Dictionary of Accounting Terms Barron's Business Guides_3

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Accounting.fm Page 98 Tuesday, February 13, 2007 1:40 PM fittings 98 ‘…last fiscal year the chain reported a ments producing a level of interest which 116% jump in earnings’ [Barron’s] does not change fittings / fitiŋz/ plural noun items which fittings fixed-interest securities fixed-interest securities / fikst are sold with a property but are not perma- intrəst si kjυəritiz/ plural noun securities | nently fixed, e.g. carpets or shelves. fix- such as government bonds which produce a tures level of interest which does not change fixed assets / fikst sets/ plural noun fixed assets fixed-price fixed-price / fikst prais/ adjective hav- property or machinery which a company ing a price which cannot be changed owns and uses, but which the company does fixed-price agreement fixed-price agreement / fikst prais ə | not buy or sell as part of its regular trade, ri mənt/ noun an agreement where a including the company’s investments in company provides a service or a product at a shares of other companies price which stays the same for the whole fixed asset turnover / fikst fixed asset turnover set period of the agreement t nəυvə/ noun a measure of how efficient fixed rate fixed rate / fikst reit/ noun a rate, e.g. an a company’s property and equipment is in exchange rate, which does not change generating revenue fixed rate loan fixed rate loan / fikst reit ləυn/ noun a fixed asset unit / fikst set ju nit/ fixed asset unit loan on which the rate of interest stays the noun a single item of the fixed assets of a same for the duration of the loan company, e.g. a specific piece of equipment fixed scale of charges fixed scale of charges / fikst skeil əv fixed budget / fikst b d it/ noun a fixed budget tʃɑ d iz/ noun a set of charges that do not budget which refers to a specific level of vary according to individual circumstances business, i.e., a sales turnover which pro- but are applied consistently in all cases of a duces a specific level of profit particular kind fixed capital / fikst k pit(ə)l/ noun fixed capital fixed yield fixed yield / fikst ji ld/ noun a percent- capital in the form of buildings and machin- age return which does not change ery fixtures fixtures / fikstʃəz/ plural noun items in a fixed charge / fikst tʃɑ d / noun a fixed charge property which are permanently attached to charge over a particular asset or property it, e.g. sinks and lavatories fixed costs / fikst kɒsts/ plural noun fixed costs fixtures and fittings fixtures and fittings / fikstʃəz ən business costs which do not change with the fitiŋz/ plural noun objects in a property quantity of the product made which are sold with the property, both those fixed deduction / fikst di d kʃən/ noun fixed deduction which cannot be removed and those which | a deduction agreed by the Inland Revenue can. Abbreviation f. & f. and a group of employees, such as a trade flash report flash report / fl ʃ ri pɔ t/ noun an union, which covers general expenditure on | interim financial report produced before the clothes or tools used in the course of full accounts have been drawn up, and used employment to identify or resolve potential problems fixed deposit / fikst di pɒzit/ noun a fixed deposit | flat flat /fl t/ adjective 1. used to describe mar- deposit which pays a stated interest over a ket prices which do not fall or rise, because set period of low demand The market was flat today. fixed exchange rate / fikst iks tʃeind fixed exchange rate 2. not changing in response to different con- | reit/ noun a rate of exchange of one cur- ditions a flat rate rency against another which cannot fluctu- ‘…the government revised its earlier ate, and can only be changed by devaluation reports for July and August. Originally or revaluation reported as flat in July and declining by fixed expenses / fikst ik spensiz/ plu- fixed expenses 0.2% in August, industrial production is | ral noun expenses which do not vary with now seen to have risen by 0.2% and 0.1% different levels of production, e.g. rent, staff respectively in those months’ [Sunday salaries and insurance Times] fixed income / fikst ink m/ noun fixed income flat rate flat rate / fl t reit/ noun a charge which income which does not change from year to always stays the same a flat-rate increase year, as from an annuity of 10% We pay a flat rate for electricity fixed-interest / fikst intrəst/ adjective fixed-interest each quarter. having an interest rate which does not vary flat tax flat tax / fl t t ks/ noun a tax levied at fixed-interest investments / fikst fixed-interest investments one fixed rate whatever an individual’s intrəst in vestmənts/ plural noun invest- income |
