Dictionary of Accounting Terms Barron's Business Guides_6

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Accounting.fm Page 176 Tuesday, February 13, 2007 1:40 PM profit-related pay 176 profit-related pay / prɒfit ri leitid pei/ to go ahead The contract is progressing profit-related pay | through various departments. noun pay including bonuses which is linked to profit progressive /prə resiv/ adjective mov- progressive | profit retained for the year / prɒfit ri ing forward in stages profit retained for the year | teinid fə ðə jiə/ noun same as retained progressive tax /prə resiv t ks/ noun progressive tax | earnings a tax with a rate that increases as income profit-sharing / prɒfit ʃeəriŋ/ noun 1. increases profit-sharing an arrangement whereby employees get a progressive taxation /prə resiv t k progressive taxation | | share of the profits of the company they seiʃ(ə)n/ noun a taxation system where tax work for The company runs a profit-shar- levels increase as the income is higher. Also ing scheme. 2. the practice of dividing prof- called graduated taxation its among employees prohibitive /prəυ hibitiv/ adjective with prohibitive | profit squeeze / prɒfit skwi z/ noun a profit squeeze a price so high that you cannot afford to pay strict control of the amount of profits which it The cost of redesigning the product is companies can pay out as dividend prohibitive. profit-taking / prɒfit teikiŋ/ noun the project / prɒd ekt/ noun 1. a plan She profit-taking project act of selling investments to realise the has drawn up a project for developing new profit, rather than keeping them Share markets in Europe. 2. a particular job of prices fell under continued profit-taking. work which follows a plan We are just completing an engineering project in North ‘…some profit-taking was seen yesterday Africa. The company will start work on as investors continued to lack fresh incen- tives to renew buying activity’ [Financial the project next month. Times] project accounting / prɒd ekt ə project accounting | profit variance / prɒfit veəriəns/ noun kaυntiŋ/ noun the form of accounting in profit variance which financial reports are produced in a discrepancy between actual profit and order to track costs on individual projects budgeted profit project costing / prɒd ekt kɒstiŋ/ profit-volume chart / prɒfit vɒlju m project costing profit-volume chart tʃɑ t/ noun a chart that shows how profit noun a system used for collecting informa- tion on the costs of a specific business activ- varies with changes in volume of production ity or project profit warning noun an announced profit warning projected /prə d ektid/ projected adjective income level for a company that is signifi- | planned or expected cantly lower than that forecast by analysts project finance / prɒd ekt fain ns/ pro forma / prəυ fɔ mə/ verb to issue a project finance pro forma noun money raised for a specific undertak- pro forma invoice Can you pro forma this ing, usually a construction or development order? project pro-forma financial statement /prəυ pro-forma financial statement projection /prə d ekʃən/ noun a forecast projection fɔ mə fai n nʃəl steitmənt/ noun a pro- | | of something which will happen in the jection showing a business’s financial state- future Projection of profits for the next ments after the completion of a planned three years. The sales manager was asked transaction to draw up sales projections for the next pro forma invoice / prəυ fɔ mə pro forma invoice three years. invɔis/, pro forma / prəυ fɔ mə/ noun an project planning / prɒd ekt pl niŋ/ project planning invoice sent to a buyer before the goods are noun the process of making decisions about sent, so that payment can be made or so that major, long-term capital investments goods can be sent to a consignee who is not promise / prɒmis/ noun an act of saying the buyer They sent us a pro forma promise that you will do something í verb to say that invoice. We only supply that account on pro forma. you will do something They promised to pay the last instalment next week. programme evaluation and review programme evaluation and review technique technique / prəυ r m iv lju eiʃ(ə)n promissory note / prɒmisəri nəυt/ promissory note | ən ri vju tek ni k/ noun a way of planning noun a document stating that someone | | and controlling a large project, concentrat- promises to pay an amount of money on a ing on scheduling and completion on time. specific date Abbreviation PERT promote /prə məυt/ verb 1. to give some- promote | progress noun / prəυ res/ the movement one a more important job or to move some- progress of work towards completion to report on one to a higher grade He was promoted the progress of the work or of the negotia- from salesman to sales manager. 2. to adver- tions í verb /prəυ res/ to move forward, tise a product |
Accounting.fm Page 177 Tuesday, February 13, 2007 1:40 PM 177 protest promotion /prə məυʃ(ə)n/ noun the fact proprietary drug /prə praiət(ə)ri dr / promotion proprietary drug | | of being moved up to a more important job noun a drug which is made by a particular I ruined my chances of promotion when I company and marketed under a brand name argued with the managing director. The proprietor /prə praiətə/ noun the owner proprietor | job offers good promotion chances or pro- of a business, especially in the hospitality motion prospects. industry She is the proprietor of a hotel or ‘…finding the right promotion to appeal to a hotel proprietor. The restaurant has a children is no easy task’ [Marketing] new proprietor. ‘…you have to study the profiles and peo- proprietors’ interest /prə praiətəz proprietors’ interest | ple involved very carefully and tailor the intrəst/ noun the amount which the owners promotion to fill those needs’ [Marketing of a business have invested in the business Week] pro rata / prəυ rɑ tə/ adjective, adverb at pro rata prompt /prɒmpt/ adjective rapid or done prompt a rate which varies according to the size or immediately We got very prompt service importance of something When part of the at the complaints desk. Thank you for your shipment was destroyed we received a pro prompt reply to my letter. rata payment. The full-time pay is £800 a proof /pru f/ noun evidence which shows proof week and the part-timers are paid pro rata. that something is true prospect / prɒspekt/ noun a chance or prospect -proof /pru f/ suffix protected from the -proof possibility that something will happen in the negative effect of something an inflation- future her job prospects are good she is proof pension very likely to find a job property / prɒpəti/ noun 1. land and property prospective /prə spektiv/ adjective pos- prospective | buildings Property taxes are higher in the sibly happening in the future inner city. They are assessing damage to prospective dividend /prə spektiv prospective dividend | property or property damage after the storm. dividend/ noun same as forecast divi- The commercial property market is boom- dend ing. 2. a building We have several proper- prospective P/E ratio /prə spektiv pi prospective P/E ratio ties for sale in the centre of the town. | i reiʃiəυ/ noun a P/E ratio expected in the property bond / prɒpəti bɒnd/ noun an property bond future on the basis of forecast dividends investment in a fund invested in properties prospects / prɒspekts/ plural noun the prospects or in property companies possibilities for the future property company / prɒpəti property company prospectus /prə spektəs/ noun a docu- prospectus k mp(ə)ni/ noun a company which buys | ment which gives information to attract buy- buildings to lease them ers or customers The restaurant has peo- proportion /prə pɔ ʃ(ə)n/ noun a part of a proportion ple handing out prospectuses in the street. | total A proportion of the pre-tax profit is ‘…when the prospectus emerges, existing set aside for contingencies. Only a small shareholders and any prospective new proportion of our sales comes from retail investors can find out more by calling the shops. free share information line; they will be proportional /prə pɔ ʃ(ə)nəl/ adjective proportional sent a leaflet. Non-shareholders who regis- | increasing or decreasing at the same rate as ter in this way will receive a prospectus something else The increase in profit is when it is published; existing shareholders will be sent one automatically’ [Financial proportional to the reduction in overheads. Times] proportionally /prə pɔ ʃ(ə)nəli/ adverb proportionally | protectionism /prə tekʃəniz(ə)m/ noun protectionism in a way that is proportional | the practice of protecting producers in the proportional taxation /prə pɔ ʃ(ə)nəl proportional taxation | home country against foreign competitors t k seiʃ(ə)n/ noun a tax system in which | by banning or taxing imports or by imposing the tax collected is in constant proportion to import quotas the income being taxed, i.e. as income rises protective tariff /prə tektiv t rif/ protective tariff so tax rises proportionately | noun a tariff which tries to ban imports to proprietary /prə praiət(ə)ri/ noun, proprietary | stop them competing with local products adjective a product, e.g. a medicine which is pro tem / prəυ tem/ adverb temporarily, pro tem made and owned by a company for a time proprietary company /prə praiət(ə)ri proprietary company | protest / prəυtest/ noun an official docu- k mp(ə)ni/ noun US a company formed to protest invest in stock of other companies so as to ment which proves that a bill of exchange control them. Abbreviation pty has not been paid
Accounting.fm Page 178 Tuesday, February 13, 2007 1:40 PM provide 178 present The proxy votes were all in favour provide /prə vaid/ verb 1. to give or sup- provide | of the board’s recommendation. ply something 2. to put money aside in accounts to cover expenditure or loss in the PRT abbreviation petroleum revenue tax PRT future £25,000 is provided against bad prudence / pru dəns/ noun an accounting prudence debts. approach that, in cases where there are alter- provident / prɒvid(ə)nt/ adjective pro- provident native procedures or values, favours choos- ing the one that results in a lower profit, a viding benefits in case of illness, old age or lower asset value and a higher liability value other cases of need a provident fund a provident society prudent / pru dənt/ adjective careful, not prudent taking any risks provider of capital /prə vaidər əv provider of capital | k pit(ə)l/ noun a person or company prudential ratio /pru denʃ(ə)l reiʃiəυ/ prudential ratio | which provides capital to a business, usually noun a ratio of capital to assets which a bank by being a shareholder feels it is prudent to have, according to EU regulations provision /prə vi (ə)n/ noun an amount provision | PSBR abbreviation Public Sector Borrow- PSBR of money put aside in accounts for antici- ing Requirement pated expenditure where the timing or amount of expenditure is uncertain, often for Pty abbreviation proprietary company Pty doubtful debts The bank has made a £2m Pty Ltd abbreviation private limited com- Pty Ltd provision for bad debts or a $5bn provision pany against Third World loans. public / p blik/ adjective 1. referring to all public ‘…landlords can create short lets of dwell- the people in general 2. referring to the gov- ings which will be free from the normal ernment or the state security of tenure provisions’ [Times] Public Accounts Committee / p