Dictionary of 1000 Accounting Terms_part1

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Dictionary of Accounting Fourth edition
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Dictionary of Accounting Fourth edition S.M.H. Collin A & C Black London
www.acblack.com First published in Great Britain in 1992 by Peter Collin Publishing Second edition published 2001 Third edition published 2004 This fourth edition published 2007 A & C Black Publishers Ltd 38 Soho Square, London W1D 3HB © A & C Black Publishers Ltd 2007 All rights reserved. No part of this publication may be reproduced in any form or by any means without the permission of the publishers A CIP record for this book is available from the British Library eISBN-13: 978-1-4081-0228-2 Text Production and Proofreading Heather Bateman, Stephen Curtis, Katy McAdam, Howard Sargeant This book is produced using paper that is made from wood grown in managed, sustainable forests. It is natural, renewable and recyclable. The logging and manufacturing processes conform to the environmental regulations of the country of origin. Text typeset by A & C Black Printed in Spain by GraphyCems
Preface This dictionary provides a basic vocabulary of terms used in accounting, from personal finance and investments to company accounts, balance sheets and stock valuations. It is ideal for students of accounting and for anyone who needs to check the meaning of an accountancy term, from people working in businesses who may not be professional accountants to translators or those for whom English is an additional language. Each headword is explained in clear, straightforward English and examples are given to show how the word may be used in context. There are also quotations from newspapers and specialist magazines. Sample documents and financial statements are also provided. Thanks are due to Hannah Gray and Sarah Williams for their invaluable help and advice during the production of this new edition.
Pronunciation The following symbols have been used to show the pronunciation of the main words in the dictionary. Stress has been indicated by a main stress mark ( ) and a secondary stress mark ( ). Note that these are only guides, as the stress of the word changes according to its position in the sentence. Vowels Consonants back b buck ɑ harm d dead ɒ ð other stop ai type d jump aυ how f fare aiə hire gold aυə h hour head ɔ j course yellow ɔi k annoy cab e head l leave eə fair m mix ei n make nil ŋ eυ go sing p word print r i keep rest i s happy save ə ʃ about shop i t fit take iə tʃ near change u θ theft annual u pool v value υ book w work υə tour x loch shut measure z zone
Accounting.fm Page 1 Tuesday, February 13, 2007 1:40 PM A abnormal spoilage / b nɔ m(ə)l AAA abnormal spoilage AAA abbreviation American Accounting | spɔilid / noun spoilage that contributes to Association an abnormal loss AAPA AAPA abbreviation Association of Author- above par /ə b v pɑ / adjective referring above par ised Public Accountants | to a share with a market price higher than its AARF AARF abbreviation Australian Accounting face value Research Foundation above-the-line /ə b v ðə lain/ adjec- above-the-line | AAT AAT abbreviation Association of Account- tive, adverb 1. used to describe entries in a ing Technicians company’s profit and loss accounts that abacus abacus / bəkəs/ noun a counting device appear above the line which separates consisting of parallel rods strung with beads, entries showing the origin of the funds that still widely used for business and accounting have contributed to the profit or loss from in China and Japan those that relate to its distribution. Excep- tional and extraordinary items appear above abandonment abandonment /ə b ndənmənt/ noun an | the line. Exceptional items are noted act of giving up voluntarily something that above the line in company accounts. you own, such as an option or the right to a below-the-line 2. relating to revenue items property abandonment of a claim giving in a government budget up a claim in a civil action abridged accounts /ə brid d ə kaυnts/ abridged accounts abatement abatement /ə beitmənt/ noun a reduc- | | | plural noun financial statements produced tion in a payment, e.g., if a company’s or by a company that fall outside the require- individual’s total assets are insufficient to ments stipulated in the Companies Act cover their debts or legacies absorb /əb zɔ b/ verb 1. to take in a small absorb | ABB ABB abbreviation activity-based budgeting item so that it forms part of a larger one a abbreviated accounts abbreviated accounts /ə bri vieitid ə business which has been absorbed by a | | kaυnts/ plural noun a shortened version of competitor a small business which has been a company’s annual accounts that a small or made part of a larger one 2. to assign an medium sized company can file with the overhead to a particular cost centre in a com- Registrar of Companies, instead of a full pany’s production accounts so that its iden- version tity becomes lost. absorption costing absorbed overhead /əb zɔ bd ABC absorbed overhead ABC abbreviation activity-based costing | əυvəhed/ noun an overhead attached to ab initio ab initio / b i niʃiəυ/ phrase a Latin | products or services by means of overhead phrase meaning ‘from the beginning’ absorption rates ABM ABM abbreviation activity-based manage- absorption /əb zɔ pʃən/ noun the proc- absorption | ment ess of making a smaller business part of a abnormal gain abnormal gain / b nɔ m(ə)l ein/ larger one, so that the smaller company in | noun any reduction in the volume of process effect no longer exists loss below that set by the normal loss allow- absorption costing /əb zɔ pʃən absorption costing | ance. Abnormal gains are generally costed kɒstiŋ/ noun 1. a form of costing for a as though they were completed products. product that includes both the direct costs of abnormal loss abnormal loss / b nɔ m(ə)l lɒs/ noun production and the indirect overhead costs | any losses which exceed the normal loss as well 2. an accounting practice in which allowance. Abnormal losses are generally fixed and variable costs of production are costed as though they were completed prod- absorbed by different cost centres. Provid- ucts. ing all the products or services can be sold at
Accounting.fm Page 2 Tuesday, February 13, 2007 1:40 PM absorption rate 2 a price that covers the allocated costs, this acceptance sampling acceptance sampling /ək septəns | method ensures that both fixed and variable sɑ mpliŋ/ noun the process of testing a costs are recovered in full. marginal cost- small sample of a batch to see if the whole ing batch is good enough to be accepted absorption rate /əb zɔ pʃən reit/ noun absorption rate accepting house accepting house /ək septiŋ haυs/, | | a rate at which overhead costs are absorbed acceptance house /ək septəns haυs/ | into each unit of production noun a firm, usually a merchant bank, which abstract / bstr kt/ noun a short form of abstract accepts bills of exchange at a discount, in a report or document to make an abstract return for immediate payment to the issuer, of the company accounts in this case the Bank of England abusive tax shelter /ə bju siv t ks abusive tax shelter Accepting Houses Committee Accepting Houses Committee /ək | | ʃeltə/ noun a tax shelter used illegally in septiŋ haυziz kə miti/ noun the main| order to avoid or reduce tax payments London merchant banks, which organise the lending of money with the Bank of England. Academy of Accounting Historians Academy of Accounting Historians They receive slightly better discount rates /ə k dəmi əv ə kaυntiŋ hi stɔ riənz/ | | | from the Bank. noun a US organisation, founded in 1973, that promotes the study of the history of acceptor acceptor /ək septə/ noun a person who | accounting accepts a bill of exchange by signing it, thus ACAUS abbreviation Association of Char- ACAUS making a commitment to pay it by a speci- tered