Dictionary of Accounting Terms Barron's Business Guides_2

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Accounting.fm Page 72 Tuesday, February 13, 2007 1:40 PM directorate 72 directorate /dai rekt(ə)rət/ noun a group rupt to release someone from bankruptcy directorate | because they have has paid their debts 2. of directors to discharge a debt, to discharge your lia- Director of the Budget /dai rektər əv Director of the Budget | bilities to pay a debt or your liabilities in full ðə b d it/ noun the member of a govern- 3. to dismiss an employee to discharge an ment in charge of the preparation of the employee for negligence budget discharged bankrupt discharged bankrupt /dis tʃɑ d d director’s fees /dai rektəz fi z/ plural director’s fees | | b ŋkr pt/ noun a person who has been noun money paid to a director for attend- released from being bankrupt because his or ance at board meetings her debts have been paid directorship /dai rektəʃip/ noun the post directorship | disclaimer disclaimer /dis kleimə/ noun a legal of director She was offered a directorship | refusal to accept responsibility with Smith Ltd directors’ report /dai rektəz ri pɔ t/ directors’ report disclose disclose /dis kləυz/ verb to tell some- | | | noun the annual report from the board of thing that was previously unknown to other directors to the shareholders people or secret The bank has no right to disclose details of my account to the tax direct product profitability /dai rekt direct product profitability | office. prɒd kt prɒfitə biliti/ noun an assess- | ment of the net profit generated by a partic- disclosure disclosure /dis kləυ ə/ noun the act of | ular product, which considers costs such as telling something that was previously distribution, warehousing and retailing but unknown to other people or secret The dis- not the original purchase price. Abbrevia- closure of the takeover bid raised the price tion DPP of the shares. direct share ownership /dai rekt ʃeə direct share ownership disclosure of shareholding disclosure of shareholding /dis | | əυnəʃip/ noun the ownership of shares by kləυ ər əv ʃeəhəυldiŋ/ noun the act of private individuals, buying or selling making public the fact that someone owns through brokers, and not via holdings in unit shares in a company trusts discount discount noun / diskaυnt/ 1. the percent- direct tax /dai rekt t ks/ noun a tax that direct tax age by which the seller reduces the full price | is paid directly to the government, e.g. for the buyer to give a discount on bulk income tax, as distinct from a tax such as purchases to sell goods at a discount or VAT that is paid indirectly at a discount price to sell goods below the direct taxation /dai rekt t k seiʃ(ə)n/ direct taxation normal price 10% discount for cash, | | noun the process in which a government 10% cash discount you pay 10% less if you raises revenue in the form of direct taxes pay in cash 2. the amount by which some- The government raises more money by direct thing is sold for less than its value í verb taxation than by indirect. /dis kaυnt/ 1. to reduce prices to increase | dirty float / d ti fləυt/ noun the process dirty float sales 2. to discount bills of exchange to of floating a currency, in which the govern- buy or sell bills of exchange for less than the ment intervenes to regulate the exchange value written on them in order to cash them rate later 3. to react to something which may happen in the future, such as a possible take- disallow / disə laυ/ verb not to accept a disallow | over bid or currency devaluation 4. to calcu- claim for insurance She claimed £2,000 late the value of future income or expendi- for fire damage, but the claim was disal- ture in present value terms lowed. discountable discountable / diskaυntəb(ə)l/ adjec- disallowable / disə laυəb(ə)l/ adjective disallowable | tive possible to discount These bills are not able to be allowed for tax relief The not discountable. use of a car for private travel is a disallow- able expense. Opposite allowable discounted cash flow discounted cash flow / diskaυntid disburse /dis b s/ verb to pay money disburse k ʃ fləυ/ noun the calculation of the fore- | cast return on capital investment by dis- disbursement /dis b smənt/ noun the disbursement | counting future cash flows from the invest- payment of money ment, usually at a rate equivalent to the com- discharge /dis tʃɑ d / noun / distʃɑ d / discharge | pany’s minimum required rate of return. 1. the act of paying a debt in full dis- Abbreviation DCF charge of a debt as full payment of a debt 2. discounted value discounted value / diskaυntid v lju / in discharge of her duties as director while carrying out her duties as director í noun the difference between the face value verb 1. to pay a debt to discharge a bank- of a share and its lower market price
Accounting.fm Page 73 Tuesday, February 13, 2007 1:40 PM 73 distribute discounter / diskaυntə/ noun a person or Inland Revenue by which business expenses discounter paid to an employee are not declared for tax company that discounts bills or invoices, or sells goods at a discount disposable personal income /di disposable personal income | discount for cash / diskaυnt fə k ʃ/ discount for cash spəυzəb(ə)l p s(ə)nəl ink m/ noun the noun same as cash discount income left after tax and National Insurance have been deducted. Also called take-home discount house / diskaυnt haυs/ noun discount house pay a financial company which specialises in discounting bills disposal /di spəυz(ə)l/ noun a sale a disposal | discount rate / diskaυnt reit/ noun the disposal of securities The company has discount rate started a systematic disposal of its property rate charged by a central bank on any loans portfolio. lease or business for disposal a it makes to other banks lease or business for sale discrepancy /di skrepənsi/ noun a lack discrepancy | disposals /di spəυz(ə)lz/ plural noun of agreement between figures in invoices or disposals | accounts assets which have been sold or scrapped discretion /di skreʃ(ə)n/ noun the ability discretion disqualification /dis kwɒlifi keiʃ(ə)n/ disqualification | | | to decide what should be done noun 1. the act of making someone disqual- discretionary account ified to do something 2. a court order which /di discretionary account | skreʃ(ə)n(ə)ri ə kaυnt/ noun a client’s forbids a person from being a director of a | company. A variety of offences, even those account with a stockbroker, where the bro- termed as ‘administrative’, can result in ker invests and sells at his or her own discre- some being disqualified for up to five years. tion without the client needing to give him specific instructions disqualify /dis kwɒlifai/ verb to make a disqualify | discretionary client /di skreʃ(ə)n(ə)ri discretionary client person unqualified to do something, such as | klaiənt/ noun a client whose funds are to be a director of a company managed on a discretionary basis dissolution / disə lu ʃ(ə)n/ noun the dissolution | discretionary cost /di skreʃ(ə)n(ə)ri discretionary cost ending of a partnership | kɒst/ noun a cost that can vary greatly dissolve /di zɒlv/ verb to bring to an end dissolve | within an accounting period and is deter- to dissolve a partnership mined by the appropriate budget holder distrain /di strein/ verb to seize goods to distrain discretionary funds /di skreʃ(ə)n(ə)ri | discretionary funds pay for debts | f ndz/ plural noun funds managed on a dis- distress /di stres/ noun the act of taking distress cretionary basis | someone’s goods to pay for debts discretionary trust /di skreʃ(ə)n(ə)ri discretionary trust | distress merchandise distress merchandise /di stres tr st/ noun a trust where the trustees | m tʃəndais/ noun US goods sold cheaply decide how to invest the income and when to pay a company’s debts and how much income should be paid to the distress sale /di stres seil/ noun a sale distress sale beneficiaries | of goods at low prices to pay a company’s diseconomies of scale /disi kɒnəmiz diseconomies of scale | debts əv skeil/ plural noun a situation where increased production leads to a higher pro- distributable /dis tribjυtəb(ə)l/ adjec- distributable | duction cost per unit or average production tive possible to distribute cost distributable profits /dis tribjυtəb(ə)l distributable profits | disequilibrium / disi kwi libriəm/ noun disequilibrium prɒfits/ plural noun profits which can be | an imbalance in the economy when supply distributed to shareholders as dividends if does not equal demand the directors decide to do so dishonoured cheque /dis ɒnəd tʃek/ dishonoured cheque distributable reserve /di stribjυtb(ə)l distributable reserve | | noun a cheque which the bank will not pay ri z v/ noun a reserve fund that is able to | because there is not enough money in the be distributed to shareholders in the form of account to pay it dividends disinvest / disin vest/ verb to reduce disinvest distribute /di stribju t/ verb 1. to share distribute | | investment by not replacing capital assets out dividends Profits were distributed when they wear out among the shareholders. 2. to send out disinvestment / disin vestmənt/ noun a disinvestment goods from a manufacturer’s warehouse to | reduction in capital assets by not replacing retail shops Smith Ltd distributes for sev- them when they wear out eral smaller companies. All orders are dispensation / dispen seiʃ(ə)n/ noun dispensation distributed from our warehouse near | arrangement between an employer and the Oxford.