blik Public Accounts Committee provisional /prə vi (ə)n(ə)l/ adjective provisional ə kaυnts kə miti/ noun a committee of the | | | temporary, not final or permanent The House of Commons which examines the sales department has been asked to make a spending of each department and ministry provisional forecast of sales. The provi- public company / p blik k mp(ə)ni/ public company sional budget has been drawn up for each noun same as public limited company department. public debt / p blik det/ noun the public debt provisionally /prə vi (ə)nəli/ adverb not provisionally money that a government or a set of govern- | finally The contract has been accepted ments owes provisionally. public deposits / p blik di pɒzits/ plu- public deposits | provisions /prə vi (ə)nz/ plural noun provisions ral noun in the United Kingdom, the govern- | money put aside in accounts for anticipated ment’s credit monies held at the Bank of expenditure where the timing or amount of England expenditure is uncertain. If the expenditure public expenditure / p blik ik public expenditure | is not certain to occur at all, then the money spenditʃə/ noun money spent by the local set aside is called a ‘contingent liability’. or central government proxy / prɒksi/ noun 1. a document which proxy public finance / p blik fain ns/ noun public finance gives someone the power to act on behalf of the raising of money by governments by someone else to sign by proxy 2. a person taxes or borrowing, and the spending of it who acts on behalf of someone else She public funds / p blik f ndz/ plural public funds asked the chairman to act as proxy for her. noun government money available for proxy form / prɒksi fɔ m/, proxy card proxy form expenditure / prɒksi kɑ d/ noun a form that sharehold- publicity budget /p blisiti b d it/ publicity budget | ers receive with their invitations to attend an noun money allowed for expenditure on AGM, and that they fill in if they want to publicity appoint a proxy to vote for them on a resolu- public limited company / p blik public limited company tion limitid k mp(ə)ni/ noun a company proxy statement / prɒksi steitmənt/ proxy statement whose shares can be bought on the Stock noun a document, filed with the SEC, out- Exchange. Abbreviation Plc, PLC, plc. lining executive pay packages, option grants Also called public company and other perks, and also giving details of publicly held company / p blikli held publicly held company dealings by executives in shares of the com- k mp(ə)ni/ noun US a company controlled pany by a few shareholders or its directors, but proxy vote / prɒksi vəυt/ noun a vote proxy vote which is quoted on the Stock Exchange and made on behalf of someone who is not which allows the public to hold a few shares
Accounting.fm Page 179 Tuesday, February 13, 2007 1:40 PM 179 pyramid selling purchase price / p tʃis prais/ noun a public offering / p blik ɒf(ə)riŋ/ noun public offering purchase price price paid for something an offering of new shares in a corporation for sale to the public as a way of launching purchase requisition / p tʃis rekwi purchase requisition | the corporation on the Stock Exchange ziʃ(ə)n/ noun an instruction from a depart- public ownership / p blik əυnəʃip/ ment within an organisation to its purchas- public ownership ing department to buy goods or services, noun a situation in which the government stating the kind and quantity required, and owns a business, i.e. where an industry is forming the basis of a purchase order nationalised purchase tax / p tʃis t ks/ noun a tax purchase tax public placing / p blik pleisiŋ/, public public placing paid on things which are bought placement / p blik pleismənt/ noun an act of offering a new issue of shares to purchasing department / p tʃisiŋ di purchasing department | investing institutions, though not to private pɑ tmənt/ noun the section of a company investors in general which deals with the buying of stock, raw materials, equipment, etc. public sector / p blik sektə/ noun public sector purchasing manager / p tʃisiŋ nationalised industries and services a purchasing manager report on wage rises in the public sector or m nid ə/ noun the head of a purchasing on public-sector wage settlements Also department called government sector purchasing officer / p tʃisiŋ ɒfisə/ purchasing officer Public Sector Borrowing Require- Public Sector Borrowing Requirement noun a person in a company or organisation ment / p blik sektə bɒrəυiŋ ri who is responsible for buying stock, raw | kwaiəmənt/ noun the amount of money materials, equipment, etc. which a government has to borrow to pay for purchasing power / p tʃisiŋ paυə/ purchasing power its own spending. Abbreviation PSBR noun the quantity of goods which can be public spending / p blik spendiŋ/ bought by a particular group of people or public spending with a particular sum of money the pur- noun spending by the government or by chasing power of the school market The local authorities purchasing power of the pound has fallen Public Trustee / p blik tr sti / noun Public Trustee | over the last five years. an official who is appointed as a trustee of an pure endowment / pjυər in daυmənt/ pure endowment individual’s property | noun a monetary gift the use of which is published accounts / p bliʃit ə published accounts | strictly prescribed by the donor kaυnts/ plural noun the accounts of a com- put down phrasal verb 1. to make a deposit pany which have been prepared and audited to put down money on a house 2. to write and then must be published by sending to the an item in a ledger or an account book to shareholders and other interested parties put down a figure for expenses pump priming / p mp praimiŋ/ noun pump priming put up phrasal verb 1. who put up the government investment in new projects money for the shop? who provided the in- which it hopes will benefit the economy vestment money for the shop to start? to purchase book / p tʃis bυk/ noun a purchase book put something up for sale to advertise that book in which purchases are recorded something is for sale When he retired he purchase daybook / p tʃis deibυk/, purchase daybook decided to put his town flat up for sale. 2. to purchases daybook / p tʃisiz deibυk/ increase something, to make something noun a book which records the purchases higher The shop has put up all its prices made each day by 5%. purchase invoice / p tʃis invɔis/ purchase invoice put option / pυt ɒpʃən/ noun an option put option noun an invoice received by a purchaser to sell a specified number of shares at a spec- from a seller ified price within a specified period of time. purchase ledger / p tʃis led ə/ noun purchase ledger Also called put a book in which purchases are recorded PV abbreviation present value PV purchase order / p tʃis ɔ də/ noun an purchase order pyramid selling / pirəmid seliŋ/ noun pyramid selling official order made out by a purchasing an illegal way of selling goods or invest- department for goods which a company ments to the public, where each selling agent wants to buy We cannot supply you with- pays for the franchise to sell the product or out a purchase order number. service, and sells that right on to other purchase order lead time / p tʃis purchase order lead time agents together with stock, so that in the end ɔ də li d taim/ noun the interval between the person who makes the most money is the the placing of an order for raw materials or original franchiser, and sub-agents or inves- parts and their being delivered tors may lose all their investments
Accounting.fm Page 180 Tuesday, February 13, 2007 1:40 PM pyramid selling 180 ‘…much of the population had committed pay the original investors until the money their life savings to get-rich-quick pyramid runs out – which inevitably collapsed’ investment schemes – where newcomers [Times]
Accounting.fm Page 181 Tuesday, February 13, 2007 1:40 PM Q qualification and has recent post-qualifica- qualification qualification / kwɒlifi keiʃ(ə)n/ noun a | tion experience, and sufficient knowledge of document or some other formal proof of the the state of the market, with reference to the fact that someone has successfully com- pleted a specialised course of study or has location and category of the tangible fixed acquired a skill You must have the right asset being valued qualifications for the job. Job-hunting is qualifying distribution qualifying distribution / kwɒlifaiiŋ difficult if you have no qualifications. distri bju ʃ(ə)n/ noun a payment of a div- | ‘…personnel management is not an activ- idend, or other distribution of profits, that ity that can ever have just one set of quali- was subject, in the UK, to advance corpora- fications as a requirement for entry into it’ tion tax before it was scrapped in 1999 [Personnel Management] qualifying period qualifying period / kwɒlifaiiŋ piəriəd/ qualification of accounts qualification of accounts noun a time which has to pass before some- / kwɒlifikeiʃ(ə)n əv ə kaυnts/ noun same thing or someone qualifies for something, | as auditors’ qualification e.g. a grant or subsidy There is a six- qualified qualified / kwɒlifaid/ adjective 1. having month qualifying period before you can get passed special examinations in a subject a grant from the local authority. She is a qualified accountant. We have qualifying shares qualifying shares / kwɒlifaiiŋ ʃeəz/ appointed a qualified designer to supervise plural noun the number of shares you need the decorating of the new reception area. 2. to earn to get a bonus issue or to be a director with some reservations or conditions of the company, etc. qualified acceptance of a contract The qualitative factors plan received qualified approval from the qualitative factors / kwɒlitətiv board. f ktəz/ plural noun factors that inform a business decision but cannot be expressed ‘…applicants will be professionally quali- fied and ideally have a degree in Com- numerically merce and postgraduate management quality assurance quality assurance / kwɒliti ə ʃυərəns/ | qualifications’ [Australian Financial noun the procedures that a company uses to Review] ensure compliance with a quality standard qualified acceptance of a bill qualified acceptance of a bill quality control quality control / kwɒliti kən trəυl/ / kwɒlifaid ək septəns əv ə bil/ noun an | | noun the process of making sure that the agreement to pay a bill of exchange pro- quality of a product is good vided that certain conditions are met quality costs quality costs / kwɒliti kɒsts/ plural qualified accounts qualified accounts / kwɒlifaid ə | noun costs incurred when goods produced kaυnts/ plural noun accounts which have or services delivered fail to meet quality been noted by the auditors because they con- standards tain something with which the auditors do quango not agree quango / kw ŋ əυ/ noun an official body, set up by a government to investigate qualified domestic trust qualified domestic trust / kwɒlifaid or deal with a special problem (NOTE: The də mestik tr st/ noun a trust for the non- | plural is quangos.) citizen spouse of a US citizen, affording tax advantages at the time of the citizen’s death quantifiable quantifiable / kwɒntifaiəb(ə)l/ adjective qualified valuer possible to quantify The effect of the qualified valuer / kwɒlifaid v ljυə/ change in the discount structure is not quan- noun a person conducting a valuation who holds a recognised and relevant professional tifiable.