Accountants in the United States fied date ACCA abbreviation Association of Char- ACCA accident insurance accident insurance / ksid(ə)nt in | tered Certified Accountants ʃυərəns/ noun insurance which will pay accelerate /ək seləreit/ verb to reduce the insured person when an accident takes accelerate | place the amount of time before a maturity date accelerated cost recovery system accelerated cost recovery system accommodation accommodation /ə kɒmə deiʃ(ə)n/ | | / k selrəreitid kɒst ri k vəri sistəm/ noun money lent for a short time | | noun a system used in the United States for accommodation bill accommodation bill /ə kɒmə deiʃ(ə)n | | calculating depreciation in a way that bil/ noun a bill of exchange where the per- reduces tax liability son signing (the ‘drawee’) is helping another accelerated depreciation /ək accelerated depreciation company (the ‘drawer’) to raise a loan | seləreitid dipri ʃi eiʃ(ə)n/ noun a system account account /ə kaυnt/ noun 1. a record of | of depreciation which reduces the value of | financial transactions over a period of time, assets at a high rate in the early years to such as money paid, received, borrowed or encourage companies, as a result of tax owed Please send me your account or a advantages, to invest in new equipment detailed or an itemised account. 2. a struc- acceleration /ək selə reiʃ(ə)n/ noun the acceleration tured record of financial transactions that | | speeding up of debt repayment may be maintained as a list or in a more for- acceleration clause /ək selə reiʃ(ə)n acceleration clause mal structured credit and debit basis 3. (in a | | klɔ z/ noun US a clause in a contract that shop) an arrangement in which a customer provides for immediate payment of the total acquires goods and pays for them at a later balance if there is a breach of contract date, usually the end of the month to have an account or a credit account with Harrods acceptance /ək septəns/ noun 1. the act acceptance | Put it on my account or charge it to my of signing a bill of exchange to show that account. They are one of our largest you agree to pay it to present a bill for accounts. 4. a period during which shares acceptance to present a bill for payment by are traded for credit, and at the end of which the person who has accepted it 2. a bill the shares bought must be paid for (NOTE: which has been accepted 3. the act of accept- On the London Stock Exchange, there are ing an offer of new shares for which you twenty-four accounts during the year, each have applied running usually for ten working days.) 5. a acceptance credit /ək septəns kredit/ acceptance credit | customer who does a large amount of busi- noun an arrangement of credit from a bank, ness with a firm and has an account with it where the bank accepts bills of exchange Smith Brothers is one of our largest drawn on the bank by the debtor: the bank accounts. Our sales people call on their then discounts the bills and is responsible best accounts twice a month. for paying them when they mature. The accountability accountability /ə kaυntə biliti/ noun debtor owes the bank for the bills but these | | are covered by letters of credit. the fact of being responsible to someone for
Accounting.fm Page 3 Tuesday, February 13, 2007 1:40 PM 3 accounting concept something, e.g. the accountability of direc- account code account code /ə kaυnt kəυd/ noun a | tors to the shareholders number assigned to a particular account in a numerical accounting system, e.g., a chart of accountable /ə kaυntəb(ə)l/ adjective accountable | accounts referring to a person who has to explain what has taken place or who is responsible account end account end /ə kaυnt end/ noun the end | for something (NOTE: You are accountable of an accounting period to someone for something.) account executive account executive /ə kaυnt i | | account analysis /ə kaυnt ə n ləsis/ account analysis zekjυtiv/ noun 1. an employee who looks | | noun analysis of a company’s accounts with after customers or who is the link between the aim of discerning how its activities affect customers and the company 2. an employee its costs of an organisation such as a bank, public accountancy /ə kaυntənsi/ noun the accountancy relations firm or advertising agency who is | work of an accountant They are studying responsible for looking after particular cli- accountancy or They are accountancy stu- ents and handling their business with the dents. organisation accountancy bodies /ə kaυntənsi accountancy bodies account form account form /ə kaυnt fɔ m/ noun a bal- | | bɒdi z/ plural noun professional institu- ance sheet laid out in horizontal form. It is tions and associations for accountants the opposite of ‘report’ or ‘vertical’ form. accountancy profession /ə kaυntənsi accountancy profession accounting accounting /ə kaυntiŋ/ noun 1. the work | prə feʃ(ə)n/ noun the professional bodies | of recording money paid, received, bor- | that establish entry standards, organise pro- rowed, or owed accounting methods fessional examinations, and draw up ethical accounting procedures an accounting and technical guidelines for accountants machine 2. accountancy, the work of an accountant /ə kaυntənt/ noun 1. a per- accountant accountant as a course of study | son who keeps a company’s accounts or ‘…applicants will be professionally quali- deals with an individual person’s tax affairs fied and have a degree in Commerce or The chief accountant of a manufacturing Accounting’ [Australian Financial group. The accountant has shown that Review] there is a sharp variance in our labour costs. Accounting and Finance Association of Australia and New Zealand Accounting and Finance Associa- 2. a person who advises a company on its tion of Australia and New Zealand /ə finances I send all my income tax queries | kaυntiŋ ən fain ns ə səυsieiʃ(ə)n əv ɒs to my accountant. 3. a person who examines | | treiliə ən nju zi lənd/ noun an organisa- accounts tion for accounting and finance academics, Accountants’ International Study Accountants’ International Study Group researchers and professionals working in Group /ə kaυntənts intən ʃ(ə)nəl | Australia and New Zealand. Abbreviation st di ru p/ noun a body of professional AFAANZ accounting bodies from the United States, accounting bases accounting bases /ə kaυntiŋ beisi z/ Canada, and the United Kingdom that was | plural noun the possible ways in which established in 1966 to research accounting accounting concepts may be applied to practices in the three member countries. financial transactions, e.g. the methods used After publishing 20 reports, it was dis- to depreciate assets, how intangible assets or banded in 1977 with the foundation of the work in progress are dealt with International Federation of Accountants. accountant’s liability /ə kaυntənts accounting change accounting change accountant’s liability /ə kaυntiŋ | | laiə biliti/ noun the legal liability of an tʃeind / noun any of various changes that | accountant who commits fraud or is held to affect a set of accounts, e.g. a change in the be negligent method of calculating the depreciation of assets or a change in the size, structure or accountants’ opinion /ə kaυntənts ə accountants’ opinion | | nature of the company pinjən/ noun a report of the audit of a com- pany’s books, carried out by a certified pub- accounting concept accounting concept /ə kaυntiŋ | lic accountant (NOTE: The US term is audit kɒnsept/ noun a general assumption on opinion.) which accounts are prepared. The main con- accountants’ report /ə kaυntənts ri accountants’ report cepts are: that the business is a going con- | | pɔ t/ noun in the United Kingdom, a report cern, that revenue and costs are noted when written by accountants that is required by the they are incurred and not when cash is London Stock Exchange to be included in received or paid, that the present accounts the prospectus of a company seeking a list- are drawn up following the same principles ing on the Exchange as the previous accounts, that the revenue or