Accounting.fm Page 74 Tuesday, February 13, 2007 1:40 PM distributed profits 74 dividend check / dividend tʃek/ noun distributed profits /di stribjυtid distributed profits dividend check | prɒfits/ plural noun profits passed to share- US same as dividend warrant holders in the form of dividends dividend cover / dividend k və/ noun dividend cover the ratio of profits to dividends paid to distribution / distri bju ʃ(ə)n/ noun the distribution | shareholders act of sending goods from the manufacturer to the wholesaler and then to retailers dividend forecast / dividend fɔ kɑ st/ dividend forecast Stock is held in a distribution centre which noun a forecast of the amount of an expected deals with all order processing. Distribu- dividend tion costs have risen sharply over the last 18 dividend growth model / dividend dividend growth model months. She has several years’ experience rəυθ mɒd(ə)l/ noun a financial model that as distribution manager. assesses the value of a company using fig- ‘British distribution companies are poised ures for its current and assumed future divi- to capture a major share of the European dend payments market’ [Management News] dividend mandate / dividend dividend mandate distribution cost / distri bju ʃ(ə)n distribution cost m ndeit/ noun authorisation by a share- | kɒst/, distribution expense / distri holder to the company, to pay his or her div- | bju ʃ(ə)n ik spens/, distribution over- idends directly into a bank account | head / distri bju ʃ(ə)n əυvəhed/ noun dividend payout / dividend peiaυt/ dividend payout | expenditure involved in warehousing, pack- noun money paid as dividends to sharehold- ing and sending products for sale ers distribution network / distri bju ʃ(ə)n distribution network dividend per share / dividend pə ʃeə/ dividend per share | netw k/ noun a series of points or small noun an amount of money paid as dividend warehouses from which goods are sent all for each share held over a country dividend warrant / dividend wɒrənt/ dividend warrant distribution of income distribution of income noun a cheque which makes payment of a / distribju ʃ(ə)n əv ink m/ noun the pay- dividend (NOTE: The US term is dividend ment of dividends to shareholders check.) distributor /di stribjυtə/ noun a com- distributor dividend yield / dividend ji ld/ noun a dividend yield | pany which sells goods for another company dividend expressed as a percentage of the which makes them current market price of a share dividend yield basis / dividend ji ld distributorship /di stribjυtəʃip/ noun distributorship dividend yield basis | beisis/ noun a method of valuing shares in the position of being a distributor for a com- a company, by which the dividend per share pany is divided by the expected dividend yield District Bank / distrikt b ŋk/ noun one District Bank divisional headquarters /di vi (ə)nəl divisional headquarters of the 12 US banks that make up the Federal | hed kwɔ təz/ plural noun the main office of Reserve System. Each District Bank is | a division of a company responsible for all banking activity in its area. divisor /di vaizə/ noun a number divided divisor | into another number diversification /dai v sifi keiʃ(ə)n/ diversification | | document / dɒkjυmənt/ noun a paper, noun the process in which a company begins document to engage in a new and different type of busi- especially an official paper, with written ness information on it He left a file of docu- ments in the taxi. She asked to see the doc- diversify /dai v sifai/ verb 1. to add new diversify | uments relating to the case. types of business to existing ones The documentary / dɒkjυ ment(ə)ri/ adjec- documentary company is planning to diversify into new | tive in the form of documents documen- products. 2. to invest in different types of tary evidence shares or savings so as to spread the risk of loss documentary credit / dɒkjυment(ə)ri documentary credit kredit/ noun a credit document used in divestiture /dai vestitʃə/ noun the sale divestiture | export trade, when a bank issues a letter of of an asset credit against shipping documents dividend / dividend/ noun 1. a percent- dividend documentation / dɒkjυmen teiʃ(ə)n/ documentation age of profits paid to shareholders to raise | noun all the documents referring to some- or increase the dividend to pay out a higher thing Please send me the complete docu- dividend than in the previous year to omit mentation concerning the sale. or pass the dividend to pay no dividend 2. dollar / dɒlə/ noun a unit of currency used a number or quantity that is to be divided by dollar another number or quantity in the US and other countries such as Aus-
Accounting.fm Page 75 Tuesday, February 13, 2007 1:40 PM 75 draft tralia, Bahamas, Barbados, Bermuda, Bru- tion is accounted for on both the credit and nei, Canada, Fiji, Hong Kong, Jamaica, New debit side of an account Zealand, Singapore and Zimbabwe The double taxation / d b(ə)l t k seiʃ(ə)n/ double taxation | US dollar rose 2%. They sent a cheque for noun the act of taxing the same income fifty Canadian dollars. It costs six Austral- twice ian dollars. double taxation agreement / d b(ə)l double taxation agreement dollar area / dɒlər eəriə/ noun an area of dollar area t k seiʃ(ə)n ə ri mənt/, double taxa- | | tion treaty / d b(ə)l t k seiʃ(ə)n tri ti/ the world where the US dollar is the main | trading currency noun an agreement between two countries that a person living in one country shall not dollar balances / dɒlə b lənsiz/ plural dollar balances be taxed in both countries on the income noun a country’s trade balances expressed in earned in the other country US dollars double taxation relief / d b(ə)l t k double taxation relief dollar-cost averaging / dɒlər kɒst dollar-cost averaging | seiʃ(ə)n ri li f/ noun a reduction of tax v(ə)rid iŋ/ noun pound-cost averag- | payable in one country by the amount of tax ing on income, profits or capital gains already dollar crisis / dɒlə kraisis/ noun a fall in dollar crisis paid in another country the exchange rate for the US dollar doubtful / daυtf(ə)l/ adjective doubtful doubtful dollar gap / dɒlə p/ noun a situation dollar gap debt a debt which may never be paid where the supply of US dollars is not enough doubtful loan a loan which may never be to satisfy the demand for them from over- repaid seas buyers doubtful debt provision / daυtf(ə)l doubtful debt provision dollar millionaire / dɒlə miljə neə/ dollar millionaire det prə vi (ə)n/ noun bad debt provi- | | noun a person who has more than one mil- sion lion dollars doubtful loan / daυtf(ə)l ləυn/ noun a doubtful loan dollar stocks / dɒlə stɒks/ plural noun dollar stocks loan which may never be repaid shares in US companies downgrade / daυn reid/ verb 1. to downgrade domestic production /də mestik prə domestic production reduce the status of an employee or position | | d kʃən/ noun the production of goods for The post was downgraded in the company use in the home country reorganisation. 2. to revise an earlier assess- ment of a company’s future financial posi- domicile / dɒmisail/ noun the country domicile tion, or of the return on an investment, to where someone lives or where a company’s give a less favourable likely outcome office is registered í verb she is domi- down payment / daυn peimənt/ noun ciled in Denmark she lives in Denmark down payment officially part of a total payment made in advance We made a down payment of $100. donation /dəυ neiʃ(ə)n/ noun a gift, espe- donation | downside factor / daυnsaid f ktə/, downside factor cially to a charity downside potential / daυnsaid pə donee / dəυ ni / noun a person who donee | | tenʃ(ə)l/ noun the possibility of making a receives a gift from a donor loss in an investment donor / dəυnə/ noun a person who gives, donor downside risk / daυnsaid risk/ noun the downside risk especially someone who gives money risk that an investment will fall in value. dormant / dɔ mənt/ adjective no longer dormant Opposite upside potential active or no longer operating down time / daυn taim/ noun the time down time dormant account / dɔ mənt ə kaυnt/ dormant account when a machine is not working or not avail- | noun a bank account which is no longer used able because it is broken or being mended dormant company / dɔ mənt dormant company downturn / daυnt n/ noun a downward downturn k mp(ə)ni/ noun company which has not trend in sales or profits a downturn in the made any transactions during an accounting market price The last quarter saw a down- period turn in the economy. dot.com / dɒt kɒm/, dot-com / dɒt dot.com DPP abbreviation direct profit profitability DPP kɒm/ noun a business that markets its prod- draft /drɑ ft/ noun 1. an order for money to draft ucts through the Internet, rather than by be paid by a bank We asked for payment by using traditional marketing channels banker’s draft. 2. a first rough plan or docu- double-entry bookkeeping / d b(ə)l double-entry bookkeeping ment which has not been finished The entri bυkki piŋ/ noun the most com- finance depart A draft of the contract or monly used system of bookkeeping, based The draft contract is waiting for the MD’s on the principle that every financial transac- comments. He drew up the draft agree-