Accounting.fm Page 182 Tuesday, February 13, 2007 1:40 PM quantitative factors 182 quantitative factors / kwɒntitətiv was rationed, people had to queue for bread. quantitative factors f ktəz/ plural noun factors that inform a We queued for hours to get tickets. A list of companies queueing to be launched on business decision but cannot be expressed the Stock Exchange. The candidates numerically queued outside the interviewing room. quantity discount / kwɒntiti quantity discount quick asset / kwik set/ noun an asset diskaυnt/ noun a discount given to people quick asset that can be converted into cash relatively who buy large quantities quickly quantum meruit / kw ntυm meruit/ quantum meruit quick ratio / kwik reiʃiəυ/ noun same as quick ratio phrase a Latin phrase meaning ‘as much as liquidity ratio has been earned’ quid /kwid/ noun one pound Sterling quarter / kwɔ tə/ noun 1. one of four quid quarter (slang) equal parts (25%) She paid only a quarter of the list price. 2. a period of three months quid pro quo / kwid prəυ kwəυ/ noun quid pro quo The instalments are payable at the end of money paid or an action carried out in return each quarter. for something She agreed to repay the loan early, and as a quid pro quo the bank ‘…corporate profits for the first quarter released the collateral. showed a 4 per cent drop from last year’s final three months’ [Financial Times] quorum / kwɔ rəm/ noun a minimum quorum ‘…economists believe the economy is number of people who have to be present at picking up this quarter and will do better a meeting to make it valid still in the second half of the year’ [Sunday quota / kwəυtə/ noun a limited amount of quota Times] something which is allowed to be produced, quarter day / kwɔ tə dei/ noun a day at quarter day imported, etc. the end of a quarter, when rents, fees etc. ‘Canada agreed to a new duty-free quota should be paid of 600,000 tonnes a year’ [Globe and Mail quarterly / kwɔ təli/ adjective, adverb quarterly (Toronto)] happening once every three months There quota system / kwəυtə sistəm/ noun 1. quota system is a quarterly charge for electricity. The a system where imports or supplies are reg- bank sends us a quarterly statement. We ulated by fixed maximum amounts 2. an agreed to pay the rent quarterly or on a arrangement for distribution which allows quarterly basis. each distributor only a specific number of quarterly report / kwɔ təli ri pɔ t/ quarterly report items | noun the results of a corporation, produced quotation /kwəυ teiʃ(ə)n/ noun an esti- quotation | each quarter mate of how much something will cost quartile / kwɔ tail/ noun one of a series of quartile They sent in their quotation for the job. three figures below which 25%, 50% or 75% Our quotation was much lower than all the of the total falls others. We accepted the lowest quotation. quasi- /kweizai/ prefix almost or which quote /kwəυt/ verb 1. to repeat words or a quasi- quote seems like a quasi-official body reference number used by someone else He quoted figures from the annual report. quasi-loan / kweizai ləυn/ noun an quasi-loan She replied, quoting the number of the agreement between two parties where one account. 2. to estimate what a cost or price agrees to pay the other’s debts, provided that is likely to be to quote a price for supply- the second party agrees to reimburse the first ing stationery Their prices are always at some later date quoted in dollars. He quoted me a price of quasi-public corporation / kweizai quasi-public corporation £1,026. í noun an estimate of how much p blik kɔ pə reiʃ(ə)n/ noun a US institu- | something will cost (informal ) to give tion which is privately owned, but which someone a quote for supplying computers serves a public function, such as the Federal We have asked for quotes for refitting the National Mortgage Association shop. Her quote was the lowest of three. queue /kju / noun 1. a line of people wait- queue quoted company / kwəυtid quoted company ing one behind the other to form a queue k mp(ə)ni/ noun a company whose shares or to join a queue Queues formed at the can be bought or sold on the Stock Exchange doors of the bank when the news spread quoted investments / kwəυtid in quoted investments about its possible collapse. (NOTE: The US | vestmənts/ plural noun investments which term is line.) 2. a series of documents such are listed on a stock exchange as orders or application forms which are dealt with in order í verb to form a line one quote-driven system / kwəυt quote-driven system driv(ə)n sistəm/ noun a system of work- after the other for something When food
Accounting.fm Page 183 Tuesday, February 13, 2007 1:40 PM 183 quoted shares quoted shares ing a stock market, where marketmakers / kwəυtid ʃeəz/, quoted shares quote a price for a stock. Compare order- quoted stocks plural noun shares which can be bought or sold on the Stock Exchange driven system
Accounting.fm Page 184 Tuesday, February 13, 2007 1:40 PM R R&D abbreviation research and develop- racket R&D racket / r kit/ noun an illegal deal which ment makes a lot of money She runs a cut-price ticket racket. random check / r ndəm tʃek/ noun a random check check on items taken from a group without rack rent rack rent / r k rent/ noun a very high rent any special selection raise raise /reiz/ noun US an increase in salary random sample / r ndəm sɑ mpəl/ random sample He asked the boss for a raise. She got noun a sample taken without any selection her raise last month. (NOTE: The UK term is range /reind / noun 1. a series of items range rise.) í verb 1. to increase or to make higher Their range of products or product range is The government has raised the tax levels. too narrow. There are a whole range of The company raised its dividend by 10%. alternatives for the new salary scheme. 2. a This increase in production will raise the scale of items from a low point to a high one standard of living in the area. 2. to obtain range of prices the difference between money or to organise a loan The company the highest and lowest price for a share or is trying to raise the capital to fund its bond over a period of time expansion programme. The government raises more money by indirect taxation than rank /r ŋk/ noun a position in a company rank by direct. or an organisation, especially one which shows how important someone is relative to ‘…the company said yesterday that its others All managers are of equal rank. recent share issue has been oversub- Promotion means moving up from a lower scribed, raising A$225.5m’ [Financial rank. í verb 1. to classify in order of impor- Times] tance Candidates are ranked in order of ‘…investment trusts can raise capital, but their test results. 2. to be in a position The this has to be done as a company does, by non-voting shares rank equally with the vot- a rights issue of equity’ [Investors Chron- ing shares. Deferred ordinary shares do icle] not rank for dividend. ‘…over the past few weeks, companies rate /reit/ noun 1. the money charged for rate raising new loans from international banks time worked or work completed 2. an have been forced to pay more’ [Financial amount of money paid, e.g. as interest or Times] dividend, shown as a percentage 3. the value rally rally / r li/ noun a rise in price when the of one currency against another What is trend has been downwards Shares staged today’s rate or the current rate for the dol- a rally on the Stock Exchange. After a lar? 4. an amount, number or speed com- brief rally shares fell back to a new low. í pared with something else the rate of verb to rise in price, when the trend has been increase in redundancies The rate of downwards Shares rallied on the news of absenteeism or The absenteeism rate always the latest government figures. increases in fine weather. ‘…when Japan rallied, it had no difficulty rateable value / reitəb(ə)l v lju / noun rateable value in surpassing its previous all-time high, the value of a property as a basis for calcu- and this really stretched the price-earnings lating local taxes ratios into the stratosphere’ [Money rate of exchange / reit əv iks tʃeind / rate of exchange Observer] | noun same as exchange rate The current ‘…bad news for the US economy ulti- rate of exchange is $1.60 to the pound. mately may have been the cause of a late rate of interest / reit əv intrəst/ noun rate of interest rally in stock prices yesterday’ [Wall same as interest rate Street Journal]
Accounting.fm Page 185 Tuesday, February 13, 2007 1:40 PM 185 real return after tax real earnings / riəl niŋz/ plural noun rate of return / reit əv ri t n/ noun the rate of return real earnings | income which is available for spending after amount of interest or dividend which comes tax and other contributions have been from an investment, shown as a percentage deducted, corrected for inflation. Also of the money invested called real income, real wages rate of sales / reit əv seilz/ noun the rate of sales real estate / riəl i steit/ noun property in real estate speed at which units are sold | the form of land or buildings rates /reits/ plural noun local UK taxes rates ‘…on top of the cost of real estate, the formerly levied on property in the UK and investment in inventory and equipment to now replaced by the council tax open a typical warehouse comes to around rating / reitiŋ/ noun 1. the act of giving rating $5 million’ [Duns Business Month] something a value, or the value given 2. the real estate agent / riəl i steit eid ənt/, real estate agent valuing of property for local taxes | real estate broker noun US a person who rating agency / reitiŋ eid ənsi/ noun rating agency sells property for customers an organisation which gives a rating to com- real estate investment trust / riəl i real estate investment trust | panies or other organisations issuing bonds steit in vestmənt tr st/ noun a public | rating officer / reitiŋ ɒfisə/ noun an rating officer trust company which invests only in prop- official in a local authority who decides the erty. Abbreviation REIT rateable value of a