Accounting.fm Page 4 Tuesday, February 13, 2007 1:40 PM accounting control 4 accounting period /ə kaυntiŋ piəriəd/ costs are only recorded if it is certain that accounting period | they will be incurred. noun a period of time at the end of which the firm’s accounts are made up accounting control /ə kaυntiŋ kən accounting control | | accounting policies trəυl/ noun procedures designed to ensure /ə kaυntiŋ accounting policies | pɒlisiz/ plural noun the accounting bases that source data for accounts are accurate and proper, in order to prevent fraud used by a company when preparing its finan- cial statements accounting conventions /ə kaυntiŋ accounting conventions | accounting practice kən venʃ(ə)nz/ plural noun the fundamen- /ə kaυntiŋ accounting practice | | pr ktis/ noun the way in which account- tal assumptions that govern the practice of accounting, e.g., consistency and prudence. ants and auditors implement accounting pol- icies conceptual framework accounting cycle /ə kaυntiŋ saik(ə)l/ accounting principles /ə kaυntiŋ accounting cycle accounting principles | | prinsip(ə)lz/ plural noun standards of noun the regular process of recording, ana- lysing and reporting a company’s transac- accuracy and probity that apply to those car- tions for a given period rying out accounting procedures accounting date /ə kaυntiŋ deit/ noun Accounting Principles Board /ə accounting date Accounting Principles Board | | kaυntiŋ prinsip(ə)lz bɔ d/ noun the US the date on which an accounting period ends, usually 31st December for annual body which issued Opinions that formed accounts but it can in fact be any date much of US Generally Accepted Account- ing Principles up to 1973 when the Financial Accounting Directives /ə kaυntiŋ dai Accounting Directives | | Accounting Standards Board (FASB) took rektivz/ plural noun a set of EU directives over that role. Abbreviation APB issued with the aim of regulating accounting accounting procedure /ə kaυntiŋ prə procedures in member states accounting procedure | | si d ə/ noun an accounting method devel- accounting entity /ə kaυntiŋ entəti/ accounting entity | oped by an individual or organisation to deal noun the unit for which financial statements with routine accounting tasks and accounting records are prepared, e.g., a accounting profits /ə kaυntiŋ prɒfits/ limited company or a partnership. report- accounting profits | plural noun the difference between revenue ing entity and the costs of production accounting equation /ə kaυntiŋ i accounting equation | | accounting rate of return /ə kaυntiŋ kwei (ə)n/ noun the basic formula that accounting rate of return | reit əv ri t n/ noun a method of valuing underpins double-entry bookkeeping. It can | be expressed most simply as ‘assets + shares in a company where the company’s expenses = liabilities + capital + revenue’ estimated future profits are divided by the where the debit amounts to the left of the rate of return required by investors. Abbrevi- equals sign must be equivalent to the credit ation ARR amounts to the right. Also called balance accounting records /ə kaυntiŋ accounting records | sheet equation rekɔ dz/ plural noun all documents in accounting error /ə kaυntiŋ erə/ noun accounting error which accounting information is recorded, | any accounting inaccuracy or misrepresen- used during the preparation of financial tation that is the result of error, not inten- statements tional fraud accounting reference date /ə kaυntiŋ accounting reference date | accounting event /ə kaυntiŋ i vent/ ref(ə)rəns deit/ noun the last day of a accounting event | | noun a transaction recorded in a business’s company’s accounting reference period. books of account Abbreviation ARD accounting fees /ə kaυntiŋ fi z/ plural accounting reference period /ə accounting fees accounting reference period | | kaυntiŋ ref(ə)rəns piəriəd/ noun 1. the noun fees paid to an accountant for prepar- ing accounts, which are deductible against period for which a company makes up its tax accounts. In most, but not all, cases, the period is 12 months. 2. the period for which accounting information system /ə accounting information system | corporation tax is calculated kaυntiŋ infə meiʃ(ə)n sistəm/ noun a | accounting software /ə kaυntiŋ system, usually computer-based, that proc- accounting software | sɒftweə/ noun computer programs used to esses information on a company’s transac- tions for accounting purposes enter and process accounts information accounting manual accounting standard /ə kaυntiŋ /ə kaυntiŋ accounting manual accounting standard | | m njuəl/ noun a handbook or set of st ndəd/ noun an authoritative statement instructions that set out all procedures and of how particular types of transaction and responsibilities of those engaged in an other events should be reflected in financial entity’s accounting systems statements. Compliance with accounting
Accounting.fm Page 5 Tuesday, February 13, 2007 1:40 PM 5 accumulated profit accretion /ə kri ʃ(ə)n/ noun the process standards will normally be necessary for accretion | financial statements to give a true and fair of adding interest to a fund over a period of view. (NOTE: These principles are recom- time mended by the Accounting Standards accrual /ə kru əl/ noun a gradual increase accrual | Board in the United Kingdom or by the by addition FASB in the United States.) accruals /ə kru əlz/ plural noun same as accruals | Accounting Standards Board /ə Accounting Standards Board accrued liabilities | kaυntiŋ st ndədz bɔ d/ noun a commit- accruals basis /ə kru əl beisis/, accru- accruals basis | tee set up by British accounting institutions als concept /ə kru əlz kɒnsept/ noun a | to monitor methods used in accounting. method of preparing accounts in which rev- Abbreviation ASB enues and costs are both reported during the Accounting Standards Committee Accounting Standards Committee period to which they refer and not during the /ə kaυntiŋ st ndədz kə miti/ noun a UK period when payments are received or made | | accounting standards issuing body whose accrue /ə kru / verb 1. to record a finan- accrue | functions were taken over by the ASB in cial transaction in accounts when it takes 1990. Abbreviation ASC place, and not when payment is made or accounting system /ə kaυntiŋ accounting system received 2. to increase and be due for pay- | sistəm/ noun the means used by an organi- ment at a later date Interest accrues from sation to produce its accounting information the beginning of the month. accounting technician /ə kaυntiŋ tek accounting technician accrued dividend /ə kru d dividend/ accrued dividend | | | niʃ(ə)n/ noun a person who assists in the noun a dividend earned since the last divi- preparation of accounts but who is not a dend was paid fully qualified accountant accrued expense /ə kru d ik spens/ accrued expense | | accounting unit /ə kaυntiŋ ju nit/ accounting unit noun an expense that has been incurred | noun any unit which takes part in financial within a given accounting period but not yet transactions which are recorded in a set of paid accounts. It can be a department, a sole accrued income /ə kru d ink m/ noun accrued income | trader, a Plc or some other unit. revenue entered in accounts, although pay- account payee /ə kaυnt pei i / noun the account payee ment has not yet been received | | words printed on most UK cheques indicat- accrued interest /ə kru d intrəst/ noun accrued interest | ing that the cheque can only be paid into the interest which has been earned by an inter- account of the person or business to whom est-bearing investment Accrued interest is the cheque is written, or be cashed for a fee added quarterly. at an agency offering a cheque cashing serv- accrued liabilities /ə kru d laiə accrued liabilities | | ice bilitiz/ plural noun liabilities which are accounts /ə kaυnts/ plural noun detailed accounts recorded in an