Vocabulary Flashcards
IFAC
International Federation of Accountants - global org for the accountancy profession
Checking an organisation’s activities or performance or examining a
person’s or organisation’s accounts to make sure they are true and honest
Auditing
Preparing a person’s or company’s financial information in order to
calculate their profit which they must pay to the government
Tax accounting
An accountant working in the area acts for a person or company that is no
longer able to pay debts or a company whose liabilities exceed their assets
Insolvency
When a company’s financial records are officially checked
because illegal activity is suspected
Forensic accounting
Runs through from newly qualified accountants to partners
through developing skills such as managing teams, coaching and appraising people
(PwC)
Business adviser concept
Employee appraisal
Performance evaluation
Inexhaustible
Never-ending
Bookkeeper
Makes official record of all money paid into and out of businesses
Financial performance
Profitability
To roll up the sleeves
Work very hard
An asset’s valuation at any specified point in time is based
on the amount of money that could be obtained if the asset were sold at that time
Fair-value asset valuation
An asset’s market value at any specific point in time is
not taken into account. it is assumed to increase steadily over the asset’s lifetime
Amortised cost asset valuation
Pro-cyclical
Followed the economic cycle
Credibility
the extent to which someone can be believed or trusted
