= things of positive value) and its debts

Answer 9

balance sheet

Question 10

the job or activity of keeping an exact record of the money that has been spent or received by a business or other organization

Answer 10

bookkeeping

Question 11

a document that shows the money coming into and going out of a company during a particular period

Answer 11

cash flow statement

Question 12

the most important financial manager in a company or organization, who is the head of the finance department

Answer 12

CFO

Question 13

calculating how much an individual or a company will have to pay to the local and national government

Answer 13

cost auditing

Question 14

a method of paying for goods or services at a later time, usually paying interest as well as the original money

Answer 14

credit

Question 15

(a record of) money taken out of a bank account

Answer 15

debits

Question 16

something, especially money, which is owed to someone else, or the state of owing something

Answer 16

debt

Question 17

when something loses value

Answer 17

depreciation

Question 18

the total amount of money that a government or person spends

Answer 18

expenditure

Question 19

a report provided by a company for its shareholders and investors that shows details of its financial situation, and includes documents such as the profit and loss account and balance sheet

Answer 19

financial statement

Question 20

friendly and helpful feelings

Answer 20

goodwill

Question 21

money that is earned from doing work or received from investments

Answer 21

income

Question 22

a document that shows a company’s profit or loss in a particular period of time

Answer 22

income statement / profit and loss account

Question 23

when you are legally responsible for something

Answer 23

liability

Question 24

the activity of preparing and using financial information about a company in order to support management decisions

Answer 24

managerial accounting

Question 25

that should be paid

Answer 25

payable

Question 26

the income that a government or company receives regularly

Answer 26

revenue

Question 27

the total value of a person’s or company’s assets after their total debt has been subtracted

Answer 27

shareholders’ equity

Question 28

accounting methods to prepare information on a person’s income or a company’s earnings for the tax authority, rather than, in the case of companies, for its executives, shareholders, etc.

Answer 28

tax accounting

Question 29

to increase in number or amount over a period of time

Answer 29

to accrue

Question 30

to delay something until a later time; to postpone

Answer 30

to defer

Question 31

to experience something, usually something unpleasant, as a result of actions you have taken

Answer 31

to incur

Question 32

to supply a list of things provided or work done together with their cost, for payment at a later time

Answer 32

to invoice

Question 33

to keep or continue to have something

Answer 33

to retain