accounting period, although | records of a company’s financial affairs payment has not yet been made. This refers accounts department /ə kaυnts di accounts department to liabilities such as rent, electricity, etc. | | pɑ tmənt/ noun a department in a com- Also called accruals pany which deals with money paid, accrued revenue /ə kru d revənju / accrued revenue | received, borrowed, or owed noun same as accrued income accounts manager /ə kaυnts accounts manager accumulate /ə kju mjυleit/ verb to grow accumulate | | m nid ə/ noun the manager of an in quantity by being added to, or to get more accounts department of something over a period of time We accounts payable /ə kaυnts peiəb(ə)l/ accounts payable allow dividends to accumulate in the fund. | plural noun money owed by a company accumulated depreciation /ə accumulated depreciation | accounts receivable /ə kaυnts ri kju mjυleitid di pri ʃi eiʃ(ə)n/ noun the accounts receivable | | | | si vəb(ə)l/ plural noun money owed to a total amount by which an asset has been company. Abbreviation AR depreciated since it was purchased accounts receivable turnover /ə accumulated earnings tax /ə accounts receivable turnover accumulated earnings tax | | kaυnts ri si vəb(ə)l t nəυvə/ noun a kju mjυleitid niŋz t ks/, accumu- | lated profits tax /ə kju mjυleitid prɒfits statistic showing on average how long cus- | t ks/ noun US a tax on earnings above a tomers take to pay money they owe for goods or services received specified limit which are unjustifiably retained in a business to avoid paying higher accrete /ə kri t/ verb 1. (of a fund ) to have accrete | personal income tax interest added to it 2. (of assets) to grow as accumulated profit /ə kju mjυleitid a result of mergers, expansion or the acqui- accumulated profit | prɒfit/ noun a profit which is not paid as sition of other interests
Accounting.fm Page 6 Tuesday, February 13, 2007 1:40 PM accumulated reserves 6 activity-based budgeting / k tiviti dividend but is taken over into the accounts activity-based budgeting | beist b d itiŋ/ noun the allocation of of the following year resources to individual activities. Activity- accumulated reserves /ə accumulated reserves | based budgeting involves determining kju mjυleitid ri z vz/ plural noun | which activities incur costs within an organ- reserves which a company has put aside over isation, establishing the relationships a period of years between them, and then deciding how much accumulation /ə kju mjυ leiʃ(ə)n/ accumulation | | of the total budget should be allocated to noun the process of growing larger by being each activity. Abbreviation ABB added to, or of getting more and more of activity-based costing / k tiviti activity-based costing something | beist kɒstiŋ/ noun a costing system used ACH abbreviation US Automated Clearing ACH to assign overhead costs to specific items House produced, by looking at specific cost drivers. acid test / sid test/, acid test ratio acid test Abbreviation ABC. cost driver, activity noun same as liquidity ratio driver, resource driver acquisition / kwi ziʃ(ə)n/ noun the acquisition activity-based management / k activity-based management | | takeover of a company. The results and cash tiviti beist m nid mənt/ noun a sys- flows of the acquired company are brought tem of management that uses activity-based into the group accounts only from the date of cost information for a variety of purposes acquisition: the figures for the previous including cost reduction, cost modelling and period for the reporting entity should not be customer profitability analysis. Abbrevia- adjusted. The difference between the fair tion ABM value of the net identifiable assets acquired activity chart / k tiviti tʃɑ t/ noun a activity chart | and the fair value of the purchase considera- plan showing work which has been done, tion is goodwill. made so that it can be compared to a previ- acquisition accounting / kwi acquisition accounting ous plan showing how much work should be | ziʃ(ə)n ə kaυntiŋ/ noun a full consolida- done | tion, where the assets of a subsidiary com- activity cost pool / k tiviti kɒst pu l/ activity cost pool | pany which has been purchased are included noun a grouping of all cost elements associ- in the parent company’s balance sheet, and ated with an activity the premium paid for the goodwill is written activity driver / k tiviti draivə/ a type activity driver off against the year’s earnings | of cost driver which is used to quantify the across-the-board /ə krɒs ðə bɔ d/ across-the-board activities involved in creating a product or | adjective applying to everything or everyone service an across-the-board price increase or activity driver analysis / k tiviti activity driver analysis | wage increase draivər ə n ləsis/ noun the identification | act / kt/ noun a law passed by parliament act and evaluation of the activity drivers used to which must be obeyed by the people trace the cost of activities to cost objects. It active / ktiv/ adjective involving many active may also involve selecting activity drivers with potential to contribute to the cost man- transactions or activities an active agement function with particular reference demand for oil shares an active day on the to cost reduction. Stock Exchange Computer shares are very active. act of God / kt əv ɒd/ noun some- act of God thing you do not expect to happen and which active account / ktiv ə kaυnt/ noun active account | cannot be avoided, e.g. a storm or a flood an account, such as a bank account or invest- (NOTE: Acts of God are not usually covered ment account, which is used to deposit and by insurance policies.) withdraw money frequently actual / ktʃuəl/ adjective real or correct actual active partner / ktiv pɑ tnə/ noun a active partner What is the actual cost of one unit? The partner who works in a company that is a actual figures for directors’ expenses are not partnership shown to the shareholders. activity / k tiviti/ noun something which activity | actual cash value / ktʃuəl k ʃ actual cash value is done, especially something which is v lju / noun the amount of money, less involved in creating a product or a service depreciation, that it would cost to replace ‘…preliminary indications of the level of something damaged beyond repair with a business investment and activity during comparable item the March quarter will provide a good pic- actual cost / ktʃuəl kɒst/ noun the total actual cost ture of economic activity in the year’ [Aus- cost of producing or buying an item, which tralian Financial Review]
Accounting.fm Page 7 Tuesday, February 13, 2007 1:40 PM 7 adjustable may include, e.g., its price plus the cost of living with them, formerly called the ‘sin- delivery or storage gle-parent allowance’ additional premium actual price / ktʃuəl prais/ noun a /ə diʃ(ə)nəl actual price additional premium | pri miəm/ noun a payment made to cover price for a commodity which is for immedi- extra items in an existing insurance ate delivery additional voluntary contributions actuals / ktʃuəlz/ plural noun real fig- additional voluntary contributions actuals /ə diʃ(ə)n(ə)l vɒlənt(ə)ri kɒntri ures These figures are the actuals for last | | bju ʃ(ə)nz/ plural noun extra payments year. made voluntarily by an employee to a pen- actuarial / ktʃu eəriəl/ adjective calcu- actuarial | sion scheme on top of the normal contribu- lated by an actuary The premiums are tions, up to a maximum of 15% of gross worked out according to actuarial calcula- earnings. Abbreviation AVCs tions. adequate disclosure / dikwət dis adequate disclosure actuarial tables / ktʃueəriəl actuarial tables | kləυ ə/ noun a comprehensive presenta- teib(ə)lz/ plural noun lists showing how tion of statistics in financial statements, such long people are likely to live, used to calcu- that they can be used to inform investment late life assurance premiums and annuities decisions actuary / ktʃuəri/ noun a person actuary adjudicate /ə