commercial property real exchange rate / riəl iks tʃeind real exchange rate | ratio / reiʃiəυ/ noun a proportion or quan- ratio reit/ noun an exchange rate that has been tity of something compared to something adjusted for inflation else the ratio of successes to failures real income / riəl ink m/ noun same as real income Our product outsells theirs by a ratio of two real earnings to one. With less manual work available, real interest rate / riəl intrəst reit/ real interest rate the ratio of employees to managers is noun an interest rate after taking inflation decreasing. into account ratio analysis / reiʃiəυ ə n ləsis/ noun ratio analysis real investment / riəl in vestmənt/ real investment | | a method of analysing the performance of a noun the purchase of assets such as land, company by showing the figures in its property, and plant and machinery as accounts as ratios and comparing them with opposed to the acquisition of securities those of other companies realisation / riəlai zeiʃ(ə)n/, realization realisation | raw materials / rɔ mə tiəriəlz/ plural raw materials noun the act of making real the realisa- | noun basic materials which have to be tion of a project putting a project into treated or processed in some way before action The plan moved a stage nearer they can be used, e.g. wood, iron ore or realisation when the contracts were signed. crude petroleum realisation concept / riəlai zeiʃ(ə)n realisation concept | kɒnsept/ noun the principle that increases R/D abbreviation refer to drawer R/D in value should only be recognised when the RDPR abbreviation refer to drawer please RDPR assets in question are realised by being sold represent to an independent purchaser readjust / ri ə d st/ verb to adjust some- readjust | realise / riəlaiz/, realize verb 1. to make realise thing again or in a new way, or to change in something become real to realise a response to new conditions to readjust project or a plan to put a project or a plan prices to take account of the rise in the costs into action 2. to sell for money The com- of raw materials to readjust salary scales pany was running out of cash, so the board Share prices readjusted quickly to the decided to realise some property or assets. news of the devaluation. The sale realised £100,000. realised gain readjustment / ri ə d stmənt/ noun an readjustment or loss a gain or loss made when assets are | act of readjusting a readjustment in pric- sold ing After the devaluation there was a realised profit / riəlaizd prɒfit/ noun realised profit period of readjustment in the exchange an actual profit made when something is rates. sold, as opposed to paper profit ready cash / redi k ʃ/ noun money ready cash real rate of return / riəl reit əv ri t n/ real rate of return | which is immediately available for payment noun an actual rate of return, calculated after ready money / redi m ni/ noun cash or ready money taking inflation into account money which is immediately available real return after tax / riəl ri t n ɑ ftə real return after tax | real asset / riəl set/ noun a non-mova- real asset t ks/ noun the return calculated after ble asset such as land or a building deducting tax and inflation
Accounting.fm Page 186 Tuesday, February 13, 2007 1:40 PM realty 186 realty / riəlti/ noun property or real estate receipts and payments basis /ri si ts realty receipts and payments basis | ən peimənts beisis/ noun an accounting real value / riəl v lju / noun a value of real value method in which receipts and payments are an investment which is kept the same, e.g. by accounted for when the money is actually index-linking received or paid out, not necessarily when real wages / riəl weid iz/ plural noun real wages they are entered in the books. Also called same as real earnings cash basis reassess / ri ə ses/ verb to assess again reassess | receivable /ri si vəb(ə)l/ adjective able to receivable The manager was asked to reassess the | be received department staff, after the assessments were receivables /ri si vəb(ə)lz/ plural noun receivables badly done by the supervisors. | money which is owed to a company reassessment / ri ə sesmənt/ noun a reassessment | receive /ri si v/ verb to get something receive new assessment | which is given or delivered to you We rebate / ri beit/ noun 1. a reduction in the rebate received the payment ten days ago. The amount of money to be paid We are offer- employees have not received any salary for ing a 10% rebate on selected goods. 2. six months. money returned to someone because they receiver /ri si və/ noun same as official receiver have paid too much She got a tax rebate at | receiver the end of the year. Receiver of Revenue /ri si və əv Receiver of Revenue recapitalisation /ri k pit(ə)lai recapitalisation | | | revənju / noun an informal term for the zeiʃ(ə)n/ noun a change in the capital South African Revenue Service as a whole structure of a company as when new shares receiving /ri si viŋ/ noun an act of getting receiving are issued, especially when undertaken to | something which has been delivered avoid the company going into liquidation receiving clerk /ri si viŋ klɑ k/ noun an receiving clerk receipt /ri si t/ noun 1. a piece of paper receipt | | official who works in a receiving office showing that money has been paid or that something has been received He kept the receiving department /ri si viŋ di receiving department | | customs receipt to show that he had paid pɑ tmənt/ noun a section of a company duty on the goods. She lost her taxi which deals with incoming goods or pay- receipt. Keep the receipt for items pur- ments chased in case you need to change them receiving office /ri si viŋ ɒfis/ noun an receiving office | later. 2. the act of receiving something office where goods or payments are received Goods will be supplied within thirty days of receiving order /ri si viŋ ɔ də/ noun an receiving order | receipt of order. Invoices are payable order from a court appointing an official within thirty days of receipt. On receipt of receiver to a company the notification, the company lodged an recession /ri seʃ(ə)n/ noun a period recession appeal. í verb to stamp or to sign a docu- | where there is a decline in trade or in the ment to show that it has been received, or to economy The recession has reduced prof- stamp an invoice to show that it has been its in many companies. Several firms have paid Receipted invoices are filed in the closed factories because of the recession. ring binder. reciprocal /ri siprək(ə)l/ adjective done reciprocal receipts /ri si ts/ plural noun money taken receipts | | by one person, company, or country to in sales to itemise receipts and expendi- another one, which does the same thing in ture Receipts are down against the same return We signed a reciprocal agreement period of last year. or a reciprocal contract with a Russian com- ‘…the public sector borrowing require- pany. ment is kept low by treating the receipts reciprocal allocation method /ri reciprocal allocation method from selling public assets as a reduction in | siprək(ə)l lə keiʃ(ə)n meθəd/ noun a borrowing’ [Economist] | method by which service department costs ‘…gross wool receipts for the selling sea- are allocated to production departments son to end June appear likely to top $2 bil- reciprocal holdings /ri siprək(ə)l reciprocal holdings lion’ [Australian Financial Review] | həυldiŋz/ plural noun a situation in which receipts and payments account /ri receipts and payments account | two companies own shares in each other to si ts ən peimənts ə kaυnt/ noun a report | prevent takeover bids of cash transactions during a period. It is reciprocal trade /ri siprək(ə)l treid/ reciprocal trade used in place of an income and expenditure | noun trade between two countries account when it is not considered appropri- reciprocate /ri siprəkeit/ verb to do the ate to distinguish between capital and reve- reciprocate | nue transactions or to include accruals. same thing for someone as that person has
Accounting.fm Page 187 Tuesday, February 13, 2007 1:40 PM 187 recycle record date / rekɔ d deit/ noun same as done for you They offered us an exclusive record date agency for their cars and we reciprocated date of record with an offer of the agency for our buses. recording /ri kɔ diŋ/ noun the act of recording | reckon / rekən/ verb to calculate some- reckon making a note of something the recording thing to reckon the costs at £25,000 We of an order or of a complaint reckon the loss to be over £1m. They records / rekɔ dz/ plural noun documents records reckon the insurance costs to be too high. which give information The names of cus- recognise / rekə naiz/ verb to record an recognise tomers are kept in the company’s records. We find from our records that our invoice item in an account or other financial state- number 1234 has not been paid. ment statement of total recognised gains and losses financial statement showing recoup /ri ku p/ verb to recoup your recoup | changes in shareholders’ equity during an losses to get back money which you thought accounting period (see FRS 3) you had lost recognised professional body recognised professional body recourse /ri kɔ s/ noun a right of a lender recourse | / rekə naizd prə feʃ(ə)nəl bɒdi/ noun a to compel a borrower to repay money bor- | professional body which is in charge of the rowed regulation of the conduct of its members and recover /ri k və/ verb 1. to get back recover | is recognised by the FSA. Abbreviation something which has been lost to recover RPB damages from the driver of the car to start recognised qualification recognised qualification a court action to recover property He / rekə naizd kwɒlifi keiʃ(ə)n/ noun a never recovered his money. The initial | qualification that employers and profes- investment was never recovered. 