Accounting.fm Page 99 Tuesday, February 13, 2007 1:40 PM 99 forecast floating capital / fləυtiŋ k pit(ə)l/ flat yield floating capital flat yield / fl t ji ld/ noun an interest rate noun the portion of capital invested in cur- as a percentage of the price paid for fixed- rent assets, as distinct from that invested in interest stock fixed assets or capital assets flex flex /fleks/ verb to adjust figures in order to floating charge / fləυtiŋ tʃɑ d / noun a floating charge reflect changes in circumstances since the charge linked to any of the company’s assets original figures were produced flexing a in a category, but not to any specific item budget floating rate / fləυtiŋ reit/ noun 1. same floating rate flexibility flexibility / fleksi biliti/ noun the ability | as variable rate 2. an exchange rate for a to be easily changed There is no flexibility currency, which can vary according to mar- in the company’s pricing policy. ket demand, and is not fixed by the govern- ‘…they calculate interest on their ‘flexi- ment ble’ mortgage on an annual basis rather floating-rate notes / fləυtiŋ reit floating-rate notes than daily. Charging annual interest makes nəυts/ plural noun Eurocurrency loans a nonsense of the whole idea of flexibility arranged by a bank which are not at a fixed which is supposed to help you pay off your rate of interest. Abbreviation FRNs mortgage more quickly’ [Financial Times] floor /flɔ / noun the bottom level of some- floor flexible flexible / fleksib(ə)l/ adjective possible to thing, e.g. the lowest exchange rate which a alter or change We try to be flexible where government will accept for its currency or the advertising budget is concerned. The the lower limit imposed on an interest rate company has adopted a flexible pricing pol- The government will impose a floor on icy. wages to protect the poor. flexible budget flexible budget / fleksib(ə)l b d it/ floor price / flɔ prais/ noun the lowest floor price noun a budget which changes in response to price, a price which cannot go any lower changes in sales turnover or output floor space / flɔ speis/ noun an area of floor space flight of capital flight of capital / flait əv k pit(ə)l/ floor in an office or warehouse We have noun a rapid movement of capital out of one 3,500 square metres of floor space to let. country because of lack of confidence in that flop /flɒp/ noun a failure, or something flop country’s economic future which has not been successful The new flight to quality flight to quality / flait tə kwɒliti/ noun model was a flop. a tendency of investors to buy safe blue-chip flow chart / fləυ tʃɑ t/, flow diagram flow chart securities when the economic outlook is / fləυ daiə r m/ noun a chart which uncertain shows the arrangement of work processes in float float /fləυt/ noun 1. cash taken from a cen- a series tral supply and used for running expenses fluctuate / fl ktʃueit/ verb to move up fluctuate The sales reps have a float of £100 each. 2. and down Prices fluctuated between £1.10 the process of starting a new company by and £1.25. The pound fluctuated all day selling shares in it on the Stock Exchange on the foreign exchange markets. The float of the new company was a com- fluctuation / fl ktʃu eiʃ(ə)n/ noun an up fluctuation | plete failure. 3. the process of allowing a and down movement the fluctuations of currency to settle at its own exchange rate, the yen the fluctuations of the exchange without any government intervention 4. the rate period between the presentation of a cheque FOB, f.o.b. abbreviation free on board FOB as payment and the actual payment to the folio / fəυliəυ/ noun a page with a number, folio payee, or the financial advantage provided especially two facing pages in an account by this period to the drawer of a cheque í book which have the same number í verb to verb to let a currency settle at its own put a number on a page exchange rate on the international markets forced sale / fɔ st seil/ noun a sale forced sale and not be fixed The government has let which takes place because a court orders it sterling float. The government has or because it is the only way to avoid a finan- decided to float the pound. cial crisis floating floating / fləυtiŋ/ adjective not fixed force majeure / fɔ s m force majeure / noun floating exchange rates the floating pound | something which happens which is out of ‘…in a world of floating exchange rates the control of the parties who have signed a the dollar is strong because of capital contract, e.g. a strike, war, or storm inflows rather than weak because of the forecast / fɔ kɑ st/ noun a description or forecast nation’s trade deficit’ [Duns Business calculation of what will probably happen in Month]