d u dikeit/ verb to give a adjudicate employed by an insurance company or other | judgment between two parties in law or to organisation to calculate the risk involved in decide a legal problem to adjudicate a an insurance, and therefore the premiums claim to adjudicate in a dispute he was payable by people taking out insurance adjudicated bankrupt he was declared add / d/ verb to put figures together to add legally bankrupt make a total If you add the interest to the adjudication /ə d u di keiʃ(ə)n/ noun adjudication capital you will get quite a large sum. | | the act of giving a judgment or of deciding a Interest is added monthly. legal problem add up / d p/ phrasal verb to put several adjudication of bankruptcy /ə adjudication of bankruptcy figures together to make a total He made | d u dikeiʃ(ə)n əv b ŋkr ptsi/ noun a a mistake in adding up the column of fig- legal order making someone bankrupt ures. add up to / d p tυ/ phrasal verb to make adjudication tribunal /ə d u di adjudication tribunal | | keiʃ(ə)n trai bju n(ə)l/ noun a group a total of The total expenditure adds up to | more than £1,000. which adjudicates in industrial disputes adjudicator /ə d u dikeitə/ noun 1. a added value / did v lju / noun an adjudicator added value | person who gives a decision on a problem amount added to the value of a product or an adjudicator in an industrial dispute 2. service, equal to the difference between its the Adjudicator official who examines cost and the amount received when it is sold. complaints from individuals and businesses Wages, taxes, etc. are deducted from the about how the Inland Revenue handles their added value to give the profit. VAT affairs, but does not deal with questions of addend / dend/ noun a number added to addend tax liability the augend in an addition adjust /ə d st/ verb to change something adjust addition /ə diʃ(ə)n/ noun 1. a thing or per- addition | | to fit new conditions Prices are adjusted son added The management has stopped for inflation. all additions to the staff. We are exhibiting ‘…inflation-adjusted GNP moved up at a several additions to our product line. The 1.3% annual rate’ [Fortune] marketing director is the latest addition to the board. 2. an arithmetical operation con- ‘Saudi Arabia will no longer adjust its pro- sisting of adding together two or more num- duction to match short-term supply with demand’ [Economist] bers to make a sum You don’t need a cal- culator to do simple addition. ‘…on a seasonally-adjusted basis, output of trucks, electric power, steel and paper additional /ə diʃ(ə)nəl/ adjective extra additional | decreased’ [Business Week] which is added additional costs They adjustable rate mortgage /ə sent us a list of additional charges. Some adjustable rate mortgage | d stəb(ə)l reit mɔ id / noun a mort- additional clauses were added to the con- tract. Additional duty will have to be paid. gage where the interest rate changes accord- ing to the current market rates. Abbreviation additional personal allowance /ə additional personal allowance | ARM diʃ(ə)nəl p s(ə)n(ə)l ə laυəns/ noun a | adjustable rate preferred stock /ə tax allowance which can be claimed by a adjustable | d stəb(ə)l reit pri f d stɒk/ noun single person who has a child of school age |
Accounting.fm Page 8 Tuesday, February 13, 2007 1:40 PM adjusted gross income 8 preference shares on which dividends are ADR abbreviation American Depositary ADR paid in line with the interest rate on Treasury Receipt bills. Abbreviation ARPS ad valorem / d və lɔ rəm/ adjective ad valorem | adjusted gross income /ə d stid adjusted gross income used to describe a tax or commission, e.g., | rəυs ink m/ noun US a person’s total Value Added Tax, that is calculated on the annual income less expenses, pension con- value of the goods or services provided, tributions, capital losses, etc., used as a basis rather than on their number or size ad val- to calculate federal income tax. Abbrevia- orem duty ad valorem tax tion AGI ad valorem duty / d və lɔ rəm dju ti/ ad valorem duty | adjuster /ə d stə/ noun a person who adjuster noun the duty calculated on the sales value | calculates losses for an insurance company of the goods adjusting entry /ə d stiŋ entri/ noun adjusting entry ad valorem tax / d və lɔ rem t ks/ ad valorem tax | | an entry in accounts which is made to cor- noun a tax calculated according to the value rect a mistake in the accounts of the goods taxed adjustment /ə d stmənt/ noun 1. an adjustment advance /əd vɑ ns/ noun money paid as a advance | entry in accounts which does not represent a | loan or as a part of a payment to be made receipt or payment, but which is made to later She asked if she could have a cash make the accounts correct 2. a change in the advance. We paid her an advance on exchange rates, made to correct a balance of account. Can I have an advance of $100 payment deficit against next month’s salary? í adjective administer /əd ministə/ verb to organise, administer early, or taking place before something else | manage or direct the whole of an organisa- happens advance payment Advance tion or part of one She administers a large holiday bookings are up on last year. You pension fund. must give seven days’ advance notice of administered price /əd ministəd administered price withdrawals from the account. í verb 1. to | prais/ noun US a price fixed by a manufac- pay an amount of money to someone as a turer which cannot be varied by a retailer loan or as a part of a payment to be made (NOTE: The UK term is resale price mainte- later The bank advanced him $100,000 nance.) against the security of his house. 2. to make administration /əd mini streiʃ(ə)n/ administration something happen earlier The date of the | | noun 1. the action of organising, controlling shipping has been advanced to May 10th. or managing a company 2. an appointment The meeting with the German distributors by a court of a person to manage the affairs has been advanced from 11.00 to 9.30. of a company advance payment guarantee /əd advance payment guarantee | administration costs /əd mini administration costs vɑ ns peimənt rən ti /, advance pay- | | | streiʃ(ə)n kɒsts/, administration ment bond /əd vɑ ns peimənt bɒnd/ | expenses /əd mini streiʃ(ə)n ik spensiz/ noun a guarantee that enables a buyer to | | | plural noun the costs of management, not recover an advance payment made under a including production, marketing, or distri- contract or order if the supplier fails to fulfil bution costs its contractual obligations administrative expenses /əd administrative expenses adverse balance / dv s b ləns/ adverse balance | ministrətiv ik spensiz/ plural noun same noun the deficit on an account, especially a | as administration costs nation’s balance of payments account administrative receiver /əd administrative receiver adverse opinion / dv s ə pinjən/ adverse opinion | ministrətiv ri si və/ noun a person | noun US an auditor’s report that a com- | appointed by a court to administer the affairs pany’s financial statement is not a fair repre- of a company sentation of the company’s actual financial administrative receivership /əd administrative receivership position | ministrətiv ri si vəʃip/ noun the appoint- | adverse variance / dv s veəriəns/ adverse variance ment of an administrative receiver by a noun variance which shows that the actual debenture holder result is worse than expected. Also called administrator /əd ministreitə/ noun 1. a administrator unfavourable variance | person who directs the work of other advice /əd vais/ noun a notification telling advice employees in a business After several | someone what has happened years as a college teacher, she hopes to adviser /əd vaizə/, advisor noun a person adviser become an administrator. 2. a person | appointed by a court to manage the affairs of who suggests what should be done He is someone who dies without leaving a will consulting the company’s legal adviser.