2. to get sional bodies accept as worthwhile and valid better, to rise The market has not recov- ered from the rise in oil prices. The stock reconcile / rekənsail/ verb to make two reconcile market fell in the morning, but recovered financial accounts or statements agree She during the afternoon. is trying to reconcile one account with recoverable amount /ri k v(ə)rəb(ə)l another or to reconcile the two accounts. recoverable amount | ə maυnt/ noun the value of an asset, either reconciliation / rekənsili eiʃ(ə)n/, rec- reconciliation | | the price it would fetch if sold, or its value to oncilement / rekənsailmənt/ noun the act the company when used, whichever is the of making two accounts or statements agree larger figure reconciliation statement / rekənsili reconciliation statement | recovery /ri k v(ə)ri/ noun 1. the act of recovery eiʃ(ə)n steitmənt/ noun a statement | getting back something which has been lost which explains how two accounts can be to start an action for recovery of property made to agree We are aiming for the complete recovery reconstruction / ri kən str kʃən/ noun reconstruction of the money invested. 2. a movement | 1. the process of building again The eco- upwards of shares or of the economy signs nomic reconstruction of an area after a dis- of recovery after a slump The economy aster. 2. new way of organising staged a recovery. record / rekɔ d/ noun 1. a report of some- record rectification / rektifi keiʃ(ə)n/ noun rectification | thing which has happened The chairman correction signed the minutes as a true record of the rectify / rektifai/ verb to correct some- rectify last meeting. She has a very poor time- thing, to make something right to rectify keeping record. for the record or to keep an entry (NOTE: rectifies – rectifying – rec- the record straight in order that everyone tified) knows what the real facts of the matter are recurrent /ri k rənt/ adjective happening recurrent For the record, I should like to say that these | again and again a recurrent item of sales figures have not yet been checked by expenditure There is a recurrent problem the sales department. 2. a description of in supplying this part. what has happened in the past the sales- recurring payments person’s record of service or service record /ri k riŋ recurring payments | the company’s record in industrial rela- peimənts/ plural noun payments, such as tions 3. a success which is better than any- mortgage interest or payments on a hire pur- thing before Last year was a record year chase agreement, which are made each for the company. Our top sales rep has set month a new record for sales per call. recycle /ri saik(ə)l/ verb to take waste recycle | record book / rekɔ d bυk/ noun a book record book material and process it so that it can be used in which minutes of meetings are kept again
Accounting.fm Page 188 Tuesday, February 13, 2007 1:40 PM red 188 red /red/ noun the colour of debit or over- government to reduce taxes not to increase red drawn balances in some bank statements them. The company reduced output in the red showing a debit or loss My because of a fall in demand. The govern- bank account is in the red. The company ment’s policy is to reduce inflation to 5%. went into the red in 1998. The company is reduced /ri dju st/ adjective lower reduced | out of the red for the first time since 1990. Reduced prices have increased unit sales. Red Book / red bυk/ noun a document Red Book Prices have fallen due to a reduced demand published on Budget Day, with the text of for the goods. the Chancellor of the Exchequer’s financial reducing balance method /ri dju siŋ reducing balance method | statement and budget b ləns meθəd/ noun a method of depreci- redeem /ri di m/ verb to pay off a loan or redeem ating assets, where the asset is depreciated at | a debt to redeem a mortgage to redeem a constant percentage of its cost each year. a debt Also called declining balance method redeemable /ri di məb(ə)l/ adjective redeemable redundancy /ri d ndənsi/ noun the dis- redundancy | | referring to a bond which can be sold for missal of a person whose job no longer cash needs to be done redeemable government stock /ri redeemable government stock redundancy payment /ri d ndənsi redundancy payment | di məb(ə)l v(ə)nmənt stɒk/ noun | peimənt/ noun a payment made to an stock which can be redeemed for cash at employee to compensate for losing his or some time in the future. In the UK, only the her job War Loan is irredeemable. redundancy rebate /ri d ndənsi redundancy rebate redeemable preference share /ri redeemable preference share | | ri beit/ noun a payment made to a com- di məb(ə)l pref(ə)rəns ʃeə/ noun a pref- pany to compensate for redundancy pay- erence share which must be bought back by ments made the company at an agreed date and for an redundant /ri d ndənt/ adjective more redundant agreed price | than is needed, useless a redundant clause redeemable security /ri di məb(ə)l si redeemable security | | in a contract The new legislation has kjυəriti/ noun a security which can be made clause 6 redundant. Retraining can redeemed at its face value at a specific date help employees whose old skills have in the future become redundant. redemption /ri dempʃən/ noun the redemption | redundant staff /ri d ndənt stɑ f/ redundant staff repayment of a loan | noun staff who have lost their jobs because redemption date /ri dempʃən deit/ redemption date | they are not needed any more noun a date on which a loan or debt is due to re-export / ri ek spɔ t/ verb to export re-export be repaid | something which has been imported redemption value /ri dempʃən v lju / redemption value | noun the value of a security when redeemed re-exportation / ri ekspɔ teiʃ(ə)n/ re-exportation | redemption yield /ri dempʃən ji ld/ noun the exporting of goods which have redemption yield | been imported noun a yield on a security including interest and its redemption value refer /ri f / verb refer ‘refer to drawer’ | redistribute / ri di stribju t/ verb to redistribute words written on a cheque which a bank | move items, work or money to different refuses to pay and returns it to the person areas or people The government aims to who wrote it. Abbreviation R/D redistribute wealth by taxing the rich and reference / ref(ə)rəns/ noun 1. the proc- reference giving grants to the poor. The orders have ess of mentioning or dealing with something been redistributed among the company’s with reference to your letter of May 25th factories. 2. a series of numbers or letters which make redistributed cost / ri di stribjυtid redistributed cost it possible to find a document which has | kɒst/ noun a cost that has been reassigned to been filed our reference: PC/MS 1234 a different department within an organisa- Thank you for your letter (reference 1234). tion 3. a written report on someone’s character or redistribution of wealth redistribution of wealth ability to write someone a reference or to / ri distribju ʃən əv welθ/ noun the proc- give someone a reference to ask appli- ess of sharing wealth among the whole pop- cants to supply references to ask a com- ulation pany for trade references or for bank ref- reduce /ri dju s/ verb to make something erences to ask for reports from traders or a reduce | smaller or lower They have reduced prices bank on the company’s financial status and in all departments. We were expecting the reputation
Accounting.fm Page 189 Tuesday, February 13, 2007 1:40 PM 189 regulate referral /ri f rəl/ noun an action of refer- manufacturers. It is an intangible asset. referral | You can’t call your beds ‘Softn’kumfi’ – it is ring or recommending someone to someone a registered trademark. refer to drawer please represent /ri refer to drawer please represent | register of companies / red istər əv f tə drɔ ə pli z ri pri zent/ noun in the register of companies | k mp(ə)niz/ noun in the United Kingdom, United Kingdom, written on a cheque by the the list of companies maintained at Compa- paying banker to indicate that there are cur- nies House rently insufficient funds to meet the pay- ment, but that the bank believes sufficient register of directors / red istər əv dai register of directors | funds will be available shortly. ‘refer to rektəz/ noun an official list of the directors drawer’. Abbreviation RDPR of a company which has to be sent to the Registrar of Companies refinance / ri fain ns/ verb to replace refinance | one source of finance with another registrant / red istrənt/ noun US com- registrant pany applying to register with the Securities refund noun / ri f nd/ money paid back refund and Exchange Commission The shoes don’t fit – I’m going to ask for a registrar / red i strɑ / noun a person who refund. She got a refund after complaining registrar | to the manager. í verb /ri f nd/ 1. to pay keeps official records | back money to refund the cost of postage Registrar of Companies / red istrɑ Registrar of Companies All money will be refunded if the goods are əv k mp(ə)niz/ noun a government offi- not satisfactory. 2. to borrow money to cial whose duty is to ensure that companies repay a previous debt are properly registered, and that, when reg- refundable /ri f ndəb(ə)l/ adjective pos- refundable istered, they file accounts and other informa- | sible to pay back We ask for a refundable tion correctly deposit of £20. registration / red i streiʃ(ə)n/ noun the registration | register / red istə/ noun an official list register act of having something noted on an official to enter something in a register to keep a list the registration of a trademark or of a register up to date people on the register share transaction of electors í verb 1. to write something in registration fee / red i streiʃ(ə)n fi / registration fee | an official list to register a fall in the num- noun 1. money paid to have something reg- bers of unemployed teenagers To register istered 2. money paid to attend a conference a company you must pay a fee to Companies registration statement / red i registration statement | House. When a property is sold, the sale is streiʃ(ə)n steitmənt/ noun US a docu- registered at the Land Registry. 