Accounting.fm Page 76 Tuesday, February 13, 2007 1:40 PM drafting 76 ment on the back of an envelope. í verb to cent in urban areas during the period under review’ [Business Times (Lagos)] make a first rough plan of a document to draft a letter to draft a contract The ‘…corporate profits for the first quarter contract is still being drafted or is still in the showed a 4 per cent drop from last year’s final three months’ [Financial Times] drafting stage. drafting / drɑ ftiŋ/ noun an act of prepar- ‘…since last summer American interest drafting rates have dropped by between three and ing the draft of a document The drafting of four percentage points’ [Sunday Times] the contract took six weeks. droplock bond / drɒplɒk bɒnd/ noun a droplock bond drain /drein/ noun a gradual loss of money drain floating rate bond which will convert to a flowing away The costs of the London fixed rate of interest if interest rates fall to office are a continual drain on our resources. í verb to remove something some level. debt-convertible bond gradually The expansion plan has drained dry goods / drai υdz/ plural noun cloth, dry goods all our profits. The company’s capital clothes and household goods resources have drained away. DTI abbreviation Department of Trade and DTI draw /drɔ / verb 1. to take money away draw Industry to draw money out of an account 2. to write dual currency bond / dju əl k rənsi dual currency bond a cheque She paid the invoice with a bɒnd/ noun a bond which is paid for in one cheque drawn on an Egyptian bank. (NOTE: currency but which is repayable in another drawing – drew – has drawn) on redemption draw up phrasal verb to write a legal docu- dual listing / dju əl listiŋ/ noun the list- dual listing ment to draw up a contract or an agree- ing of a share on two stock exchanges ment to draw up a company’s articles of dual pricing / dju əl praisiŋ/ noun the dual pricing association practice of setting different prices for a drawback / drɔ b k/ noun 1. something drawback given product in the different market in which is not convenient or which is likely to which it is sold cause problems One of the main draw- dual resident / dju əl rezid(ə)nt/ noun dual resident backs of the scheme is that it will take six a person who is legally resident in two coun- years to complete. 2. a rebate on customs tries duty for imported goods when these are then dud /d d/ noun, adjective referring to a dud used in producing exports coin or banknote that is false or not good, or drawdown / drɔ daυn/ noun the act of drawdown something that does not do what it is sup- drawing money which is available under a posed to do (informal ) The £50 note was a credit agreement dud. drawee /drɔ i / noun the person or bank drawee | dud cheque / d d tʃek/ noun a cheque dud cheque asked to make a payment by a drawer which cannot be cashed because the person drawer / drɔ ə/ noun the person who drawer writing it does not have enough money in the writes a cheque or a bill asking a drawee to account to pay it pay money to a payee due /dju / adjective owed a sum due from due drawing account / drɔ iŋ ə kaυnt/ drawing account | a debtor to fall or become due to be ready noun a current account, or any account from for payment which the customer may take money when ‘…many expect the US economic indica- he or she wants tors for April, due out this Thursday, to drawings / drɔ iŋz/ plural noun money or drawings show faster economic growth’ [Australian trading stock taken by a partner from a part- Financial Review] nership, or by a sole trader from his or her due date / dju deit/ noun the date on due date business which a debt is required to be paid drawings account / drɔ iŋz ə kaυnt/ drawings account | due diligence / dju dilid əns/ noun due diligence noun an account showing amounts drawn by the examination of a company’s accounts partners in a partnership prior to a potential takeover by another drop /drɒp/ noun a fall a drop in sales drop organisation. This assessment is often Sales show a drop of 10%. The drop in undertaken by an independent third party. prices resulted in no significant increase in dues /dju z/ plural noun orders taken but dues sales. í verb to fall Sales have dropped by not supplied until new stock arrives 10% or have dropped 10%. The pound dropped three points against the dollar. dumping / d mpiŋ/ noun the act of get- dumping ting rid of excess goods cheaply in an over- ‘…while unemployment dropped by 1.6 seas market The government has passed per cent in the rural areas, it rose by 1.9 per
Accounting.fm Page 77 Tuesday, February 13, 2007 1:40 PM 77 duty-paid goods worth of European goods’ [Globe and anti-dumping legislation. Dumping of Mail (Toronto)] goods on the European market is banned. Dun & Bradstreet / d n ən br dstri t/ Dun & Bradstreet ‘…the Department of Customs and Excise noun an organisation which produces collected a total of N79m under the new reports on the financial rating of companies, advance duty payment scheme’ [Business and also acts as a debt collection agency. Times (Lagos)] Abbreviation D&B duty-free duty-free / dju ti fri / adjective, adverb duty / dju ti/ noun a tax that has to be paid duty sold with no duty to be paid She bought Traders are asking the government to take duty-free perfume at the airport. He the duty off alcohol or to put a duty on ciga- bought the watch duty-free. rettes. duty-paid goods duty-paid goods / dju ti peid υdz/ ‘Canadian and European negotiators plural noun goods where the duty has been agreed to a deal under which Canada could paid lower its import duties on $150 million
Accounting.fm Page 78 Tuesday, February 13, 2007 1:40 PM E culation is based on average earnings over e- /i / prefix referring to electronics or the e- three years. 2. the profit made by a company Internet ‘…the US now accounts for more than half EAA abbreviation European Accounting EAA of our world-wide sales. It has made a Association huge contribution to our earnings turna- e. & o.e. abbreviation errors and omissions e. & o.e. round’ [Duns Business Month] excepted ‘…last fiscal year the chain reported a early withdrawal / li wið drɔ əl/ noun early withdrawal 116% jump in earnings, to $6.4 million or | the act of withdrawing money from a deposit $1.10 a share’ [Barrons] account before the due date Early with- earnings before interest, taxes, earnings before interest, taxes, depreciation and amortisation drawal usually incurs a penalty. depreciation and amortisation earmark earmark / iəmɑ k/ verb to reserve for a / niŋz bi fɔ intrəst t ksiz di | | pri ʃieiʃ(ə)n ənd ə mɔ tai zeiʃ(ə)n/ plu- special purpose to earmark funds for a | | project The grant is earmarked for com- ral noun the earnings generated by a busi- ness’s fundamental operating performance, puter systems development. frequently used in accounting ratios for earn earn / n/ verb 1. to be paid money for comparison with other companies. Interest working to earn £100 a week How much on borrowings, tax payable on those profits, do you earn in your new job? 2. to produce depreciation, and amortisation are excluded interest or dividends a building society on the basis that they can distort the under- account which earns interest at 10% What lying performance. Abbreviation EBITDA level of dividend do these shares earn? earnings before interest and tax earnings before interest and tax earned income / nd ink m/ noun earned income / niŋz bi fɔ intrəst ən t ks/ noun the income from wages, salaries, pensions, fees, | amount earned by a business before deduc- rental income, etc., as opposed to ‘unearned’ tions are made for tax and interest payments. income from investments Abbreviation EBIT earnest earnest / nist/ noun money paid as an earnings cap / niŋz k p/ noun the earnings cap initial payment by a buyer to a seller, to upper limit on the amount of salary that can show commitment to the contract of sale be taken into account when calculating pen- earning capacity earning capacity / niŋ kə p siti/, sions | earning power / niŋ paυə/ noun the earnings growth / niŋz rəυθ/ noun earnings growth amount of money someone should be able to an increase in profit per share earn earnings performance / niŋz pə earnings performance | earning potential / niŋ pə tenʃəl/ earning potential fɔ məns/ noun a way in which shares earn | noun 1. the amount of money a person dividends should be able to earn in his or her profes- earnings per share / niŋz pə ʃeə/ earnings per share sional capacity 2. the amount of dividend plural noun the money earned in dividends which a share is capable of earning per share, shown as a percentage of the mar- earning power earning power / niŋ paυə/ noun the ket price of one share. Abbreviation EPS amount of money someone should be able to earnings-related contributions earnings-related contributions earn She is such a fine designer that her / niŋz ri leitid kɒntri bju ʃ(ə)nz/ plu- | | earning power is very large. ral noun contributions to social security which rise as the employee’s earnings rise earnings earnings / niŋz/ plural noun 1. salary, earnings-related pension / niŋz ri wages, dividends or interest received High earnings-related pension | leitid penʃən/ noun a pension which is earnings in top management reflect the heavy responsibilities involved. The cal- linked to the size of a person’s salary
Accounting.fm Page 79 Tuesday, February 13, 2007 1:40 PM 79 economic model econometrics /i kɒnə metriks/ noun earnings surprises / niŋz sə praiziz/ earnings surprises econometrics | | | the study of the statistics of economics, plural noun an announced income level for a using computers to analyse these statistics company that is significantly higher or lower and make forecasts using mathematical than that forecast by analysts models earnings yield / niŋz ji ld/ noun the earnings yield economic / i kə nɒmik/ adjective 1. pro- economic money earned in dividends per share as a | viding enough money to make a profit The percentage of the current market price of the flat is let at an economic rent. It is hardly share economic for the company to run its own ease /i z/ verb to fall a little The share ease warehouse. 