Accounting.fm Page 9 Tuesday, February 13, 2007 1:40 PM 9 agreed advisory /əd vaiz(ə)ri/ adjective as an taxed as an employee of the agency, not of advisory | the company where he or she actually adviser She is acting in an advisory works. capacity. agenda /ə d endə/ noun a list of things to advisory funds /əd vaiz(ə)ri f ndz/ agenda advisory funds | | be discussed at a meeting The conference plural noun funds placed with a financial agenda or the agenda of After two hours institution to invest on behalf of a client, the we were still discussing the first item on the institution investing them at its own discre- agenda. We usually put finance at the top tion of the agenda. The chair wants two items AFAANZ abbreviation Accounting and AFAANZ removed from or taken off the agenda. Finance Association of Australia and New agent / eid ənt/ noun 1. a person who rep- agent Zealand resents a company or another person in an AFBD abbreviation Association of Futures AFBD area to be the agent for BMW cars to be Brokers and Dealers the agent for IBM 2. a person in charge of an affiliated /ə filieitid/ adjective connected affiliated | agency The estate agent sent me a list of with or owned by another company Smiths properties for sale. Ltd is one of our affiliated companies. agent bank / eid ənt b ŋk/ noun a bank agent bank affiliated enterprise /ə filieitid affiliated enterprise | which uses the credit card system set up by entəpraiz/, affiliated company /ə | another bank filieitid k mp(ə)ni/ noun company agent’s commission / eid ənts kə agent’s commission which is partly owned by another (though | miʃ(ə)n/ noun money, often a percentage less than 50%), and where the share-owning of sales, paid to an agent company exerts some management control age-related / eid ri leitid/ adjective or has a close trading relationship with the age-related | associate one of our affiliated companies connected with a person’s age aftermarket / ɑ ftə mɑ kit/ noun a mar- aftermarket age-related allowance / eid ri leitid age-related allowance | | ket in new shares, which starts immediately ə laυəns/ noun an extra tax allowance | after trading in the shares begins which a person over 65 may be entitled to after tax / ɑ ftər t ks/ adverb after tax after tax aggregate / ri ət/ adjective total, with aggregate has been paid everything added together aggregate out- put after-tax profit / ɑ ftə t ks prɒfit/ after-tax profit noun a profit after tax has been deducted aggregate demand / ri ət di aggregate demand | mɑ nd/ noun the total demand for goods age analysis of debtors / eid ə age analysis of debtors | and services from all sectors of the economy n ləsis əv detəz/ noun the amount owed including individuals, companies and the by debtors, classified by age of debt government Economists are studying the aged debtors analysis / eid d detəz ə aged debtors analysis | recent fall in aggregate demand. As n ləsis/, ageing schedule / eid iŋ incomes have risen, so has aggregate ʃedju l/ noun a list which analyses a com- demand. pany’s debtors, showing the number of days aggregate risk / ri ət risk/ noun the aggregate risk their payments are outstanding risk which a bank runs in lending to a cus- agency / eid ənsi/ noun 1. an office or job agency tomer of representing another company in an area aggregate supply / ri ət sə plai/ aggregate supply They signed an agency agreement or an | noun all goods and services on the market agency contract. 2. an office or business Is aggregate supply meeting aggregate which arranges things for other companies demand? agency bank / eid ənsi b ŋk/ noun a agency bank AGI abbreviation US adjusted gross income AGI bank which does not accept deposits, but acts as an agent for another, usually foreign, agio / d iəυ/ noun 1. a charge made for agio bank changing money of one currency into agency bill / eid ənsi bil/ noun a bill of another, or for changing banknotes into cash agency bill 2. the difference between two values, such exchange drawn on the local branch of a for- as between the interest charged on loans eign bank made by a bank and the interest paid by the agency broker / eid ənsi brəυkə/ noun agency broker bank on deposits, or the difference between a dealer who acts as the agent for an investor, the values of two currencies buying and selling for a commission AGM abbreviation Annual General Meeting AGM agency worker / eid ənsi w kə/ noun agency worker agreed /ə ri d/ adjective having been agreed a person who is employed by an agency to | work for another company. He or she is accepted by everyone We pay an agreed
Accounting.fm Page 10 Tuesday, February 13, 2007 1:40 PM agreed price 10 allow for /ə laυ fɔ / phrasal verb to give a amount each month. The agreed terms of | employment are laid down in the contract. discount for something, or to add an extra sum to cover something to allow for mon- agreed price /ə ri d prais/ noun a price agreed price | ey paid in advance Add on an extra 10% which has been accepted by both the buyer to allow for postage and packing. and seller AICPA abbreviation American Institute of allowable /ə laυəb(ə)l/ adjective legally allowable AICPA | Certified Public Accountants accepted. Opposite disallowable AIM abbreviation Alternative Investment AIM allowable deductions /ə laυəb(ə)l di allowable deductions | | Market d kʃ(ə)ns/ plural noun deductions from airmail transfer / eəmeil tr nsf / income which are allowed by the Inland airmail transfer noun an act of sending money from one Revenue, and which reduce the tax payable bank to another by airmail allowable expenses /ə laυəb(ə)l ik allowable expenses | | alien corporation / eiliən kɔ pə alien corporation spensiz/ plural noun business expenses | reiʃ(ə)n/ noun US a company which is which can be claimed against tax incorporated in a foreign country allowable losses /ə laυəb(ə)l lɒsiz/ allowable losses | A list / ei list/ noun a list of members of a A list plural noun losses, e.g. on the sale of assets, company at the time it is wound up who may which are allowed to be set off against gains be liable for the company’s unpaid debts allowance /ə laυəns/ noun 1. money allowance | all-in price / ɔ l in prais/ noun a price all-in price which is given for a special reason a travel which covers all items in a purchase such as allowance or a travelling allowance 2. a part goods, delivery, tax or insurance of an income which is not taxed allow- all-in rate / ɔ l in reit/ noun 1. a price all-in rate ances against tax or tax allowances per- which covers all the costs connected with a sonal allowances (NOTE: The US term is purchase, such as delivery, tax and insur- exemption) 3. money removed in the form ance, as well as the cost of the goods them- of a discount an allowance for deprecia- selves 2. a wage which includes all extra tion an allowance for exchange loss payments such as bonuses and merit pay ‘…the compensation plan includes base, allocate / ləkeit/ verb 1. to divide some- allocate incentive and car allowance totalling thing in various ways and share it out How $50,000+’ [Globe and Mail (Toronto)] are we going to allocate the available office allowance for bad debt /ə laυəns fə allowance for bad debt | space? 