Accounting.fm Page 100 Tuesday, February 13, 2007 1:40 PM forecast dividend 100 the future The chairman did not believe money of one country for that of another 2. the sales director’s forecast of higher turno- foreign currencies ver. ‘…the dollar recovered a little lost ground forecast dividend / fɔ kɑ st dividend/ on the foreign exchanges yesterday’ forecast dividend [Financial Times] noun a dividend which a company expects to pay at the end of the current year. Also foreign exchange broker / fɒrin iks foreign exchange broker | called prospective dividend tʃeind brəυkə/, foreign exchange forecaster / fɔ kɑ stə/ noun a person dealer / fɒrin iks tʃeind di lə/ noun a forecaster | who says what he or she thinks will happen person who deals on the foreign exchange in the future market forecasting / fɔ kɑ stiŋ/ noun the proc- forecasting foreign exchange dealing / fɒrin iks foreign exchange dealing | ess of calculating what will probably happen tʃeind di liŋ/ noun the business of buy- in the future Manpower planning will ing and selling foreign currencies depend on forecasting the future levels of foreign exchange market / fɒrin iks foreign exchange market | production. tʃeind mɑ kit/ noun 1. a market where foreclose /fɔ kləυz/ verb to sell a prop- foreclose people buy and sell foreign currencies She | erty because the owner cannot repay money trades on the foreign exchange market. 2. which he or she has borrowed, using the dealings in foreign currencies Foreign property as security to foreclose on a exchange markets were very active after the mortgaged property dollar devalued. foreclosure /fɔ kləυ ə/ noun an act of foreclosure foreign exchange reserves / fɒrin iks foreign exchange reserves | | foreclosing tʃeind ri z vz/ plural noun same as for- | foreign banks / fɒrin b ŋks/ plural foreign banks eign currency reserves noun banks from other countries which have foreign exchange transfer / fɒrin iks foreign exchange transfer | branches in a country tʃeind tr nsf / noun the sending of foreign branch / fɒrin brɑ ntʃ/ noun a foreign branch money from one country to another branch of a company in another country. The foreign income / fɒrin ink m/ noun foreign income accounts of foreign branches may cause income derived from sources in a foreign problems because of varying exchange country rates. foreign investments / fɒrin in foreign investments | foreign company / fɒrin k mp(ə)ni/ foreign company vestmənts/ plural noun money invested in noun a company that is registered in a for- other countries eign country foreign money order / fɒrin m ni foreign money order foreign currency / fɒrin k rənsi/ noun foreign currency ɔ də/ noun a money order in a foreign cur- money of another country rency which is payable to someone living in foreign currency account / fɒrin foreign currency account a foreign country k rənsi ə kaυnt/ noun a bank account in foreign tax credit / fɒrin t ks kredit/ foreign tax credit | the currency of another country, e.g. a dollar noun a tax advantage that applies in the case account in a UK bank of taxes paid to or in another country foreign currency reserves / fɒrin foreign currency reserves foreign trade / fɒrin treid/ noun a trade foreign trade k rənsi ri z vz/ plural noun foreign with other countries | money held by a government to support its forensic /fə rensik/ adjective referring to forensic own currency and pay its debts. Also called | the courts or to the law in general foreign exchange reserves, international forensic accounting /fə rensik ə forensic accounting reserves | | kaυntiŋ/ noun the scrutinisation of an ‘…the treasury says it needs the cash to entity’s past financial activities in order to rebuild its foreign reserves which have discover whether illegal practices have been fallen from $19 billion when the govern- used at any time ment took office to $7 billion in August’ [Economist] forensic partner /fə rensik pɑ tnə/ forensic partner | noun a partner in an accountancy firm who foreign earnings / fɒrin niŋz/ plural foreign earnings deals with litigation noun earnings received from employment in a foreign country foreseeable loss /fɔ si əb(ə)l lɒs/ foreseeable loss | foreign entity / fɒrin entiti/ noun a per- noun a loss which is expected to occur dur- foreign entity ing a long-term contract son or incorporated company based in a for- eign country forfaiting / fɔ fitiŋ/ noun the action of forfaiting foreign exchange / fɒrin iks tʃeind / providing finance for exporters, where an foreign exchange | noun 1. the business of exchanging the agent or forfaiter accepts a bill of exchange
