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BUS103: INTRODUCTION TO FINANCIAL ACCOUNTING > eng vocab > Flashcards

Flashcards in eng vocab Deck (29):
1

embark 

(ɛmˈbɑːk)

(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

2

encounter 

(ɪnˈkaʊntə)

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

3

receipts 

(rɪˈsiːts) 

plural noun

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

4

disburse 

(dɪsˈbɜːs)

 

disbursement

 to pay out

 

ancient governments also kept records of receipts and disbursements

5

ever 

(ˈɛvə )

at all times; always  

⇒ ever busy

 in the solution of ever-growing world problems

6

payable

 

taxes payable

(often followed by on) to be paid  

⇒ payable on the third of each month

7

income tax return 

(ˈɪnkəm tæks rɪˈtɜːn)

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

8

financial statement

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.

9

relevant information

having direct bearing on the matter in hand; pertinent


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

10

 a sound decision

 

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

11

scarce

 (skɛəs)

 

rarely encountered
insufficient to meet the demand

 

 the allocation of scarce resources.

12

allocation of scarce resources

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.

13

Someone discharges their duties

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. 

14

oversee 

(oʊvəʳsiː)

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.

15

an appraisal

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]

16

actuary 

(æktʃuəri)

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

17

thorough 

(θʌrə)

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. 

18

liabilities

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.

19

assets

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.

20

 equity

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)  

21

buy on account

=buy on crédit

22

well-rounded

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

23

savvy

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

24

underlying

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.

25

incur

(ɪnkɜːʳ)

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.

26

conjure up

[kʌndʒəʳ ]

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.  

⇒ [V P n] What does the word 'feminist' conjure up for you?

27

 installment plan

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.

28

trade-off

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.

29