2. to assign a whole item of cost, or b d det/ noun a provision made in a com- of revenue, to a single cost unit, centre, pany’s accounts for debts which may never account or time period be paid allocated costs / lə keitd kɒsts/ plu- allocated costs allowances against tax /ə laυənsiz ə | allowances against tax ral noun overhead costs which have been | | enst t ks/ plural noun part of someone’s allocated to a specific cost centre income which is not taxed allocation / lə keiʃ(ə)n/ noun the proc- allocation | all-risks policy / ɔ l risks pɒlisi/ noun all-risks policy ess of providing sums of money for particu- an insurance policy which covers risks of lar purposes, or a sum provided for a pur- any kind, with no exclusions pose the allocation of funds to a project alternative cost /ɔ l t nətiv kɒst/ alternative cost allot /ə lɒt/ verb to share out allot | | noun same as opportunity cost allotment /ə lɒtmənt/ noun 1. the process allotment | Alternative Investment Market /ɔ l Alternative Investment Market of sharing out something, especially money | l nətiv in vestmənt mɑ kit/ noun a between various departments, projects or | London stock market, regulated by the Lon- people The allotment of funds to each don Stock Exchange, dealing in shares in project is the responsibility of the finance smaller companies which are not listed on director. 2. the act of giving shares in a new the main London Stock Exchange. Abbrevi- company to people who have applied for ation AIM (NOTE: The AIM is a way in which them share allotment payment in full on smaller companies can sell shares to the allotment investing public without going to the allow /ə laυ/ verb 1. to say that someone allow | expense of obtaining a full share listing.) can do something Junior members of staff alternative minimum tax /ɔ l l nətiv alternative minimum tax are not allowed to use the chairman’s lift. | miniməm t ks/ noun US a way of calcu- The company allows all members of staff to take six days’ holiday at Christmas. 2. to lating US income tax that is intended to give to allow 5% discount to members of ensure that wealthy individuals, corpora- staff 3. to agree to or accept legally to tions, trusts, and estates pay at least some tax allow a claim or an appeal regardless of deductions, but that is increas-
Accounting.fm Page 11 Tuesday, February 13, 2007 1:40 PM 11 Annual General Meeting ingly targeting the middle class. Abbrevia- analyse a statement of account to analyse tion AMT the market potential amalgamate /ə m l əmeit/ verb to join analysis /ə n ləsis/ noun a detailed amalgamate analysis | | together with another group The amalga- examination and report a job analysis mated group includes six companies. market analysis Her job is to produce a regular sales analysis. (NOTE: The plural is American Accounting Association American Accounting Association analyses.) /ə merikən ə kaυntiŋ ə səυsieiʃ(ə)n/ | | | analyst / nəlist/ noun a person who noun a US voluntary organisation for those analyst with an interest in accounting research and analyses a market analyst a systems best practice, which aims to promote excel- analyst lence in the creation, dissemination and analytical review / nəlitik(ə)l ri vju / analytical review | application of accounting knowledge and noun an examination of accounts from dif- skills. Abbreviation AAA ferent periods for the purpose of identifying American Depositary Receipt /ə American Depositary Receipt ratios, trends and changes in balances | merikən di pɒzitri ri si t/ noun a docu- angel / eind əl/ noun an investor in a com- angel | | ment issued by an American bank to US cit- pany in its early stages, often looking for izens, making them unregistered sharehold- returns over a longer period of time than a ers of companies in foreign countries. The venture capitalist document allows them to receive dividends annual / njuəl/ adjective for one year annual from their investments, and ADRs can them- an annual statement of income They have selves be bought or sold. Abbreviation ADR six weeks’ annual leave. The company has American Institute of Certified Pub- American Institute of Certified Public Accountants an annual growth of 5%. We get an annual lic Accountants /ə merikən institju t bonus. | əv s tifaid p blik ə kaυntənts/ noun | ‘…real wages have risen at an annual rate the national association for certified public of only 1% in the last two years’ [Sunday accountants in the United States. Abbrevia- Times] tion AICPA ‘…the remuneration package will include amortisable / mɔ taizəb(ə)l/ adjective amortisable an attractive salary, profit sharing and a | being possible to amortise The capital company car together with four weeks’ cost is amortisable over a period of ten annual holiday’ [Times] years. annual accounts / njuəl ə kaυnts/ annual accounts | amortisation /ə mɔ tai zeiʃ(ə)n/ noun amortisation plural noun the accounts prepared at the end | | an act of amortising amortisation of a debt of a financial year The annual accounts amortisation period /ə mɔ tai amortisation period have been sent to the shareholders. | | zeiʃ(ə)n piəriəd/ noun the length of a annual depreciation / njuəl di pri ʃi annual depreciation | | lease, used when depreciating the value of eiʃ(ə)n/ noun a reduction in the book value the asset leased of an asset at a particular rate per year. amortise /ə mɔ taiz/, amortize verb 1. to amortise straight line depreciation | repay a loan by regular payments, most of annual depreciation provision annual depreciation provision which pay off the interest on the loan at first, / njuəl di pri ʃi eiʃ(ə)n prə vi (ə)n/ | | | and then reduce the principal as the repay- noun an assessment of the cost of an asset’s ment period progresses The capital cost is depreciation in a given accounting period amortised over five years. 2. to depreciate or annual exemptions / njuəl i annual exemptions to write down the capital value of an asset | zempʃ(ə)nz/ plural noun the amount of over a period of time in a company’s income which is exempt from tax. For exam- accounts ple, the first £8,500 in capital gains in any amount paid up /ə maυnt peid p/ amount paid up one year is exempt from tax. | noun an amount paid for a new issue of Annual General Meeting / njuəl Annual General Meeting shares, either the total payment or the first d en(ə)rəl mi tiŋ/ noun an annual meet- instalment, if the shares are offered with ing of all shareholders of a company, when instalment payments the company’s financial situation is pre- amount realised /ə maυnt ri əlaizd/ amount realised sented by and discussed with the directors, | noun money received from the sale or when the accounts for the past year are exchange of property approved and when dividends are declared AMT abbreviation alternative minimum tax AMT and audited. Abbreviation AGM (NOTE: The analyse / nəlaiz/, analyze verb to exam- analyse US term is annual meeting or annual ine someone or something in detail to stockholders’ meeting.)