Accounting.fm Page 101 Tuesday, February 13, 2007 1:40 PM 101 fraction from an overseas customer; he or she buys forward exchange rate / fɔ wəd iks forward exchange rate | the bill at a discount, and collects the pay- tʃeind reit/ noun a rate for purchase of ments from the customer in due course foreign currency at a fixed price for delivery forfeit / fɔ fit/ verb to have something at a later date What are the forward rates forfeit for the pound? Also called forward rate taken away as a punishment to forfeit shares to be forced to give back shares if forward financial statement / fɔ wəd forward financial statement money called up is not paid on time fai n nʃ(ə)l steitmənt/ noun an estimate | forfeit clause / fɔ fit klɔ z/ noun a forfeit clause of a company’s future financial position clause in a contract which says that goods or forwarding agent / fɔ wədiŋ eid ənt/ forwarding agent a deposit will be taken away if the contract noun a person or company which arranges is not obeyed shipping and customs documents forfeiture / fɔ fitʃə/ noun the act of for- forfeiture forward integration / fɔ wəd intə forward integration feiting a property | reiʃ(ə)n/ noun a process of expansion in form /fɔ m/ noun 1. form of words form which a company becomes its own distribu- words correctly laid out for a legal document tor or takes over a company in the same line receipt in due form a correctly written of business as itself Forward integration receipt 2. an official printed paper with will give the company greater control over blank spaces which have to be filled in with its selling. Forward integration has information a pad of order forms You brought the company closer to its consumers have to fill in form A20. Each passenger and has made it aware of their buying hab- was given a customs declaration form. its. Compare backward integration The reps carry pads of order forms. forward margin / fɔ wəd mɑ d in/ forward margin formal / fɔ m(ə)l/ adjective clearly and formal noun the difference between the current legally written to make a formal applica- price and the forward price tion to send a formal order Is this a for- forward market / fɔ wəd mɑ kit/ noun forward market mal job offer? The factory is prepared for a market for purchasing foreign currency, oil the formal inspection by the government or commodities for delivery at a later date inspector. forward price / fɔ wəd prais/ noun a forward price formal documents / fɔ m(ə)l formal documents price of goods which are to be delivered in dɒkjυmənts/ plural noun documents giv- the future ing full details of a takeover bid formality /fɔ m liti/ noun something forward rate / fɔ wəd reit/ noun same as forward rate formality | which has to be done to obey the law forward exchange rate form letter / fɔ m letə/ noun a letter form letter forward sales / fɔ wəd seilz/ plural noun forward sales which can be sent without any change to sales of shares, commodities or foreign several correspondents, e.g. a letter chasing exchange for delivery at a later date payment forwards spreading forwards spreading / fɔ wədz forward / fɔ wəd/ adjective in advance or forward sprediŋ/ noun the act of spreading lump to be paid at a later date sum income over several years in the future forward accounting / fɔ wəd ə forward accounting forward trading / fɔ wəd treidiŋ/ noun forward trading | kaυntiŋ/ noun the practice of using the activity of buying or selling commodi- accounting procedures to forecast a busi- ties for delivery at a later date ness’s future performance founder / faυndə/ noun a person who founder forwardation / fɔ wəd eiʃ(ə)n/ noun a forwardation | starts a company situation in which the cash price is lower 401(k) plan / fɔ əυ w n kei pl n/ noun 401 plan than the forward price (NOTE: The opposite US a personal pension plan arranged by an is backwardation.) employer for a member of staff, invested in forward contract / fɔ wəd kɒntr kt/ forward contract bonds, mutual funds or stock (the employee noun a one-off agreement to buy currency, contributes a proportion of salary, on which shares or commodities for delivery at a later tax is deferred; the employer can also make date at a specific price contributions) forward cover / fɔ wəd k və/ noun an forward cover fourth quarter / fɔ θ kwɔ tə/ noun a fourth quarter arrangement to cover the risks on a forward period of three months from 1st October to contract the end of the year forward delivery / fɔ wəd di liv(ə)ri/ forward delivery | fraction / fr kʃən/ noun a very small fraction noun a delivery at some date in the future which has been agreed between the buyer amount Only a fraction of the new share and seller issue was subscribed.