2. to send a ment which gives information about a com- letter by registered post I registered the pany when it is registered and listed on a letter, because it contained some money. stock exchange (NOTE: The UK term is list- registered / red istəd/ adjective having registered ing particulars.) been noted on an official list a registered regression analysis /ri reʃ(ə)n ə regression analysis | | share transaction n ləsis/, regression model /ri reʃ(ə)n | registered cheque / red istəd tʃek/ registered cheque mɒd(ə)l/ noun 1. a method of discovering noun a cheque written on a bank account on the ratio of one dependent variable and one behalf of a client who does not have a bank or more independent variables, so as to give account a value to the dependent variable 2. a fore- casting technique that identifies trends by registered company / red istəd registered company establishing the relationship between quan- k mp(ə)ni/ noun a company which has tifiable variables been officially set up and registered with the Registrar of Companies regressive tax /ri resiv t k/ noun a regressive tax | tax with a rate that decreases as income, or registered office / red istəd ɒfis/ registered office the value of the taxed item, rises noun the office address of a company which regressive taxation /ri resiv t k is officially registered with the Companies’ regressive taxation | | Registrar seiʃ(ə)n/ noun a system of taxation in which tax gets progressively less as income registered security / red istəd si registered security | rises. Compare progressive taxation kjυəriti/ noun a security such as a share in regular income / re jυlər ink m/ noun a quoted company which is registered with regular income Companies House and whose holder is an income which comes in every week or listed in the company’s share register month She works freelance so she does not have a regular income. registered trademark / red istəd registered trademark regulate / re jυleit/ verb 1. to adjust treidmɑ k/ noun a name, design or symbol regulate which has been registered by the manufac- something so that it works well or is correct turer and which cannot be used by other 2. to change or maintain something by law
Accounting.fm Page 190 Tuesday, February 13, 2007 1:40 PM regulation 190 regulated consumer credit agree- reimbursement / ri im b smənt/ noun regulation reimbursement | ment / re jυleitid kən sju mə kredit ə the act of paying back money reimburse- | | ri mənt/ noun a credit agreement as ment of expenses defined by the Consumer Credit Act reinvest / ri in vest/ verb to invest money reinvest | regulation / re jυ leiʃ(ə)n/ noun 1. a law regulation again She sold her shares and reinvested | or rule the new government regulations on the money in government stocks. housing standards Regulations concern- reinvestment / ri in vestmənt/ noun 1. reinvestment | ing imports and exports are set out in this the act of investing money again in the same leaflet. 2. the use of laws or rules stipulated securities 2. the act of investing a company’s by a government or regulatory body, such as earnings in its own business by using them the FSA, to provide orderly procedures and to create new products for sale to protect consumers and investors gov- ‘…many large US corporations offer ernment regulation of trading practices shareholders the option of reinvesting their ‘EC regulations which came into effect in cash dividend payments in additional com- July insist that customers can buy cars pany stock at a discount to the market anywhere in the EC at the local pre-tax price. But to some big securities firms price’ [Financial Times] these discount reinvestment programs are ‘…a unit trust is established under the reg- an opportunity to turn a quick profit’ [Wall ulations of the Department of Trade, with Street Journal] a trustee, a management company and a REIT abbreviation US real estate invest- REIT stock of units’ [Investors Chronicle] ment trust ‘…fear of audit regulation, as much as reject /ri d ekt/ verb to refuse to accept reject financial pressures, is a major factor | something, or to say that something is not behind the increasing number of small satisfactory The board rejected the draft accountancy firms deciding to sell their budget. practices or merge with another firm’ [Accountancy] related company /ri leitid k mp(ə)ni/ related company | Regulation S-X / re jυleiʃ(ə)n es eks/ Regulation S-X noun a company in which another company noun the rule of the US Securities and makes a long-term capital investment in Exchange Commission which regulates order to gain control or influence annual reports from companies related party /ri leitid pɑ ti/ noun any related party | regulator / re jυleitə/ noun a person regulator person or company which controls or partic- whose job it is to see that regulations are fol- ipates in the policy decisions of an account- lowed ing entity ‘…the regulators have sought to protect relative error / relətiv erə/ noun the dif- relative error investors and other market participants ference between an estimate and its correct from the impact of a firm collapsing’ value [Banking Technology] release /ri li s/ noun the act of setting release regulatory body / re jυlət(ə)ri bɒdi/ regulatory body | someone free or of making something or noun an independent organisation, usually someone no longer subject to an obligation established by a government, that makes or restriction release from a contract the rules and sets standards for an industry and release of goods from customs She was oversees the activities of companies within offered early release so that she could take it up her new job. ‘Management of PharmaPlus is facing ‘…pressure to ease monetary policy opposition from the regulatory body of mounted yesterday with the release of a set pharmacists, which has authority over a of pessimistic economic statistics’ [Finan- pharmacy’s operations and the stakehold- cial Times] ers in the current industry structure.’ ‘…the national accounts for the March [Harvard Business Review] quarter released by the Australian Bureau regulatory powers / re jυlət(ə)ri regulatory powers of Statistics showed a real increase in paυəz/ noun powers to enforce government GDP’ [Australian Financial Review] regulations relevant benefits / reləv(ə)nt benifits/ relevant benefits reimburse / ri im b s/ verb to reim- reimburse | plural noun benefits such as pension, burse someone their expenses to pay endowment insurance, etc. provided by a someone back for money which they have pension scheme spent You will be reimbursed for your relevant range / reləv(ə)nt reind / relevant range expenses or Your expenses will be reim- bursed. noun the levels of business activity within
Accounting.fm Page 191 Tuesday, February 13, 2007 1:40 PM 191 reorder which assumptions about cost behaviour Her contract was renewed for a further three remain valid years. renewal /ri nju əl/ noun the act of renew- relocation / ri ləυ keiʃ(ə)n/ noun the act renewal relocation | | ing renewal of a lease or of a subscription of moving to a different place We will pay or of a bill Her contract is up for renewal all the staff relocation costs. When is the renewal date of the bill? relocation package / ri ləυ keiʃ(ə)n relocation package | renewal notice /ri nju əl nəυtis/ noun renewal notice p kid / noun payments made by an | a note sent by an insurance company asking employer to an employee when the the insured person to renew the insurance employee is asked to move to a new area in order to work. Payments up to a minimum renewal premium /ri nju əl pri miəm/ renewal premium | level are exempt from tax. noun a premium to be paid to renew an insurance reminder /ri maində/ noun a letter to reminder | rent /rent/ noun money paid to use an remind a customer that he or she has not rent paid an invoice to send someone a office, house or factory for a period of time í verb 1. to pay money to hire an office, reminder house, factory or piece of equipment for a remission of taxes /ri miʃ(ə)n əv remission of taxes | period of time to rent an office or a car t ksiz/ noun a refund of taxes which have He rents an office in the centre of town. been overpaid They were driving a rented car when they remit /ri mit/ verb to send money remit to | were stopped by the police. 2. US same as remit by cheque (NOTE: remitting – remit- let rent a room a scheme by which a tax- ted) payer can let a room in his or her house and remittance /ri mit(ə)ns/ noun money remittance be exempt from tax on the rental income | which is sent to pay back a debt or to pay an below a certain level invoice Please send remittances to the rental / rent(ə)l/ noun money paid to use rental treasurer. The family lives on a weekly an office, house, factory, car, piece of equip- remittance from their father in the United ment, etc., for a period of time The car States. rental bill comes to over £1000 a quarter. remittance advice /ri mit(ə)ns əd remittance advice | | ‘…top quality office furniture: short or vais/, remittance slip /ri mit(ə)ns slip/ long-term rental 50% cheaper than any | noun an advice note sent with payment, other rental company’ [Australian Finan- showing why it is being made, i.e. quoting cial Review] the invoice number or a reference number ‘…until the vast acres of empty office remitting bank /ri mitiŋ b ŋk/ verb a remitting bank space start to fill up with rent-paying ten- | bank into which a person has deposited a ants, rentals will continue to fall and so cheque, and which has the duty to collect the will values. Despite the very sluggish eco- money from the account of the writer of the nomic recovery under way, it is still diffi- cheque cult to see where the new tenants will come from’ [Australian Financial Review] remortgage /ri mɔ id / verb to mort- remortgage | rental value / rent(ə)l v lju / noun a rental value gage a property which is already mortgaged The bank offered him better terms than the full value of the rent for a property if it were building society, so he decided to remort- charged at the current market rate, i.e. calcu- gage the house. lated between rent reviews rent control / rent kən trəυl/ noun gov- remunerate /ri mju nəreit/ verb to pay rent control remunerate | | ernment regulation of rents someone for doing something The com- pany refused to remunerate them for their rent review / rent ri vju / noun an rent review | services. increase in rents which is carried out during the term of a lease. Most leases allow for remuneration /ri mju nə reiʃ(ə)n/ noun remuneration | | rents to be reviewed every three or five payment for services The job is interesting years. but the remuneration is low. She receives a small remuneration of £400 a month. rent tribunal / rent trai bju n(ə)l/ noun rent tribunal | a court which can decide if a rent is too high renegotiate / ri ni əυʃieit/ verb to renegotiate | or low negotiate something again The company renunciation /ri n nsi eiʃ(ə)n/ noun an was forced to renegotiate the terms of the renunciation | | loan. act of giving up ownership of shares renew /ri nju / verb to continue something reorder /ri ɔ də/ noun a further order for renew reorder | | for a further period of time We have asked something which has been ordered before the bank to renew the bill of exchange. The product has only been on the market ten