Accounting.fm Page 12 Tuesday, February 13, 2007 1:40 PM annual income 12 annual income / njuəl ink m/ noun anti-dumping duty / nti d mpiŋ annual income anti-dumping duty dju ti/ noun same as countervailing duty money received during a calendar year annualised / njuəlaizd/, annualized anti-inflationary annualised / nti in anti-inflationary | adjective shown on an annual basis fleiʃ(ə)n(ə)ri/ adjective restricting or try- ing to restrict inflation anti-inflationary ‘…he believes this may have caused the measures economy to grow at an annualized rate of almost 5 per cent in the final quarter of last anti-trust / nti tr st/ adjective attack- anti-trust year’ [Investors Chronicle] ing monopolies and encouraging competi- annualised percentage rate annualised percentage rate tion anti-trust measures / njuəlaizd pə sentid reit/ noun a anti-trust laws / nti tr st lɔ z/, anti- anti-trust laws | yearly percentage rate, calculated by multi- trust legislation / nti tr st led i | plying the monthly rate by twelve. Abbrevi- sleiʃ(ə)n/ plural noun laws in the United ation APR (NOTE: The annualised percent- States which prevent the formation of age rate is not as accurate as the Annual monopolies Percentage Rate (APR), which includes APB abbreviation 1. Accounting Principles APB fees and other charges.) Board 2. Auditing Practices Board annually / njuəli/ adverb each year annually Appeals Commissioner noun a person Appeals Commissioner The figures are updated annually. appointed officially to supervise the collec- annual management charge / njuəl annual management charge tion of taxes, including income tax, capital m nid mənt tʃɑ d / noun a charge made gains tax and corporation tax, but not VAT by the financial institution which is manag- application / pli keiʃ(ə)n/ noun 1. the application ing an account | act of asking for something, usually in writ- annual meeting / njuəl mi tiŋ/ noun annual meeting ing, or a document in which someone asks US same as Annual General Meeting for something, e.g. a job shares payable Annual Percentage Rate / njuəl pə Annual Percentage Rate on application She sent off six applica- | sentid reit/ noun a rate of interest (such tions for job or six job applications. 2. effort as on a hire-purchase agreement) shown on or diligence She has shown great applica- an annual compound basis, and including tion in her work on the project. fees and charges. Abbreviation APR application of funds / plikeiʃ(ə)n əv application of funds | annual report / njuəl ri pɔ t/ noun a annual report f ndz/ noun details of the way in which | report of a company’s financial situation at funds have been spent during an accounting the end of a year, sent to all the shareholders period annual return / njuəl ri t n/ noun an annual return apportion /ə pɔ ʃ(ə)n/ verb to share out apportion | | official report which a registered company something, e.g. costs, funds or blame has to make each year to the Registrar of Costs are apportioned according to pro- Companies jected revenue. annuitant /ə nju itənt/ noun a person annuitant apportionment /ə pɔ ʃ(ə)nmənt/ noun apportionment | | who receives an annuity the sharing out of costs annuity /ə nju iti/ noun money paid each annuity appraisal /ə preiz(ə)l/ noun a calculation appraisal | year to a retired person, usually in return for | of the value of someone or something a lump-sum payment. The value of the annu- appraise /ə preiz/ verb to assess or to cal- appraise ity depends on how long the person lives, as | culate the value of something or someone it usually cannot be passed on to another appreciate /ə pri ʃieit/ verb (of currency, appreciate person. Annuities are fixed payments, and | shares, etc.) to increase in value lose their value with inflation, whereas a appreciation /ə pri ʃi eiʃ(ə)n/ noun 1. pension can be index-linked. to buy or to appreciation | | take out an annuity She has a government an increase in value. Also called capital annuity or an annuity from the government. appreciation 2. the act of valuing some- thing highly She was given a pay rise in annuity certain /ə nju iti s tən/ noun annuity certain | appreciation of her excellent work. an annuity that provides payments for a spe- cific number of years, regardless of life or appropriate verb /ə prəυprieit/ to put a appropriate | death of the annuitant sum of money aside for a special purpose annuity contract /ə nju iti kɒntr kt/ to appropriate a sum of money for a capital annuity contract | project noun a contract under which a person is paid a fixed sum regularly for life appropriation /ə prəυpri eiʃ(ə)n/ noun appropriation | | antedate / nti deit/ verb to put an ear- the act of putting money aside for a special antedate | lier date on a document The invoice was purpose appropriation of funds to the antedated to January 1st. reserve
Accounting.fm Page 13 Tuesday, February 13, 2007 1:40 PM 13 articles of incorporation appropriation account /ə prəυpri arbitrage syndicate / ɑ bitrɑ appropriation account arbitrage syndicate | | eiʃ(ə)n ə kaυnt/ noun the part of a profit sindikət/ noun a group of people who | and loss account which shows how the profit together raise the capital to invest in arbi- has been dealt with, e.g., how much has been trage deals given to the shareholders as dividends and arbitration / ɑ bi treiʃ(ə)n/ noun the set- arbitration | how much is being put into the reserves tling of a dispute by an outside party agreed approval /ə pru v(ə)l/ noun the act of say- approval on by both sides to take a dispute to arbi- | ing or thinking that something is good to tration or to go to arbitration arbitration submit a budget for approval in an industrial dispute The two sides decided to submit the dispute to arbitration approve /ə pru v/ verb 1. to approve of approve | or to refer the question to arbitration. something to think something is good The chairman approves of the new company arbitrator / ɑ bitreitə/ noun a person not arbitrator letter heading. The sales staff do not concerned with a dispute who is chosen by approve of interference from the accounts both sides to try to settle it an industrial division. 2. to agree to something officially arbitrator They refused to accept or they to approve the terms of a contract The rejected the arbitrator’s ruling. proposal was approved by the board. ARD abbreviation accounting reference ARD approved accounts /ə pru vd ə approved accounts date | | kaυnts/ plural noun accounts that have area manager / eəriə m nid ə/ noun a area manager been formally accepted by a company’s manager who is responsible for a company’s board of directors work in a specific part of the country approved scheme /ə pru vd ski m/ approved scheme arithmetic mean / riθmetik mi n/ arithmetic mean | noun a pension scheme or share purchase noun a simple average calculated by divid- scheme which has been approved by the ing the sum of two or more items by the Inland Revenue number of items approved securities /ə pru vd si approved securities ARM abbreviation adjustable rate mortgage ARM | | kjυəritiz/ plural noun state bonds which around /ə raυnd/ preposition 1. approxi- around can be held by banks to form part of their | mately The office costs around £2,000 a reserves (NOTE: The list of these bonds is year to heat. Her salary is around the ‘approved list’.) $85,000. 2. with a premium or discount approximate /ə prɒksimət/ adjective not approximate | ARPS abbreviation adjustable rate pre- ARPS exact, but almost correct The sales divi- ferred stock sion has made an approximate forecast of ARR abbreviation accounting rate of return ARR expenditure. arrangement fee /ə reind mənt fi / arrangement fee approximately /ə prɒksimətli/ adverb approximately | | noun a charge made by a bank to a client for not quite exactly, but close to the figure arranging credit facilities shown Expenditure on marketing is approximately 10% down on the previous arrears /ə riəz/ plural noun money which arrears | quarter. is owed, but which has not been paid at the approximation /ə prɒksi meiʃ(ə)n/ right time a salary with arrears effective approximation | | from January 1st We are pressing the com- noun a rough calculation Each depart- pany to pay arrears of interest. You must ment has been asked to provide an approxi- not allow the mortgage payments to fall into mation of expenditure for next year. The arrears. final figure is only an approximation. APR abbreviation annualised percentage article / ɑ tik(ə)l/ noun a section of a legal APR article rate agreement such as a contract or treaty See article 8 of the contract. APRA abbreviation Australian Prudential APRA Regulation Authority articles of association / ɑ tik(ə)lz əv articles of association ə səυsi eiʃ(ə)n/ plural noun a document AR abbreviation accounts receivable AR | | which lays down the rules for a company arbitrage / ɑ bi trɑ / noun the business arbitrage | regarding such matters as the issue of shares, of making a profit from the difference in the conduct of meetings and the appoint- value of various assets, e.g. by selling for- ment of directors This procedure is not eign currencies or commodities on one mar- allowed under the articles of association of ket and buying on another at almost the the company. (NOTE: The US term is same time to profit from different exchange bylaws) rates, or by buying currencies forward and articles of incorporation / ɑ tik(ə)lz articles of incorporation selling them forward at a later date, to bene- əv in kɔ pə reiʃ(ə)n/ plural noun US same fit from a difference in prices | |