Accounting.fm Page 102 Tuesday, February 13, 2007 1:40 PM fractional 102 fractional / fr kʃənəl/ adjective very request. 2. with no restrictions free of tax fractional with no tax having to be paid Interest is small paid free of tax. free of duty with no duty fractional certificate / fr kʃənəl sə fractional certificate | to be paid to import wine free of duty í tifikət/ noun a certificate for part of a share verb to make something available or easy franc /fr ŋk/ noun 1. a former unit of cur- franc The government’s decision has freed mil- rency in France and Belgium French lions of pounds for investment. francs or Belgian francs 2. a unit of currency ‘American business as a whole is increas- in Switzerland and several other currencies ingly free from heavy dependence on man- It costs twenty-five Swiss francs. ufacturing’ [Sunday Times] franchise / fr ntʃaiz/ noun a licence to franchise free cash flow / fri k ʃ fləυ/ noun the free cash flow trade using a brand name and paying a roy- level of cash flow after the deduction of alty for it He’s bought a printing franchise interest payments, tax payments, dividends or a pizza franchise. í verb to sell licences and ongoing capital expenditure for people to trade using a brand name and free competition / fri kɒmpə tiʃ(ə)n/ free competition paying a royalty His sandwich bar was so | noun the fact of being free to compete with- successful that he decided to franchise it. out government interference ‘…many new types of franchised busi- nesses will join the ranks of the giant free currency / fri k rənsi/ noun a cur- free currency chains of fast-food restaurants, hotels and rency which is allowed by the government to motels and rental car agencies’ [Franchis- be bought and sold without restriction ing Opportunities] free enterprise / fri entəpraiz/ noun a free enterprise franchisee / fr ntʃai zi / noun a person franchisee system of business free from government | who runs a franchise interference franchiser / fr ntʃaizə/ noun a person franchiser freeholder / fri həυldə/ noun a person freeholder who licenses a franchise who owns a freehold property franchising / fr ntʃaiziŋ/ noun the act franchising freehold property / fri həυld prɒpəti/ freehold property of selling a licence to trade as a franchise noun property which the owner holds for She runs her sandwich chain as a franchis- ever and on which no rent is paid ing operation. free issue / fri iʃu / noun same as free issue franco / fr ŋkəυ/ adverb free franco bonus issue franked /fr ŋkd/ adjective on which tax franked free market / fri mɑ kit/ noun a market free market has already been paid in which there is no government control of fraud /frɔ d/ noun the act of making fraud supply and demand, and the rights of indi- money by making people believe something viduals and organisations to physical and which is not true He got possession of the intellectual property are upheld property by fraud. She was accused of free market economy / fri mɑ kit i free market economy | frauds relating to foreign currency. kɒnəmi/ noun an economic system where fraudulent / frɔ djυlənt/ adjective not fraudulent the government does not interfere in busi- honest, or aiming to cheat people a fraud- ness activity in any way ulent transaction free on board / fri ɒn bɔ d/ adjective 1. free on board fraudulently / frɔ djυləntli/ adverb not fraudulently including in the price all the seller’s costs honestly goods imported fraudulently until the goods are on the ship for transpor- fraudulent misrepresentation fraudulent misrepresentation tation. Abbreviation f.o.b. 2. including in / frɔ djυlənt mis reprizen teiʃ(ə)n/ noun the price all the seller’s costs until the goods | | the act of making a false statement with the are delivered to a place intention of tricking a customer free reserves / fri ri z vz/ plural noun free reserves | fraudulent trading / frɔ djυlənt fraudulent trading the part of a bank’s reserves which are above treidiŋ/ noun the process of carrying on the statutory level and so can be used for var- the business of a company, knowing that the ious purposes as the bank wishes company is insolvent free-standing additional voluntary free-standing additional voluntary contribution FRB abbreviation 1. Federal Reserve Bank FRB contribution / fri st ndiŋ ə diʃ(ə)nəl | 2. Federal Reserve Board vɒlənt(ə)ri kɒntri bju ʃ(ə)n/ noun a | free /fri / adjective, adverb 1. not costing free payment made by an individual into an inde- any money I have been given a free ticket pendent pension fund to supplement an to the exhibition. The price includes free occupational pension scheme. The antici- delivery. All goods in the store are deliv- pated benefits from the two schemes ered free. A catalogue will be sent free on together must be less than the maximum