Accounting.fm Page 192 Tuesday, February 13, 2007 1:40 PM reorder level 192 days and we are already getting reorders. í report /ri pɔ t/ noun a statement describ- report | verb to place a new order for something ing what has happened or describing a state We must reorder these items because stock is of affairs to make a report or to present a getting low. report or to send in a report on market opportunities in the Far East The account- reorder level /ri ɔ də lev(ə)l/ noun a reorder level | ants are drafting a report on salary scales. í minimum amount of an item which a com- verb 1. to make a statement describing pany holds in stock, such that, when stock something The sales force reported an falls to this amount, the item must be reor- increased demand for the product. He dered reported the damage to the insurance com- reorder quantity /ri ɔ də kwɒntəti/ reorder quantity | pany. We asked the bank to report on his noun a quantity of a product which is reor- financial status. 2. to publish the results of a dered, especially the economic order quan- company for a period and declare the divi- tity (EOQ) dend reorganisation /ri ɔ ənai zeiʃ(ə)n/, reorganisation | | ‘…a draft report on changes in the interna- reorganization noun the process of organ- tional monetary system’ [Wall Street Jour- ising a company in a different way, as in the nal] US when a bankrupt company applies to be ‘…responsibilities include the production treated under Chapter 11 to be protected of premium quality business reports’ from its creditors while it is being reorgan- [Times] ised ‘…the research director will manage a repay /ri pei/ verb to pay something back, repay | team of business analysts monitoring and or to pay back money to someone to repay reporting on the latest development in money owed The company had to cut back retail distribution’ [Times] on expenditure in order to repay its debts. ‘…the successful candidate will report to repayable /ri peiəb(ə)l/ adjective possi- repayable the area director for profit responsibility | ble to pay back loan which is repayable for sales of leading brands’ [Times] over ten years report form /ri pɔ t fɔ m/ noun a balance report form repayment /ri peimənt/ noun the act of repayment | sheet laid out in vertical form. It is the oppo- | paying money back or money which is paid site of ‘account’ or ‘horizontal’ form. Also back The loan is due for repayment next called vertical form year. reporting entity /ri pɔ tiŋ entiti/ noun reporting entity repayment mortgage /ri peimənt repayment mortgage | | any organisation, such as a limited company, mɔ id / noun a mortgage where the bor- which reports its accounts to its sharehold- rower pays back both interest and capital ers over the period of the mortgage. This is reporting period /ri pɔ tiŋ piəriəd/ reporting period opposed to an endowment mortgage, where | noun the amount of time covered by a partic- only the interest is repaid, and an insurance ular financial report, be it a whole financial is taken out to repay the capital at the end of year or a shorter amount of time the term of the mortgage. repossess / ri pə zes/ verb to take back repossess replacement cost /ri pleismənt kɒst/ replacement cost | | an item which someone is buying under a noun the cost of an item to replace an exist- hire-purchase agreement, or a property ing asset. Also called cost of replacement which someone is buying under a mortgage, replacement cost accounting /ri replacement cost accounting | because the purchaser cannot continue the pleismənt kɒst ə kaυntiŋ/ noun same as | payments current cost accounting. Compare histor- repossession / ri pə zeʃ(ə)n/ noun an repossession ical cost accounting | act of repossessing Repossessions are replacement cost depreciation /ri replacement cost depreciation | increasing as people find it difficult to meet pleismənt kɒst di pri ʃieiʃ(ə)n/ noun | mortgage repayments. depreciation based on the actual cost of reprice /ri prais/ verb to change the price reprice replacing the asset in the current year | on an item, usually to increase it replacement price /ri pleismənt prais/ replacement price | reproduction cost / ri prə d kʃ(ə)n reproduction cost noun a price at which the replacement for an | kɒst/ noun the cost of duplicating an asset asset would have to be bought exactly, as distinct from replacing it replacement value /ri pleismənt replacement value | repudiation /ri pju di eiʃ(ə)n/ noun a repudiation v lju / noun the value of something for | | refusal to accept something such as a debt insurance purposes if it were to be replaced repurchase /ri p tʃis/ verb to buy The computer is insured at its replacement repurchase | value. something again, especially something
Accounting.fm Page 193 Tuesday, February 13, 2007 1:40 PM 193 resource costs reserve for fluctuations /ri z v fə which you have recently bought and then reserve for fluctuations | sold fl ktʃu eiʃ(ə)nz/ noun money set aside to | allow for changes in the values of currencies require require /ri kwaiə/ verb to ask for or to | reserve fund /ri z v f nd/ noun profits reserve fund demand something to require a full expla- | in a business which have not been paid out nation of expenditure The law requires as dividend but have been ploughed back you to submit all income to the tax authori- into the business ties. reserve price /ri z v prais/ noun the reserve price required rate of return required rate of return /ri kwaiəd reit | | lowest price which a seller will accept, e.g. əv ri t n/ noun the minimum return for a | at an auction or when selling securities proposed project investment to be accepta- through a broker The painting was with- ble. discounted cash flow drawn when it failed to reach its reserve required reserves required reserves /ri kwaiəd ri z vz/ price. | | plural noun reserves which a US bank is reserves /ri z vz/ plural noun money reserves required to hold in cash in its vaults or as | from profits not paid as dividend, but kept deposit with the Federal Reserve. Compare back by a company in case it is needed for a excess reserves special purpose resale resale / ri seil/ noun the selling of goods residence / rezid(ə)ns/ noun 1. a house residence which have been bought to purchase or flat where someone lives He has a something for resale The contract forbids country residence where he spends his week- resale of the goods to the US ends. 2. the fact of living or operating offi- resale price maintenance resale price maintenance / ri seil cially in a country prais meintənəns/ noun a system in residence permit / rezid(ə)ns p mit/ residence permit which the price for an item is fixed by the noun an official document allowing a for- manufacturer, and the retailer is not allowed eigner to live in a country He has applied to sell it at a lower price. Abbreviation RPM for a residence permit. She was granted a reschedule reschedule /ri ʃedju l/ verb 1. to residence permit for one year or a one-year | arrange a new timetable for something residence permit. She missed her plane, and all the meetings resident / rezid(ə)nt/ noun, adjective a resident had to be rescheduled. 2. to arrange new person or company considered to be living credit terms for the repayment of a loan or operating in a country for official or tax Companies which are unable to keep up the purposes The company is resident in interest payments on their loans have asked France. for their loans to be rescheduled. residential property / rezidenʃ(ə)l residential property rescind rescind /ri sind/ verb to annul or to cancel prɒpəti/ noun houses or flats owned or | something to rescind a contract or an occupied by individual residents agreement residual /ri zidjuəl/ adjective remaining residual | research and development research and development /ri s tʃ after everything else has gone | ən di veləpmənt/ noun activities that are residual income /ri zidjuəl ink m/ residual income | | designed to produce new knowledge and noun a performance measure for businesses, ideas and to develop ways in which these calculated as net operating income minus a can be commercially exploited by a business figure equal to minimum return on invest- (NOTE: Research and development activi- ment times operating assets ties are often grouped together to form a residual value /ri zidjuəl v lju / noun residual value | separate division or department within an a value of an asset after it has been depreci- organisation.) ated in the company’s accounts research and development expenditure research and development expend- residue / rezidju / noun money left over residue iture /ri s tʃ ən di veləpmənt ik After paying various bequests the residue | | | spenditʃə/ noun money spent on R & D of his estate was split between his children. resell resell /ri sel/ verb to sell something which resource cost assignment /ri zɔ s resource cost assignment | | has just been bought The car was sold in kɒst ə sainmənt/ noun the process of | June and the buyer resold it to an dealer two assigning costs to business activities months later. (NOTE: reselling – resold) resource costs /ri zɔ s kɒsts/ plural resource costs | reserve currency reserve currency /ri z v k rənsi/ noun the costs of all elements used to carry | noun a strong currency used in international out business activities, including such ele- finance, held by other countries to support ments as workers’ salaries and the cost of their own weaker currencies materials