2. referring to the financial state index eased slightly today. of a country economic trends Economic easy market / i zi mɑ kit/ noun a mar- easy market planners are expecting a consumer-led ket where few people are buying, so prices boom. The economic situation is getting are lower than they were before worse. The country’s economic system easy money / i zi m ni/ noun 1. money easy money needs more regulation. which can be earned with no difficulty 2. a ‘…each of the major issues on the agenda loan available on easy repayment terms at this week’s meeting is important to the easy money policy / i zi m ni pɒlisi/ easy money policy government’s success in overall economic noun a government policy of expanding the management’ [Australian Financial economy by making money more easily Review] available, e.g. through lower interest rates economical / i kə nɒmik(ə)l/ adjective economical | and easy access to credit saving money or materials or being less easy terms / i zi t mz/ plural noun easy terms expensive This car is very economical. financial terms which are not difficult to an economical use of resources the fact of accept The shop is let on very easy terms. using resources as carefully as possible EBIT / i bit/ abbreviation earnings before Economic and Monetary Union EBIT Economic and Monetary Union / i kənɒmik ən m nit(ə)ri ju njən/ noun interest and tax same as European Monetary Union EBITDA / i bit dɑ / abbreviation earnings EBITDA | economic crisis / i kənɒmik kraisis/, economic crisis before interest, taxes, depreciation and economic depression / i kənɒmik di amortisation | preʃ(ə)n/ noun a situation where a country EBRD abbreviation European Bank for EBRD is in financial collapse The government Reconstruction and Development has introduced import controls to solve the e-business / i biznis/ noun a general e-business current economic crisis. term that refers to any type of business activ- economic cycle / i kənɒmik saik(ə)l/ economic cycle ity on the Internet, including marketing, noun a period during which trade expands, branding and research E-business is a ris- then slows down and then expands again ing part of the economy. economic development / i kənɒmik economic development ‘…the enormous potential of e-business is di veləpmənt/ noun improvements in the that it can automate the link between sup- | living standards and wealth of the citizens of pliers and customers’ [Investors Chroni- a country The government has offered tax cle] incentives to speed up the economic devel- ECB abbreviation European Central Bank ECB opment of the region. Economic develop- ECGD abbreviation Export Credit Guaran- ECGD ment has been relatively slow in the north, tee Department compared with the rest of the country. e-commerce / i kɒm s/ noun a general e-commerce economic forecaster / i kənɒmik economic forecaster term that is usually used to refer to the proc- fɔ kɑ stə/ noun a person who says how he ess of buying and selling goods over the or she thinks a country’s economy will per- Internet form in the future ‘…the problem is that if e-commerce takes economic growth / i kənɒmik rəυθ/ economic growth just a 3 per cent slice of the market that noun the rate at which a country’s national would be enough to reduce margins to rib- income grows bons’ [Investors Chronicle] economic life / i kənɒmik laif/ noun economic life ‘…the new economy requires new com- the extent of trade and manufacturing in a pany structures. He believes that other country, regarded as a measure of its relative blue-chip organizations are going to find prosperity that new set-ups would be needed to attract economic model / i kənɒmik mɒd(ə)l/ economic model and retain the best talent for e-commerce’ noun a computerised plan of a country’s [Times]
Accounting.fm Page 80 Tuesday, February 13, 2007 1:40 PM economic order quantity 80 economic system, used for forecasting eco- introduce economies or economy meas- nomic trends ures into the system to start using methods to save money or materials 2. the financial economic order quantity / i kənɒmik economic order quantity state of a country, or the way in which a ɔ də kwɒntiti/ noun the quantity of stocks country makes and uses its money The which a company should hold, calculated on country’s economy is in ruins. the basis of the costs of warehousing, of lower unit costs because of higher quantities economy drive /i kɒnəmi draiv/ noun a economy drive | purchased, the rate at which stocks are used, vigorous effort to save money or materials and the time it takes for suppliers to deliver ECP abbreviation Eurocommercial paper ECP new orders. Abbreviation EOQ ecu / ekju /, ECU abbreviation European ecu economic planning / i kənɒmik economic planning Currency Unit pl niŋ/ noun plans made by a government ED abbreviation exposure draft ED for the future financial state of a country EDI abbreviation electronic data inter- EDI economics / i kə nɒmiks/ noun the economics | change study of the production, distribution, selling and use of goods and services í plural noun EEA abbreviation European Economic EEA the study of financial structures to show how Area a product or service is costed and what effect /i fekt/ noun 1. a result The effect effect | returns it produces I do not understand the of the pay increase was to raise productivity economics of the coal industry. (NOTE: [all levels. 2. an operation terms of a contract senses] takes a singular verb) which take effect or come into effect from economic sanctions / i kənɒmik economic sanctions January 1st terms which start to operate on s ŋkʃ(ə)nz/ plural noun restrictions on January 1st 3. meaning a clause to the trade that foreign governments impose with effect that a clause which means that í verb the aim of influencing the political situation to carry out of a country to impose economic sanctions effective /i fektiv/ adjective 1. actual, as effective | on a country opposed to theoretical 2. a clause effec- economic stagnation / i kənɒmik economic stagnation tive as from January 1st a clause which st neiʃ(ə)n/ noun a lack of expansion in starts to be applied on January 1st 3. produc- | the economy ing results Advertising in the Sunday economic value added / i kənɒmik economic value added papers is the most effective way of selling. v lju did/ noun a way of judging finan- She is an effective marketing manager. cial performance by measuring the amount cost-effective by which the earnings of a project, an oper- effective annual rate /i fektiv njuəl effective annual rate | ation or a company exceed or fall short of reit/ noun the average interest rate paid on the total amount of capital that was origi- a deposit for a period of a year. It is the total nally invested by its owners. Abbreviation interest received over 12 months expressed EVA as a percentage of the principal at the begin- economies of scale /i kɒnəmiz əv economies of scale ning of the period. | skeil/ plural noun the cost advantages of a effective date /i fektiv deit/ noun the effective date | company producing a product in larger date on which a rule or contract starts to be quantities so that each unit costs less to applied, or on which a transaction takes make. Compare diseconomies of scale place economies of scope /i kɒnəmiz əv economies of scope effective demand /i fektiv di mɑ nd/ effective demand | skəυp/ plural noun the cost advantages of a | | noun demand for a product made by individ- company producing a number of products or uals and institutions with sufficient wealth engaging in a number of profitable activities pay for it that use the same technology effective exchange rate /i fektiv iks effective exchange rate economist /i kɒnəmist/ noun a person economist | | | tʃeind reit/ noun a rate of exchange for a who specialises in the study of economics currency calculated against a basket of cur- Government economists are forecasting a rencies growth rate of 3% next year. An agricul- effective price /i fektiv prais/ noun a effective price tural economist studies the economics of the | share price which has been adjusted to allow agriculture industry. for a rights issue economy /i kɒnəmi/ noun 1. an action economy | effective rate /i fektiv reit/ noun the effective rate which is intended to stop money or materials | from being wasted, or the quality of being real interest rate on a loan or deposit, i.e., the careful not to waste money or materials to APR
Accounting.fm Page 81 Tuesday, February 13, 2007 1:40 PM 81 embargo effective tax rate /i fektiv t ks reit/ standard format used when business docu- effective tax rate | ments such as invoices and purchase orders noun the average tax rate applicable to a are exchanged over electronic networks given transaction, whether it is income from such as the Internet. Abbreviation EDI work undertaken, the sale of an asset, or a gift, taking into account personal allowances electronic funds transfer / elektrɒnik electronic funds transfer and scales of tax. It is the amount of money f ndz tr nsf / noun the system used by generated by the transaction divided by the banking organisations for the movement of additional tax payable because of it. funds between accounts and for the provi- effective yield /i fektiv ji ld/ noun effective yield sion of services to the customer. Abbrevia- | actual yield shown as a percentage of the tion EFT price paid after adjustments have been made electronic funds transfer at point of electronic funds transfer at point of sale efficiency ratio /i fiʃ(ə)nsi reiʃiəυ/ efficiency ratio sale / elektrɒnik f ndz tr nsf ət | noun a measure of the efficiency of a busi- pɔint əv seil/ noun the payment for goods ness, expressed as expenditure divided by or services by a bank customer using a card revenue that is swiped through an electronic reader on the till, thereby transferring the cash from efficiency variance /i fiʃ(ə)nsi efficiency variance | the customer’s account to the retailer’s or veəriəns/ noun the discrepancy between service provider’s account. Abbreviation the actual cost of making a product and the EFTPOS standard cost Electronic Lodgement Service Electronic Lodgement Service Efficient Market Hypothesis /i Efficient Market Hypothesis | / elektrɒnik lɒd mənt s vis/ noun a fiʃ(ə)nt mɑ kit hai pɒθəsis/, Efficient | British system for filing your tax return elec- Markets Hypothesis /i fiʃ(ə)nt mɑ kits | tronically. Abbreviation ELS hai pɒθəsis/ noun the hypothesis that all | relevant information is immediately electronic point of sale / elektrɒnik electronic point of sale reflected in the price of a security. Abbrevi- pɔint əv seil/ noun a system where sales ation EMH are charged automatically to a customer’s EFT abbreviation electronic funds transfer credit card and stock is controlled by the EFT shop’s computer. Abbreviation EPOS EFTA abbreviation European Free Trade EFTA electronic version of the tax return Association electronic version of the tax return / elektrɒnik v ʃ(ə)n əv ðə t ks ri t n/ EFTPOS / eftpɒz/ abbreviation electronic EFTPOS | noun a method of making an individual’s tax funds transfer at point of sale return using email. Abbreviation EVR EIB abbreviation European Investment EIB ELS abbreviation Electronic Lodgement ELS Bank Service eighty/twenty law / eiti twenti ru l/, eighty/twenty law email / i meil/, e-mail noun 1. a system of email 80/20 law noun the rule that a small percent- sending messages from one computer termi- age of customers may account for a large nal to another, using a modem and telephone percentage of sales. Pareto’s Law lines You can contact me by phone or EIS abbreviation Enterprise Investment EIS email if you want. 2. a message sent elec- Scheme tronically I had six emails from him today. elastic /i l stik/ adjective able to expand elastic | í verb to send a message from one compu- or contract easily because of small changes ter to another, using a modem and telephone in price lines She emailed her order to the ware- elasticity / il stisiti/ noun the ability to elasticity house. I emailed him about the meeting. | change easily in response to a change in cir- embargo /im bɑ əυ/ noun 1. a govern- embargo cumstances | ment order which stops a type of trade to eldercare / eldəkeə/ noun assurance serv- eldercare impose or put an embargo on trade with a ices sold to elderly people and their families country to say that trade with a country -elect /ilekt/ suffix referring to a person -elect must not take place The government has who has been elected but has not yet started put an embargo on the export of computer the term of office equipment. 2. a period of time during which electronic banking / elektrɒnik electronic banking specific information in a press release must b ŋkiŋ/ noun the use of computers to not be published (NOTE: The plural is carry out banking transactions such as with- embargoes.) í verb 1. to stop trade, or not drawals through cash dispensers or transfer to allow something to be traded The gov- of funds at point of sale ernment has embargoed trade with coun- electronic data interchange electronic data interchange tries that are in breach of international / elektrɒnik deitə intətʃeind / noun a agreements. 2. not to allow publication of