Accounting.fm Page 103 Tuesday, February 13, 2007 1:40 PM 103 full front-end loading / fr nt end ləυdiŋ/ permitted under the rules laid down by the front-end loading Inland Revenue. Abbreviation FSAVC noun the practice of deducting commission and administrative costs relating to an free trade / fri treid/ noun a system free trade investment or insurance plan from the early where goods can go from one country to payments the customer makes another without any restrictions frozen / frəυz(ə)n/ adjective not allowed frozen free trade area / fri treid eəriə/ noun free trade area to be changed or used Wages have been a group of countries practising free trade frozen at last year’s rates. free trader / fri treidə/ noun a person free trader frozen account / frəυz(ə)n ə kaυnt/ frozen account who is in favour of free trade | noun a bank account where the money can- free trade zone / fri treid zəυn/ noun free trade zone not be moved or used because of a court an area where there are no customs duties order freeze /fri z/ noun a freeze on wages freeze frozen assets / frəυz(ə)n sets/ plural frozen assets and prices period when wages and prices noun a company’s assets which by law can- are not allowed to be increased í verb to not be sold because someone has a claim keep something such as money or costs at against them their present level and not allow them to rise frozen credits / frəυz(ə)n kreditz/ plu- frozen credits to freeze wages and prices to freeze ral noun credits in an account which cannot credits to freeze company dividends We be moved have frozen expenditure at last year’s level. FRRP abbreviation Financial Reporting FRRP (NOTE: freezing – froze – frozen) Review Panel freight /freit/ noun the cost of transporting freight FRSs abbreviation Financial Reporting goods by air, sea, or land At an auction, FRSs the buyer pays the freight. Standards freightage / freitid / noun the cost of frustrate /fr streit/ verb to prevent freightage frustrate | transporting goods something, especially the terms of a con- tract, being fulfilled freight costs / freit kɒsts/ plural noun freight costs FSA abbreviation Financial Services FSA money paid to transport goods Authority freight forward / freit fɔ wəd/ noun a freight forward FSAVC abbreviation free-standing addi- FSAVC deal where the customer pays for transport- ing the goods tional voluntary contribution FT abbreviation Financial Times friendly society / frendli sə saiəti/ FT friendly society | noun a group of people who pay regular sub- FTASI abbreviation FTSE Actuaries Share FTASI scriptions which are used to help members Indices of the group when they are ill or in financial FTSE 100 / fυtsi w n h ndrəd/ noun an FTSE 100 difficulties index based on the prices of one hundred fringe benefit / frind benifit/ noun an fringe benefit leading companies (this is the main London extra item given by a company to employees index) in addition to a salary, e.g. company cars or ‘…the benchmark FTSE 100 index ended private health insurance The fringe bene- the session up 94.3 points’ [Times] fits make up for the poor pay. Use of the FTSE Actuaries Share Indices / fυtsi FTSE Actuaries Share Indices company recreation facilities is one of the ktjυəriz ʃeə indisiz/ plural noun sev- fringe benefits of the job. eral indices based on prices on the London FRNs abbreviation floating-rate notes FRNs Stock Exchange, which are calculated by front /fr nt/ noun money up front pay- front and published in the Financial Times in con- ment in advance They are asking for junction with the Actuaries Investment £10,000 up front before they will consider Research Committee. Abbreviation FTASI. the deal. He had to put money up front Financial Times before he could clinch the deal. full /fυl/ adjective 1. with as much inside it full front-end / fr nt end/ adjective referring front-end as possible The train was full of commut- to the start of an investment or insurance ers. Is the container full yet? We sent a front-end loaded / fr nt end laυdid/ lorry full of spare parts to our warehouse. front-end loaded When the disk is full, don’t forget to make a adjective used to describe an insurance or backup copy. 2. complete, including every- investment scheme in which most of the thing management charges are incurred in the first year of the investment or insurance, and are ‘…a tax-free lump sum can be taken partly not spread out over the whole period. Com- in lieu of a full pension’ [Investors Chron- pare back-end loaded icle]