Accounting.fm Page 194 Tuesday, February 13, 2007 1:40 PM resource driver 194 retail / ri teil/ noun the sale of small quan- resource driver /ri zɔ s draivə/, resource driver retail | driver /ri zɔ s kɒst tities of goods to the general public the resource cost | draivə/ noun a type of cost driver which is goods in stock have a retail value of £1m the value of the goods if sold to the public is used to quantify the resources involved in £1m, before discounts and other factors are creating a product or service taken into account í adverb he buys responsibility accounting /ri spɒnsi responsibility accounting | | wholesale and sells retail he buys goods in biliti ə kaυntiŋ/ noun the keeping of | bulk at a wholesale discount and sells in financial records with an emphasis on who small quantities to the public í verb to sell is responsible for each item for a price these items retail at or for responsibility centre /ri spɒnsi biliti responsibility centre £2.50 the retail price of these items is £2.50 | | sentə/ noun a department of an organisa- retail banking / ri teil b ŋkiŋ/ noun retail banking tion with responsibility for a particular services provided by commercial banks to financial aspect of business, e.g. costs, reve- individuals as opposed to business custom- nues or investment funds ers, e.g. current accounts, deposit and sav- restated balance sheet / ri steitd restated balance sheet ings accounts, as well as credit cards, mort- b ləns ʃi t/ noun a balance sheet with gages and investments. Compare wholesale information presented in a way that serves a banking (NOTE: In the United Kingdom, particular purpose, such as highlighting although this service was traditionally pro- depreciation on assets vided by high street banks, separate organ- restatement /ri steitmənt/ noun a revi- restatement isations are now providing Internet and tel- | sion of an earlier financial statement ephone banking services.) restrict /ri strikt/ verb to limit something restrict retail deposit / ri teil di pɒzit/ noun a retail deposit | | or to impose controls on something to deposit placed by an individual with a bank restrict credit to restrict the flow of trade retailer / ri teilə/ noun a person who runs retailer or to restrict imports a retail business, selling goods direct to the restricted fund /ri striktid f nd/ noun restricted fund public | in a not-for-profit organisation, a fund retailing / ri teiliŋ/ noun the selling of retailing whose assets can only be used for those pur- full-price goods to the public From car poses designated by donors retailing the company branched out into car restrictive /ri striktiv/ adjective not restrictive leasing. | allowing something to go beyond a point retail investor / ri teil in vestə/ noun a retail investor | private investor, as opposed to institutional restrictive covenant /ri striktiv restrictive covenant | investors k vənənt/ noun a clause in a contract which prevents someone from doing some- retail price / ri teil prais/ noun the price retail price thing at which the retailer sells to the final cus- tomer restructure /ri str ktʃə/ verb to reor- restructure | retail price index / ri teil prais ganise the financial basis of a company retail price index indeks/, retail prices index / ri teil restructuring /ri str ktʃəriŋ/ noun the restructuring | praisiz indeks/ noun an index which process of reorganising the financial basis of shows how prices of consumer goods have a company increased or decreased over a period of time. result /ri z lt/ noun 1. a profit or loss result | Abbreviation RPI (NOTE: The US term is account for a company at the end of a trading Consumer Price Index.) period The company’s results for last year retain /ri tein/ verb to keep something or retain were an improvement on those of the previ- | someone measures to retain experienced ous year. 2. something which happens staff Out of the profits, the company has because of something else What was the retained £50,000 as provision against bad result of the price investigation? The com- debts. pany doubled its sales force with the result retained earnings /ri teind niŋz/ retained earnings that the sales rose by 26%. | plural noun an amount of profit after tax ‘…the company has received the backing which a company does not pay out as divi- of a number of oil companies who are will- dend to the shareholders, but which is kept ing to pay for the results of the survey’ to be used for the further development of the [Lloyd’s List] business. Also called retentions ‘…some profit-taking was noted, but retained income /ri teind ink m/, retained income underlying sentiment remained firm in a | retained profit /ri teind prɒfit/ noun steady stream of strong corporate results’ | same as retained earnings [Financial Times]
Accounting.fm Page 195 Tuesday, February 13, 2007 1:40 PM 195 revenue centre retainer /ri teinə/ noun money paid in return to the Companies Registration retainer | Office. Failure to do so before the end of advance to someone so that they will work the period of 28 days after the company’s for you and not for someone else We pay return date could lead to directors and them a retainer of £1,000. other officers in default being fined up to retentions /ri tenʃənz/ plural noun same retentions | £2000’ [Accountancy] as retained earnings return date /ri t n deit/ noun a date by return date retiral /ri taiərəl/ noun same as retire- retiral | | which a company’s annual return has to be ment made to the Registrar of Companies retire /ri taiə/ verb 1. to stop work and take retire | return on assets /ri t n ɒn sets/, return on assets a pension She retired with a £15,000 pen- | return on capital employed /ri t n ɒn sion. The founder of the company retired | k pit(ə)l im plɔid/, return on equity /ri at the age of 85. 2. to make an employee stop | | t n ɒn ekwiti/ noun a profit shown as a work and take a pension They decided to percentage of the capital or money invested retire all staff over 50. in a business. Abbreviation ROA, ROCE, retirement /ri taiəmənt/ noun the act of retirement ROE | retiring from work I am looking forward return on investment /ri t n ɒn in return on investment to my retirement. Older staff are planning | | vestmənt/ noun a ratio of the profit made what they will do in retirement. in a financial year as a percentage of an retirement age /ri taiəmənt eid / noun retirement age investment. Abbreviation ROI | the age at which people retire. In the UK this return on net assets /ri t n ɒn net return on net assets is usually 65 for men and 60 (but soon to | sets/ noun a ratio of the profit made in a become 65) for women. financial year as a percentage of the assets of retirement annuity /ri taiəmənt ə retirement annuity a company | | nju iti/ noun an annuity bought when returns /ri t nz/ plural noun profits or returns someone retires, using part of the sum put | income from investment The company is into a personal pension plan looking for quick returns on its investment. retirement benefits /ri taiəmənt retirement benefits | revaluation /ri v ljυ eiʃən/ noun an act revaluation benifits/ plural noun benefits which are | | of revaluing The balance sheet takes into payable by a pension scheme to a person on account the revaluation of the company’s retirement properties. retirement pension /ri taiəmənt retirement pension | revaluation method /ri v ljυ eiʃən revaluation method penʃən/ noun a state pension given to a | | meθəd/ noun a method of calculating the man who is over 65 or and woman who is depreciation of assets, by which the asset is over 60 depreciated by the difference in its value at retroactive / retrəυ ktiv/ adjective retroactive | the end of the year over its value at the which takes effect from a time in the past beginning of the year They got a pay rise retroactive to last Janu- revaluation reserve /ri v ljυ eiʃən ri revaluation reserve ary. | | | z v/ noun money set aside to account for ‘The salary increases, retroactive from the fact that the value of assets may vary as April of the current year, reflect the mar- a result of accounting in different currencies ginal rise in private sector salaries’ [Nikkei revalue /ri v lju / verb to value some- revalue Weekly] | thing again, usually setting a higher value on retroactively / retrəυ ktivli/ adverb retroactively | it than before The company’s properties going back to a time in the past have been revalued. The dollar has been return /ri t n/ noun 1. a profit or income return | revalued against all world currencies. from money invested We are buying tech- revenue / revənju / noun 1. money revenue nology shares because they bring in a quick received revenue from advertising or return. What is the gross return on this advertising revenue Oil revenues have line? 2. an official statement or form that has risen with the rise in the dollar. 2. money to be sent in to the authorities í verb to received by a government in tax make a statement to return income of revenue accounts / revənju ə kaυnts/ revenue accounts £15,000 to the tax authorities | plural noun accounts of a business which ‘…with interest rates running well above record money received as sales, commis- inflation, investors want something that sion, etc. offers a return for their money’ [Business Week] revenue centre / revənju sentə/ noun revenue centre a department of an organisation with respon- ‘Section 363 of the Companies Act 1985 sibility for maximising revenue requires companies to deliver an annual