Accounting.fm Page 82 Tuesday, February 13, 2007 1:40 PM embezzle 82 employment contract /im plɔimənt information for a period of time The news employment contract | kɒntr kt/ noun same as contract of of the merger has been embargoed until next Wednesday. employment embezzle /im bez(ə)l/ verb to use ille- employment income /im plɔimənt embezzle employment income | | ink m/ noun money received from an gally money which is not yours, or which you are looking after for someone He was employer, e.g. salary, fees, commission, sent to prison for six months for embezzling bonus, fringe benefits his clients’ money. EMS abbreviation European Monetary Sys- EMS embezzlement /im bez(ə)lmənt/ noun embezzlement tem | the act of embezzling He was sent to EMU abbreviation 1. Economic and Mone- EMU prison for six months for embezzlement. tary Union 2. European Monetary Union embezzler /im bez(ə)lə/ noun a person embezzler encash /in k ʃ/ verb to cash a cheque, to encash | | who embezzles exchange a cheque for cash EMH abbreviation Efficient Market EMH encashable /in k ʃəb(ə)l/ adjective pos- encashable | Hypothesis sible to cash emoluments /i mɒljυmənts/ plural noun emoluments encashment /in k ʃmənt/ noun an act encashment | | pay, salary or fees, or the earnings of direc- of exchanging something for cash tors who are not employees (NOTE: US Eng- encumbrance /in k mbrəns/ noun a lia- encumbrance | lish uses the singular emolument.) bility which is attached usually to a property employed /im plɔid/ adjective 1. in regu- employed or land, e.g. a mortgage or charge | lar paid work 2. referring to money used endorse /in dɔ s/ verb to say that a prod- endorse profitably í plural noun people who are | uct is good to endorse a bill or a cheque working the employers and the employed to sign a bill or cheque on the back to show employee /im plɔii / noun a person employee that you accept it | employed by another Employees of the endorsee / endɔ si / noun a person endorsee | firm are eligible to join a profit-sharing whose name is written on a bill or cheque as scheme. Relations between management having the right to cash it and employees are good. The company endorsement /in dɔ smənt/ noun 1. the endorsement has decided to take on new employees. | act of endorsing 2. a signature on a docu- ‘…companies introducing robotics think it ment which endorses it 3. a note on an insur- important to involve individual employees ance policy which adds conditions to the in planning their introduction’ [Econo- policy mist] endorser /in dɔ sə/ noun a person who endorser employee contribution /im plɔii employee contribution | | endorses a bill or cheque which is then paid kɒntri bju ʃ(ə)n/ noun a contribution paid | to him or her by an employee towards his or her pension endowment /in daυmənt/ noun the act endowment employee share ownership plan /im employee share ownership plan | | of giving money to provide a regular income plɔii ʃeər əυnəʃip pl n/, employee endowment assurance /in daυmənt ə endowment assurance share ownership programme /im plɔii | | | ʃυərəns/, endowment insurance /in ʃeər əυnəʃip prəυ r m/, employee | daυmənt in ʃυərəns/ noun an insurance share scheme /im plɔii ʃeə ski m/ | | policy where a sum of money is paid to the noun a plan which allows employees to insured person on a specific date or to his obtain shares in the company for which they heirs if he dies before that date work, though tax may be payable if the endowment mortgage /in daυmənt endowment mortgage shares are sold to employees at a price which | mɔ id / noun a mortgage in which the ini- is lower than the current market price. tial sum borrowed is repaid at the end of the Abbreviation ESOP loan term by the proceeds of an insurance employer /im plɔiə/ noun a person or employer | policy linked to it company that has regular employees and endowment policy /in daυmənt endowment policy pays them | pɒlisi/ noun same as endowment assur- employer’s contribution /im plɔiəz employer’s contribution | ance kɒntri bju ʃ(ə)n/ noun money paid by an | end product / end prɒd kt/ noun a end product employer towards an employee’s pension manufactured product resulting from a pro- employers’ liability insurance /im employers’ liability insurance | duction process plɔiəz laiə biliti in ʃυərəns/ noun insur- | | energy costs / enəd i kɒsts/ plural noun ance to cover accidents which may happen energy costs at work, and for which the company may be costs of gas, electricity, etc., as shown in responsible accounts
Accounting.fm Page 83 Tuesday, February 13, 2007 1:40 PM 83 equally entity / entiti/ noun a single separate body enforce /in fɔ s/ verb to make sure some- enforce entity | or organisation thing is done or that a rule is obeyed to enforce the terms of a contract entity accounting / entiti ə kaυntiŋ/ entity accounting | enforcement /in fɔ smənt/ noun the act enforcement noun a form of accounting in which | accounts are prepared for an entity which is of making sure that something is obeyed smaller than or distinct from a company, e.g. enforcement of the terms of a contract for a branch or a particular activity engagement /in eid mənt/ noun an engagement | entrepreneur / ɒntrəprə n / noun a entrepreneur agreement to do something | person who is willing to take commercial engagement letter /in eid mənt engagement letter | risks by starting or financing commercial letə/ noun a letter, usually required by pro- enterprises fessional standards, sent by an accountant to entrepreneurial / ɒntrəprə n riəl/ entrepreneurial a client setting out the work the accountant | adjective taking commercial risks an is to do and further administrative matters, entrepreneurial decision such as any limit on the accountant’s liabil- ity entry / entri/ noun 1. an item of written entry information put in an accounts ledger (NOTE: entail /in teil/ noun a legal condition entail | The plural is entries.) 2. an act of going in which passes ownership of a property only or the place where you can go in to pass a to some specific persons customs entry point entry of goods under enterprise / entəpraiz/ noun 1. a system enterprise bond of carrying on a business 2. a business entry price / entri prais/ noun the entry price enterprise accounting / entəpraiz ə enterprise accounting | replacement cost of an asset recorded in an kaυntiŋ/ noun accounts prepared for the account whole of a business, not merely for a depart- entry value / entri v lju / noun replace- entry value ment or other subdivisions ment cost, the cost of replacing an asset Enterprise Investment Scheme Enterprise Investment Scheme already bought or a service already received / entəpraiz in vestmənt ski m/ noun a | and accounted for scheme which provides income and capital environmental accounting /in environmental accounting gains tax relief for people prepared to risk | vairənment(ə)l ə kaυntiŋ/ noun the prac- investing in a single unquoted or AIM-listed | tice of including the indirect costs and bene- trading company. Abbreviation EIS fits of a product or activity, e.g. its environ- enterprise resource planning enterprise resource planning mental effects on health and the economy, / entəpraiz ri zɔ s pl niŋ/ noun a sophis- | along with its direct costs when making ticated computerised management system business decisions that connects multiple business operations, environmental reporting /in vairən environmental reporting e.g. personnel, the financial accounting sys- | | ment(ə)l ri pɔ tiŋ/ noun the process in tem, production and distribution, and can | which a UK company reports on its use of also connect the business with its suppliers resources and its generation and disposal of and customers. Abbreviation ERP waste to the Department for Environment, enterprise zone / entəpraiz zəυn/ noun enterprise zone Food and Rural Affairs an area of the country where businesses are EOQ abbreviation economic order quantity EOQ encouraged to develop by offering special epos / i pɒs/, EPOS, EPoS abbreviation conditions such as easy planning permission epos for buildings or a reduction in the business electronic point of sale rate EPS abbreviation earnings per share EPS entertainment allowance / entə entertainment allowance equal / i kwəl/ adjective exactly the same equal | teinmənt ə laυəns/ noun an amount of Male and female employees have equal | money set aside by a company for entertain- pay. í verb to be the same as Production ing clients and visitors this month has equalled our best month ever. entertainment expenses / entə entertainment expenses (NOTE: equalling – equalled. The US spell- | teinmənt ik spensiz/ plural noun money ing is equaling – equaled.) | spent on giving meals to business visitors equalise / i kwəlaiz/, equalize verb to equalise entitle /in tait(ə)l/ verb to give the right to entitle make equal to equalise dividends | someone to have something After one equally / i kwəli/ adverb so that each has equally year’s service the employee is entitled to or pays the same, or to the same degree four weeks’ holiday. Costs will be shared equally between the two entitlement /in tait(ə)lmənt/ noun a per- entitlement parties. They were both equally responsi- | son’s right to something ble for the disastrous launch.