Accounting.fm Page 104 Tuesday, February 13, 2007 1:40 PM full cost recovery 104 function cost / f ŋkʃən kɒst/ noun the full cost recovery / fυl kɒst ri k vəri/ full cost recovery function cost | category of item for which costs are incurred noun the practice by which organisations such as charities seek enough funding to fund /f nd/ noun 1. money set aside for a fund cover all their costs, including overheads. special purpose 2. money invested in an Abbreviation FCR investment trust as part of a unit trust, or full cover / fυl k və/ noun insurance full cover given to a financial adviser to invest on behalf of a client. funds í verb to provide cover against a wide range of risks money for a purpose The company does full employment / fυl im plɔimənt/ full employment | not have enough resources to fund its expan- noun a situation where all the people who sion programme. can work have jobs ‘…the S&L funded all borrowers’ devel- full price / fυl prais/ noun a price with no full price opment costs, including accrued interest’ discount She bought a full-price ticket. [Barrons] full production costs / fυl prə d kʃən full production costs | fund accounting / f nd ə kaυntiŋ/ fund accounting kɒsts/ plural noun all the costs of manufac- | noun the preparation of financial statements turing a product, including both fixed and for an entity such as a non-profitmaking variable costs organisation, in order to show how money full rate / fυl reit/ noun the standard full rate has been spent rather than how much profit charge for a service, with no special dis- has been made counts applied fundamental analysis / f ndəment(ə)l fundamental analysis full repairing lease / fυl ri peəriŋ li s/ full repairing lease ə n ləsis/ noun an assessment of how the | | noun a lease where the tenant has to pay for external and internal influences on a com- all repairs to the property pany’s activities should affect investment full-service banking / fυl s vis full-service banking decisions b ŋkiŋ/ noun banking that offers a whole fundamental assumptions fundamental assumptions range of services including mortgages, / f ndəment(ə)l ə s mpʃ(ə)ns/ plural | loans, pensions, etc. noun the basic assumptions on which the full-time / fυl taim/ adjective, adverb full-time preparation of accounts depends (NOTE: working all the usual working time, i.e. These assumptions are: that the company about eight hours a day, five days a week is a going concern, that the principles on She’s in full-time work or She works full- which the accounts are prepared do not time or She’s in full-time employment. He change from year to year, that revenues and is one of our full-time staff. costs are accrued (i.e., they are written into the accounts when they occur, not when fully diluted earnings per share / fυli fully diluted earnings per share they are received or paid).) dai lu tid niŋz pə ʃeə/, fully diluted | EPS / fυli dailu tid i pi es/ plural noun fundamental issues / f ndəment(ə)l fundamental issues earnings per share calculated over the whole iʃu z/ plural noun matters relating to a number of shares assuming that convertible company’s profits or assets shares have been converted to ordinary fundamental research fundamental research shares / f ndəment(ə)l ri s tʃ/, fundamental | fully paid-up capital / fυli peid p fully paid-up capital analysis / f ndəment(ə)l ə n ləsis/ noun | k pit(ə)l/ noun all money paid for the an examination of the basic factors which issued capital shares affect a market function / f ŋkʃən/ noun a mathematical function fundamentals / f ndə ment(ə)lz/ plural fundamentals | formula, where a result is dependent upon noun the basic realities of a stock market or several other numbers of a company, e.g. its assets, profitability and dividends functional accounting / f ŋkʃən(ə)l ə functional accounting | kaυntiŋ/ noun a form of accounting that funded / f ndid/ adjective backed by funded classifies accountancy items according to long-term loans long-term funded capital the function they perform in an organisation funded scheme / f ndid ski m/ noun a funded scheme functional budget functional budget / f ŋkʃən(ə)l pension scheme where money is invested in b d it/ noun a budget relating to a specific securities to create a fund from which the function such as marketing or personnel pension is later paid functional reporting of expenses funding / f ndiŋ/ noun 1. money for functional reporting of expenses funding / f ŋkʃən(ə)l ri pɔ tiŋ əv ik spensiz/ spending The bank is providing the fund- | | noun the element of functional accounting ing for the new product launch. 2. the act of that deals with expenses changing a short-term debt into a long-term
