Unit 19 - Accounting and Financial Statement Flashcards
real or not imaginary; able to be shown, touched or experienced
(in-) tangible
an arrangement with a bank to keep your money there and to allow you to take it out when you need to
account
the skill or activity of keeping records of the money a person or organization earns and spends
accounting
to reduce a debt by paying small regular amounts
amortization
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
annual report
a meeting that happens once every year in which a company discusses its business activities, presents its accounts to shareholders, and elects officers
annual stockholders meeting / annual general meeting
a useful or valuable quality, skill or person
asset
to make an official examination of the accounts of a business and produce a report
auditing
a statement that shows the value of a company’s assets (= things of positive value) and its debts
balance sheet
the job or activity of keeping an exact record of the money that has been spent or received by a business or other organization
bookkeeping
a document that shows the money coming into and going out of a company during a particular period
cash flow statement
the most important financial manager in a company or organization, who is the head of the finance department
CFO
calculating how much an individual or a company will have to pay to the local and national government
cost auditing
a method of paying for goods or services at a later time, usually paying interest as well as the original money
credit
(a record of) money taken out of a bank account
debits
something, especially money, which is owed to someone else, or the state of owing something
debt
when something loses value
depreciation
the total amount of money that a government or person spends
expenditure
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
financial statement
friendly and helpful feelings
goodwill
money that is earned from doing work or received from investments
income
a document that shows a company’s profit or loss in a particular period of time
income statement / profit and loss account
when you are legally responsible for something
liability
the activity of preparing and using financial information about a company in order to support management decisions
managerial accounting
that should be paid
payable
the income that a government or company receives regularly
revenue
the total value of a person’s or company’s assets after their total debt has been subtracted
shareholders’ equity
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.
tax accounting
to increase in number or amount over a period of time
to accrue
to delay something until a later time; to postpone
to defer
to experience something, usually something unpleasant, as a result of actions you have taken
to incur
to supply a list of things provided or work done together with their cost, for payment at a later time
to invoice
to keep or continue to have something
to retain