Accounting.fm Page 84 Tuesday, February 13, 2007 1:40 PM equate 84 future earnings (NOTE: The UK term is equate /i kweit/ verb to reduce to a stand- equate | equity sweetener.) ard value equity share capital / ekwiti ʃeə equity share capital equation /i kwei (ə)n/ noun a set of equation | k pit(ə)l/ noun a company’s issued share mathematical rules applied to solve a prob- capital less capital which carries preferential lem The basic accounting equation is that rights. Equity share capital normally com- assets equal liabilities plus equity. prises ordinary shares. equilibrium / i kwi libriəm/ noun the equilibrium | equity sweetener / ekwiti swi t(ə)nə/ equity sweetener state of balance in the economy where sup- noun an incentive to encourage people to ply equals demand or a country’s balance of lend a company money, in the form of a war- payments is neither in deficit nor in excess rant giving the right to buy shares at a later equities / ekwitiz/ plural noun ordinary equities date and at an agreed price shares equivalence /i kwivələns/ noun the con- equivalence ‘…in the past three years commercial | dition of having the same value or of being property has seriously underperformed the same equities and dropped out of favour as a equivalent /i kwivələnt/ noun a person equivalent result’ [Investors Chronicle] | who is the equal of someone else equity / ekwiti/ noun 1. the right to equity equivalent production /i kwivələnt equivalent production receive dividends from the profit of a com- | prə d kʃən/ noun a way of measuring units pany in which shares are owned 2. the value | produced by a company that combines parts of a company that is the property of its of units produced into whole-unit equiva- shareholders, calculated as the value of the lents company’s assets minus the value of its lia- equivalent taxable yield /i kwivələnt equivalent taxable yield bilities, not including the ordinary share | t ksəb(ə)l ji ld/ noun the level of taxable capital 3. the value of an asset minus any investment required to provide the same loans outstanding on it 4. a fair system of return as some other form of investment laws, the system of British law which devel- oped in parallel with the common law to equivalent unit /i kwivələnt ju nit/ equivalent unit | make the common law fairer, summarised in noun a unit of unfinished production calcu- the maxim ‘equity does not suffer a wrong to lated for valuation purposes when work be without a remedy’ started during the period is not finished at the end of the period, or when work started equity accounting / ekwiti ə kaυntiŋ/ equity accounting | during the previous period is finished during noun a method of accounting which puts the current period part of the profits of a subsidiary into the parent company’s books ERP abbreviation enterprise resource plan- ERP ning equity capital / ekwiti k pit(ə)l/ noun equity capital errors and omissions excepted the nominal value of the shares owned by the errors and omissions excepted ordinary shareholders of a company (NOTE: / erəz ənd əυ miʃ(ə)nz ik septid/ phrase | | Preference shares are not equity capital. If words written on an invoice to show that the the company were wound up, none of the company has no responsibility for mistakes equity capital would be distributed to prefer- in the invoice. Abbreviation e. & o.e. ence shareholders.) ESC abbreviation European Social Charter ESC equity dividend cover / ekwiti equity dividend cover escalate / eskəleit/ verb to increase stead- escalate dividend k və/ noun an accounting ratio, ily calculated by dividing the distributable prof- escalator clause / eskəleitə klɔ z/, escalator clause its during a given period by the actual divi- escalation clause noun a clause in a con- dend paid in that period, that indicates the tract allowing for regular price increases likelihood of the dividend being maintained because of increased costs, or regular wage in future years. capital reserves increases because of the increased cost of equity finance / ekwiti fain ns/ noun equity finance living finance for a company in the form of ordi- escape clause /i skeip klɔ z/ noun a escape clause | nary shares paid for by shareholders clause in a contract which allows one of the equity gearing / ekwiti iəriŋ/ noun equity gearing parties to avoid carrying out the terms of the the ratio between a company’s borrowings at contract under conditions interest and its ordinary share capital escrow / eskrəυ/ noun US an agreement escrow equity kicker / ekwiti kikə/ noun US an equity kicker between two parties that something should incentive given to people to lend a company be held by a third party until conditions are money, in the form of a warrant to share in fulfilled
Accounting.fm Page 85 Tuesday, February 13, 2007 1:40 PM 85 Euroland estimator / estimeitə/ noun a person escrow account / eskrəυ ə kaυnt/ noun escrow account estimator | whose job is to calculate estimates for carry- US an account where money is held in ing out work escrow until a contract is signed or until goods are delivered EU abbreviation European Union EU EU ESOP abbreviation employee share owner- ministers met today in Brussels. The US is ESOP increasing its trade with the EU. ship plan euro / jυərəυ/ noun a unit of currency establishment /i st bliʃmənt/ noun 1. euro establishment | adopted by several European countries for a commercial business He runs an impor- electronic payments in 1999 and then as tant printing establishment. 2. the number of legal tender from January 1st, 2002 Many people working in a company articles are priced in euros. What’s the establishment charges /i establishment charges | exchange rate for the euro? (NOTE: The plu- st bliʃmənt tʃɑ d iz/ plural noun the ral is euro or euros. Written € before num- cost of people and property in a company’s bers: €250: say: ‘two hundred and fifty accounts euros’.) estate /i steit/ noun property left by a estate | ‘…cross-border mergers in the European dead person Union have shot up since the introduction estate accounting /i steit ə kaυntiŋ/ estate accounting | | of the euro’ [Investors Chronicle] noun the preparation of financial accounts Euro- /jυərəυ/ prefix referring to Europe or Euro- by the person administering the estate of the European Union someone deceased euro account / jυərəυ ə kaυnt/ noun a euro account estate duty /i steit dju ti/ noun a tax estate duty | | bank account in euros paid on the property left by a dead person Eurobond / jυərəυbɒnd/ noun a long- Eurobond (NOTE: now called inheritance tax) term bearer bond issued by an international estate tax /i steit t ks/ noun US a tax estate tax | corporation or government outside its coun- paid on the right to pass property on to heirs, try of origin and sold to purchasers who pay based on the value of the property and paid in a Eurocurrency, sold on the Eurobond before it is passed to the heirs market estimate noun / estimət/ 1. a calculation estimate Eurocheque / jυərəυtʃek/ noun a Eurocheque of the probable cost, size or time of some- cheque which can be cashed in any Euro- thing Can you give me an estimate of how pean bank. The Eurocheque system is based much time was spent on the job? 2. a calcu- in Brussels. lation by a contractor or seller of a service of Eurocommercial paper Eurocommercial paper how much something is likely to cost, given / jυərəυtkəm ʃ(ə)l peipə/ noun a form to a client in advance of an order You of short-term borrowing in Eurocurrencies. should ask for an estimate before commit- Abbreviation ECP ting yourselves. Before we can give the eurocredit / jυərəυ kredit/ noun a large eurocredit grant we must have an estimate of the total | bank loan in a Eurocurrency, usually pro- costs involved. Unfortunately the final bill was quite different from the estimate. í verb vided by a group of banks to a large com- mercial undertaking / estimeit/ to calculate the probable cost, size, or time of something to estimate that Eurocurrency / jυərəυk rənsi/ noun Eurocurrency it will cost £1m or to estimate costs at £1m any currency used for trade within Europe We estimate current sales at only 60% of last but outside its country of origin, the Euro- year. dollar being the most important a Euro- currency loan the Eurocurrency market estimated / estimeitid/ adjective calcu- estimated eurodeposit / jυərəυdi pɒzit/ noun a lated approximately estimated sales eurodeposit | Costs were slightly more than the estimated deposit of Eurodollars in a bank outside the figure. US estimated cost / estimeitid kɒst/ noun Eurodollar / jυərəυdɒlə/ noun a US dol- estimated cost Eurodollar necessary future expenditure that the pur- lar deposited in a bank outside the US, used chase of something entails, e.g. future run- mainly for trade within Europe a Eurodol- ning costs or future repairs lar loan the Eurodollar markets estimated liability / estimeitid laiə euroequity / jυərəυ ekwiti/ noun a share estimated liability euroequity | | biliti/ noun a liability that exists but has a in an international company traded on Euro- cost that can only be estimated as yet, as can pean stock markets outside its country of any future tax liability origin estimation / esti meiʃ(ə)n/ noun an Euroland / jυərəυl nd/ noun same as estimation Euroland | approximate calculation Eurozone
Accounting.fm Page 86 Tuesday, February 13, 2007 1:40 PM euronote 86 European Financial Reporting Advi- euronote / jυərəυ nəυt/ noun a short- euronote European Financial Reporting Advisory Group | sory Group / jυərə pi ən fai n nʃ(ə)l ri term Eurocurrency bearer note | | | pɔ tiŋ/ noun a group that advises on the euro-option / jυərəυ ɒpʃ(ə)n/ noun an euro-option technical assessment of accounting stand- option to buy European bonds at a later date ards in Europe Europe / jυərəp/ noun 1. the continent of Europe European Free Trade Association European Free Trade Association Europe, the part of the world to the west of / jυərəpi ən fri treid ə səυsieiʃ(ə)n/ Asia, from Russia to Ireland Most of the | | noun a group of countries (Iceland, Liech- countries of Western Europe are members of tenstein, Norway and Switzerland) formed the EU. Poland is in eastern Europe, and to encourage freedom of trade between its Greece, Spain and Portugal are in southern members, and linked with the EU in the Europe. 2. the European Union, including European Economic Area. Abbreviation the UK Canadian exports to Europe have EFTA risen by 25%. European Investment Bank European Investment Bank European / jυərə pi ən/ adjective refer- European | / jυərəpi ən in vestmənt b ŋk/ noun a ring to Europe They do business with sev- | financial institution whose main task is to eral European countries. facilitate regional development within the European Accounting Association European Accounting Association EU by financing capital projects, modernis- / jυərəpi ən ə kaυntiŋ ə səυsieiʃ(ə)n/ ing or converting undertakings, and devel- | | noun an organisation for teachers and oping new activities. Abbreviation EIB researchers in accountancy, founded in 1977 European Monetary System European Monetary System and based in Brussels, that aims to be a / jυərəpi ən m nit(ə)ri sistəm/ noun the forum for European research in the subject. first stage of economic and monetary union Abbreviation EAA of the EU, which came into force in March European Bank for Reconstruction European Bank for Reconstruction and Development 1979, giving stable, but adjustable, and Development / jυərəpi ən b ŋk fə exchange rates. Abbreviation EMS ri kən str ktʃ(ə)n ən di veləpmənt/ noun European Monetary Union European Monetary Union | | a bank, based in London, which channels aid / jυərəpi ən m nit(ə)ri ju njən/ noun from the EU to Eastern European and Cen- the process by which some of the member tral Asian countries. Abbreviation EBRD states of the EU joined together to adopt the European Central Bank / jυərəpi ən European Central Bank euro as their common currency on 1st Janu- sentrəl b ŋk/ noun the central bank for ary 1999. The euro became legal tender for most of the countries in the European Union, these member states from 2002. Abbrevia- those which have accepted European Mone- tion EMU tary Union and have the euro as their com- European Social Charter / jυərəpi ən European Social Charter mon currency. Abbreviation ECB səυʃ(ə)l tʃɑ tə/ noun a charter for ‘…the ECB begins with some $300 billion employees, drawn up by the EU in 1989, by of foreign exchange reserves, far more which employees have the right to a fair than any other central bank’ [Investors wage, and to equal treatment for men and Chronicle] women, a safe work environment, training, ‘…any change in the European bank’s freedom of association and collective bar- statutes must be agreed and ratified by all gaining, provision for disabled workers, EU member nations’ [The Times] freedom of movement from country to coun- try, guaranteed standards of living both for European Currency Unit / jυərəpi ən European Currency Unit the working population and for retired peo- k rənsi ju nit/ noun the official monetary ple. Abbreviation ESC. Also called Social unit of the European Union from 1979 to Charter 1999. Abbreviation ECU European Union / jυərəpi ən ju njən/ European Union European Economic Area European Economic Area noun a group of European countries linked / jυərəpi ən i kənɒmik eəriə/ an area together by the Treaty of Rome. Abbrevia- comprising the countries of the EU and the tion EU members of EFTA, formed by an agreement on trade between the two organisations. euroyen / jυərəυ jen/ noun a Japanese euroyen | Abbreviation EEA yen deposited in a European bank and used for trade within Europe European Federation of Account- European Federation of Accountants ants / jυərəpi ən fedəreiʃ(ə)n əv ə Eurozone / jυərəυzəυn/ noun the Euro- Eurozone | kaυntənts/ noun the representative organi- pean countries which use the euro as a com- sation for the accountancy profession in mon currency, seen as a group. Also called Europe Euroland
Accounting.fm Page 87 Tuesday, February 13, 2007 1:40 PM 87 exchange controls ‘…the European Central Bank left the because of their size or nature (NOTE: Such door open yesterday for a cut in Eurozone items are shown separately in a note to the interest rates’ [Financial Times] company’s accounts but not on the face of ‘…a sustained recovery in the euro will the P & L account unless they are profits or require either a sharp slowdown in US losses on the sale or termination of an oper- growth or a rise in inflation and interest ation, or costs of a fundamental reorganisa- rates in the Eurozone beyond that already tion or restructuring which have a material discounted’ [Investors Chronicle] effect on the nature and focus of the report- EVA abbreviation economic value added EVA ing entity’s operations, or profits or losses on the disposal of fixed assets.) 2. items in evade /i veid/ verb to try to avoid some- evade | a balance sheet which do not appear there thing to evade tax to try illegally to avoid each year and which are included in the paying tax accounts before the pre-tax profit is calcu- evaluate /i v ljueit/ verb to calculate a evaluate | lated, as opposed to extraordinary items value for something to evaluate costs which are calculated after the pre-tax profit We will evaluate jobs on the basis of their exception report /ik sepʃən ri pɔ t/ exception report contribution to the organisation as a whole. | | noun a report which flags discrepancies We need to evaluate the experience and between a company’s actual and expected qualifications of all the candidates. performance, used to identify issues which evaluation /i v lju eiʃ(ə)n/ noun the evaluation | | then need investigating process of calculating the value of an asset excess / ekses/; /ik ses/ noun, adjective excess evasion /i vei (ə)n/ noun the act of avoid- evasion | | an amount which is more than what is ing something allowed an excess of expenditure over rev- EVR abbreviation electronic version of the EVR enue Excess costs have caused us consid- tax return erable problems. ex /eks/ prefix out of or from í adverb ex excess capacity / ekses kə p siti/ excess capacity without | noun spare capacity which is not being used exact /i z kt/ adjective strictly correct, exact | excess profit / ekses prɒfit/ noun a excess profit not varying in any way from, e.g. not any level of profit that is higher than a level more or less than, what is stated The exact regarded as normal time is 10.27. The salesgirl asked me if I excess profits tax / ekses prɒfits had the exact sum, since the shop had no excess profits tax t ks/ noun a tax on excess profit change. exact interest /i z kt intrəst/ noun excess reserves /ik ses ri z vz/ plural exact interest excess reserves | | | annual interest calculated on the basis of 365 noun US reserves held by a financial institu- days, as opposed to ordinary interest which tion that are higher than those required by is calculated on 360 days the regulatory authorities. As such reserves may indicate that demand for loans is low, exactly /i z ktli/ adverb not varying in exactly | banks often sell their excess reserves to any way from, e.g. not any more or less than, other institutions. Compare required what is stated The total cost was exactly reserves £6,500. exchange /iks tʃeind / noun 1. the act of ex-all / eks ɔ l/ adjective referring to a exchange ex-all | giving one thing for another 2. a market for share price where the share is sold without shares, commodities, futures, etc. í verb 1. the dividend, rights issue or any other cur- to exchange something (for something rent issue. Abbreviation xa else) to give one thing in place of something ex ante / eks nti/ adverb a Latin phrase ex ante else He exchanged his motorcycle for a meaning ‘before the event’. Compare ex car. Goods can be exchanged only on pro- post (NOTE: An ex ante budget, or standard, duction of the sales slip. 2. to change money is set before a period of activity com- of one country for money of another to mences, and is based on the best informa- exchange euros for pounds tion available at that time on expected levels of cost, performance, etc.) ‘…under the barter agreements, Nigeria will export crude oil in exchange for exceed /ik si d/ verb to be more than a exceed | trucks, food, planes and chemicals’ [Wall discount not exceeding 15% Last year Street Journal] costs exceeded 20% of income for the first exchangeable /iks tʃeind əb(ə)l/ exchangeable time. | adjective possible to exchange exceptional items /ik sepʃən(ə)l exceptional items | exchange controls /iks tʃeind kən aitəmz/ plural noun 1. items which arise exchange controls | | trəυlz/ plural noun government restrictions from normal trading but which are unusual
Accounting.fm Page 88 Tuesday, February 13, 2007 1:40 PM exchange cross rates 88 on changing the local currency into foreign excise duty / eksaiz dju ti/ noun a tax excise duty currency The government had to impose on goods such as alcohol and petrol which exchange controls to stop the rush to buy are produced in the country dollars. They say the government is going excise tax / iksaiz t ks/ noun US a tax excise tax to lift exchange controls. levied for a particular purpose exchange cross rates /iks tʃeind exchange cross rates exclude /ik sklu d/ verb to keep out, or exclude | krɒs reits/ plural noun rates of exchange | not to include The interest charges have for two currencies, shown against each been excluded from the document. Dam- other, but in terms of a third currency, often age by fire is excluded from the policy. the US dollar exclusion clause /ik sklu (ə)n klɔ z/ exclusion clause exchange dealer /iks tʃeind di lə/ exchange dealer | | noun a clause in an insurance policy or war- noun a person who buys and sells foreign ranty which says which items or events are currency not covered exchange dealings /iks tʃeind exchange dealings | exclusive agreement /ik sklu siv ə exclusive agreement di liŋz/ plural noun the buying and selling | | ri mənt/ noun an agreement where a per- of foreign currency son is made sole agent for a product in a exchange gain /iks tʃeind ein/, exchange gain | market exchange loss /iks tʃeind lɒs/ noun a | exclusive of tax /ik sklu siv əv t ks/ exclusive of tax gain or loss made from changes in the | adjective not including tax All payments exchange rate which take place during the are exclusive of tax. period of the transaction exclusivity / eksklu siviti/ noun the exclusivity exchange premium /iks tʃeind exchange premium | | exclusive right to market a product pri miəm/ noun an extra cost above the usual rate for buying a foreign currency ex coupon / eks ku pɒn/ adverb without ex coupon exchanger /iks tʃeind ə/ noun a person exchanger the interest coupons or after interest has | who buys and sells foreign currency been paid exchange rate /iks tʃeind reit/ noun 1. exchange rate ex dividend / eks dividend/, ex div ex dividend | a rate at which one currency is exchanged / eks div/ adjective used to describe a share for another. Also called rate of exchange 2. that does not have the right to receive the a figure that expresses how much a unit of next dividend The shares went ex dividend one country’s currency is worth in terms of yesterday. Abbreviation xd the currency of another country execute / eksikju t/ verb to carry out an execute exchange rate mechanism /iks exchange rate mechanism order Failure to execute orders may lead | tʃeind reit mekəniz(ə)m/ noun a to dismissal. There were many practical former method of stabilising exchange rates difficulties in executing the managing direc- within the European Monetary System, tor’s instructions. where currencies could only move up or execution / eksi kju ʃ(ə)n/ noun the car- execution down within a narrow band (usually 2.25% | rying out of a commercial order or contract either way, but for some currencies widened executive /i zekjυtiv/ adjective putting executive to 6%) without involving a realignment of | decisions into action all the currencies in the system executive director /i zekjυtiv dai executive director exchange rate parity /iks tʃeind reit exchange rate parity | | | rektə/ noun 1. a director who works full- p riti/ noun the existence of uniform time in the company. Compare non-execu- exchange rate levels between a group of tive director 2. a senior employee of an countries, such that a basket of goods costs organisation who is usually in charge of one the same in the currencies of these countries or other of its main functions, e.g. sales or exchange transaction /iks tʃeind exchange transaction | human relations, and is usually, but not tr n z kʃən/ noun a purchase or sale of | always, a member of the board of directors foreign currency executive power /i zekjυtiv paυə/ executive power Exchequer /iks tʃekə/ the Exchequer Exchequer | | noun the right to act as director or to put 1. the fund of all money received by the gov- decisions into action ernment of the UK from taxes and other rev- enues 2. the British government’s account executive share option scheme /i executive share option scheme | with the Bank of England 3. the British gov- zekjυtiv ʃeər ɒpʃən ski m/ noun a ernment department dealing with public rev- scheme under which senior managers are enue given the opportunity to buy shares in their Exchequer stocks /iks tʃekə stɒks/ company at a preferential fixed price at a Exchequer stocks | plural noun same as Treasury stocks later date
Accounting.fm Page 89 Tuesday, February 13, 2007 1:40 PM 89 expense account executor /i zekjυtə/ noun a person or exit price / eksit prais/ noun the price at executor exit price | firm that sees that the terms of a will are car- which an investor sells an investment or at ried out She was named executor of her which a firm sells up and leaves a market brother’s will. exit value / eksit v lju / noun income exit value executrix /i zekjυtriks/ noun a female executrix that would be received if an asset or a busi- | executor ness were sold exempt /i zempt/ adjective not forced to exempt ex officio / eks ə fiʃiəυ/ adjective, adverb ex officio | | do something, especially not forced to obey because of an office held The treasurer is a particular law or rule, or not forced to pay ex officio a member or an ex officio member something Anyone over 65 is exempt from of the finance committee. charges exempt from tax not required to expand /ik sp nd/ verb to get bigger, or expand pay tax As a non-profit-making organisa- | make something bigger an expanding tion we are exempt from tax. economy The company is expanding fast. ‘Companies with sales under $500,000 a We have had to expand our sales force. year will be exempt from the minimum- expansion /ik sp nʃən/ noun an expansion wage requirements’ [Nation’s Business] | increase in size The expansion of the exempt assets /i zempt sets/ plural exempt assets | domestic market. The company had diffi- noun assets such as cars which are not sub- culty in financing its current expansion pro- ject to capital gains tax when sold gramme. exempt gift /i zempt ift/ noun a gift exempt gift | ‘…inflation-adjusted GNP moved up at a that is not subject to US gift tax 1.3% annual rate, its worst performance exempt investment fund /i zempt in exempt investment fund since the economic expansion began’ | | vestmənt f nd/ noun in the United King- [Fortune] dom, a collective investment, usually a unit ‘…the businesses we back range from trust, for investors who have certain tax priv- start-up ventures to established businesses ileges, e.g., charities or contributors to pen- in need of further capital for expansion’ sion plans [Times] exemption /i zempʃ(ə)n/ noun the act exemption ‘…the group is undergoing a period of | of exempting something from a contract or rapid expansion and this has created an from a tax exemption from tax, tax exciting opportunity for a qualified exemption the fact of being free from hav- accountant’ [Financial Times] ing to pay tax As a non-profit-making ex parte / eks pɑ ti/ phrase a Latin ex parte organisation you can claim tax exemption. phrase meaning ‘on behalf of’ exempt supplies /i zempt sə plaiz/ exempt supplies | | expected annual activity /ik spektid expected annual activity plural noun products or services on which | njuəl k tiviti/ noun a company’s antic- the supplier does not have to charge VAT, | ipated level of activity or production for a e.g., the purchase of, or rent on, property and given year financial services expected value /ik spektid v lju / expected value exercise / eksəsaiz/ noun 1. the use of exercise | noun the future value of a course of action, something 2. a financial year during the weighted according to the probability that current exercise í verb to use The chair- the course of action will actually occur. If woman exercised her veto to block the the possible course of action produces motion. income of £10,000 and has a 10% chance of exercise date / eksəsaiz deit/ noun the exercise date occurring, its expected value is 10% of date when an option can be put into effect £10,000 or £1,000. exercise price / eksəsaiz prais/ noun exercise price expenditure /ik spenditʃə/ noun the expenditure the price at which an option will be put into | amount of money spent effect ex gratia / eks reiʃə/ adjective as an act expense /ik spens/ noun money spent expense ex gratia | of favour, without obligation The expense is too much for my bank bal- ance. The likely profits do not justify the exit / eksit/ noun the way in which an exit expense of setting up the project. investor can realise their investment, e.g. by selling the company they have invested in expense account /ik spens ə kaυnt/ expense account | | exit charge / eksit tʃɑ d /, exit fee noun an allowance of money which a busi- exit charge / eksit fi / noun a charge sometimes made ness pays for an employee to spend on trav- by a trust when selling units in a unit trust or elling and entertaining clients in connection when selling out of an investment such as an with that business I’ll put this lunch on my ISA expense account.
Accounting.fm Page 90 Tuesday, February 13, 2007 1:40 PM expenses 90 export duty / ekspɔ t dju ti/ noun a tax expenses export duty expenses /ik spensiz/ plural noun money| paid on goods sent out of a country for sale paid to cover the costs incurred by someone when doing something The salary offered exporter /ik spɔ tə/ noun a person, com- exporter | is £10,000 plus expenses. She has a high pany, or country that sells goods in foreign salary and all her travel expenses are paid countries a major furniture exporter by the company. Canada is an important exporter of oil or an important oil exporter. expert system expert system / eksp t sistəm/ noun export house / ekspɔ t haυs/ noun a software that applies the knowledge, advice export house and rules defined by experts in a particular company which specialises in the export of field to a user’s data to help solve a problem goods manufactured by other companies export licence / ekspɔ t lais(ə)ns/ export licence expiration expiration / ekspə reiʃ(ə)n/ noun the act | noun a government permit allowing some- of coming to an end the expiration of an thing to be exported The government has insurance policy to repay before the expi- refused an export licence for computer ration of the stated period parts. expiration date expiration date / ekspə reiʃ(ə)n deit/ | export manager / ekspɔ t m nid ə/ export manager noun US same as expiry date noun the person in charge of an export expire expire /ik spaiə/ verb to come to an end department in a company The export man- | The lease expires in 2010. ager planned to set up a sales force in South- expiry expiry /ik spaiəri/ noun the act of coming ern Europe. Sales managers from all | to an end the expiry of an insurance policy export markets report to our export man- ager. expiry date expiry date /ik spaiəri deit/ noun a date | when something will end exports / ekspɔ ts/ plural noun goods sent exports to a foreign country to be sold Exports to exponent exponent /ik spəυnənt/ noun a number | Africa have increased by 25%. export or variable placed to the upper right of a (NOTE: Usually used in the plural, but the number or mathematical expression that singular form is used before a noun.) indicates the number of times the number or ex post / eks pəυst/ adverb a Latin ex post expression is to be multiplied by itself, as in 23, which equals 8 phrase meaning ‘after the event’. Compare ex ante (NOTE: An ex post budget, or stand- exponential smoothing exponential smoothing /ekspə | ard, is set after the end of a period of activ- nenʃ(ə)l smu ðiŋ/ noun a technique for ity, when it can represent the optimum working out averages while allowing for achievable level of performance in the con- recent changes in values by moving forward ditions which were experienced. Thus the the period under consideration at regular budget can be flexed, and standards can intervals reflect factors such as unanticipated export export noun / ekspɔ t/ the practice or changes in technology and in price levels.) business of sending goods to foreign coun- exposure /ik spəυ ə/ noun 1. publicity exposure tries to be sold 50% of the company’s | given to an organisation or product Our profits come from the export trade or the company has achieved more exposure since export market. exports í verb /ik spɔ t/ | we decided to advertise nationally. 2. the to send goods to foreign countries for sale amount of risk which a lender or investor 50% of our production is exported. The runs He is trying to limit his exposure in company imports raw materials and exports the property market. the finished products. ‘…it attributed the poor result to the exportation exportation / ekspɔ teiʃ(ə)n/ noun the bank’s high exposure to residential mort- | act of sending goods to foreign countries for gages, which showed a significant slow- sale down in the past few months’ [South China Morning Post] Export Credit Guarantee Department Export Credit Guarantee Depart- ment / ekspɔ t kredit rən ti di exposure draft /ik spəυ ə drɑ ft/ noun exposure draft | | | pɑ tmənt/ noun a British government a document produced by a body before a department which insures sellers of exports new authoritative pronouncement is pub- sold on credit against the possibility of non- lished. It invites accountants and other inter- payment by the purchasers. Abbreviation ested parties to comment on matters raised ECGD by the draft. Abbreviation ED export department export department / ekspɔ t di expressly /ik spresli/ adverb clearly in expressly | | pɑ tmənt/ noun the section of a company words The contract expressly forbids which deals in sales to foreign countries sales to the United States.
Accounting.fm Page 91 Tuesday, February 13, 2007 1:40 PM 91 extraordinary item ex-rights / eks raits/ adjective referring ex-rights external auditing external auditing /ik st n(ə)l ɔ ditiŋ/ | to a share price where the share is sold with- noun an action of auditing a set of accounts out a recent rights issue. Abbreviation xr by an external auditor extend /ik stend/ verb 1. to offer some- extend external auditor external auditor /ik st n(ə)l ɔ ditə/ | | thing to extend credit to a customer 2. to noun an independent person who audits the make something longer Her contract of company’s accounts employment was extended for two years. external debt external debt /ik st n(ə)l det/ noun We have extended the deadline for making | money which a company has borrowed from the appointment by two weeks. outside sources such as a bank, as opposed extended credit /ik stendid kredit/ extended credit to money raised from shareholders. Also | noun 1. credit allowing the borrower a very called external funds long time to pay We sell to Australia on external failure costs external failure costs /ik st n(ə)l extended credit. 2. US an extra long credit | feiljə kɒsts/ plural noun costs incurred as used by commercial banks borrowing from a result of products proving faulty, e.g. the the Federal Reserve cost of replacements and lost sales Extensible Business Reporting Extensible Business Reporting Language external funds Language /ik stensib(ə)l biznis ri external funds /ik st n(ə)l f ndz/ plu- | | | pɔ tiŋ l ŋ wid / noun full form of ral noun same as external debt XBRL external growth external growth /ik st n(ə)l rəυθ/ | extension /ik stenʃən/ noun an addi- extension noun the growth of a firm by buying other | tional period of time allowed for something, companies, rather than by expanding exist- e.g. the repayment of a debt ing sales or products. Opposite internal extensive /ik stensiv/ adjective very extensive growth | large or covering a wide area an extensive external liabilities external liabilities /ik st n(ə)l laiə | | network of sales outlets an extensive bilitiz/ plural noun money owed to lenders recruitment drive and other creditors outside a company external /ik st n(ə)l/ adjective 1. outside external external trade | external trade /ik st n(ə)l treid/ noun a country. Opposite internal 2. outside a | trade with foreign countries. Opposite inter- company nal trade external account /ik st n(ə)l ə kaυnt/ external account | | extract extract / ekstr kt/ noun a printed docu- noun an account in a British bank belonging ment which is part of a larger document to someone who is living in another country He sent me an extract of the accounts. external audit /ik st n(ə)l ɔ dit/ noun external audit | extraordinary item extraordinary item /ik strɔ d(ə)n(ə)ri 1. an audit carried out by an independent | aitəm/ noun a large item of income or auditor who is not employed by the com- pany 2. an evaluation of the effectiveness of expenditure entered into accounts that is a company’s public relations carried out by unusual in nature and also occurs very infre- an outside agency quently