Accounting.fm Page 105 Tuesday, February 13, 2007 1:40 PM 105 FYA fungibility / f nd ə biliti/ noun a meas- loan The capital expenditure programme fungibility | requires long-term funding. ure of how easily an asset can be exchanged for something similar fund management fund management / f nd fungible / f nd əb(ə)l/ adjective refer- fungible m nid mənt/ noun the business of deal- ring to a security which can be exchanged ing with the investment of sums of money on for another of the same type behalf of clients funny money / f ni m ni/ noun an unu- funny money funds funds /f ndz/ plural noun 1. money which sual type of financial instrument created by is available for spending The company has a company no funds to pay for the research programme. future delivery / fju tʃə di liv(ə)ri/ future delivery non-sufficient funds to convert funds | noun delivery at a later date to your own use to use someone else’s futures / fju tʃəz/ plural noun shares, cur- futures money for yourself 2. the Funds govern- rency or commodities that are bought or sold ment stocks and securities. Federal for now for delivery at a later date Gold Funds rose 5% on the commodity futures market ‘…small innovative companies have been yesterday. hampered for lack of funds’ [Sunday ‘…cocoa futures plummeted in November Times] to their lowest levels in seven years’ [Busi- ‘…the company was set up with funds ness in Africa] totalling NorKr 145m’ [Lloyd’s List] futures contract / fju tʃəz kɒntr kt/ futures contract funds flow funds flow / f ndz fləυ/ noun budg- noun a contract for the purchase of com- eted funds flow statement a plan of antici- modities for delivery at a date in the future pated incoming funds and the use to which futures exchange / fju tʃəz iks futures exchange they will be put funds flow method of | tʃeind / noun a commodity market which budgeting preparing a budget of funds flow, only deals in futures as opposed to a budget of expenditure future value / fju tʃə v lju / noun the future value funds flow statement a statement which value to which a sum of money will increase shows the amount of funds (cash and work- if invested for a certain period of time at ing capital) which have come into a business some rate of interest. Abbreviation FV during the last financial period, the sources FV abbreviation future value FV of these funds, and the use made of the funds FYA abbreviation first year allowance (see FRS1, formerly SSAP10) FYA
Accounting.fm Page 106 Tuesday, February 13, 2007 1:40 PM G GAAP abbreviation Generally Accepted gearing ratio / iəriŋ reiʃiəυ/ noun any GAAP gearing ratio Accounting Principles ratio that compares equity to borrowing gain / ein/ noun 1. an increase, or the act general audit / d en(ə)rəl ɔ dit/ noun gain general audit of becoming larger 2. an increase in profit, the process of examining all the books and price, or value Oil shares showed gains on accounts of a company the Stock Exchange. Property shares put general average / d en(ə)rəl general average on gains of 10%-15%. 3. money made by a v(ə)rid / noun a process by which the company which is not from the company’s cost of lost goods is shared by all parties to usual trading í verb 1. to get or to obtain an insurance policy, such as in cases where She gained some useful experience working some goods have been lost in an attempt to in a bank. to gain control of a business to save the rest of the cargo buy more than 50% of the shares so that you general balance sheet / d en(ə)rəl general balance sheet can direct the business 2. to rise in value b ləns ʃi t/ noun the standard form of The dollar gained six points on the foreign balance sheet used by non-commercial exchange markets. organisations such as charities and govern- galloping inflation / ləpiŋ in galloping inflation ment departments | fleiʃ(ə)n/ noun very rapid inflation which General Commissioners / d en(ə)rəl General Commissioners is almost impossible to reduce kə miʃ(ə)nəz/ plural noun a body of unpaid | gap analysis / p ə n ləsis/ noun gap analysis individuals appointed by the Lord Chancel- | analysis of a market to try to find a particular lor in England, Wales and Northern Ireland, area that is not at present being satisfied and the Secretary of State for Scotland in Gap analysis showed that there was a whole Scotland, to hear appeals on tax matters area of the market we were not exploiting. general damages / d en(ə)rəl general damages gap financing / p fain nsiŋ/ noun gap financing d mid iz/ plural noun damages awarded the process of arranging extra loans such as by court to compensate for a loss which can- a bridging loan to cover a purchase not cov- not be calculated, such as an injury ered by an existing loan general expenses / d en(ə)rəl ik general expenses | garnishee / ɑ ni ʃi / noun a person who garnishee spensiz/ plural noun minor expenses of | owes money to a creditor and is ordered by various kinds incurred in the running of a a court to pay that money to a creditor of the business creditor, and not to the creditor himself general fund / d en(ə)rəl f nd/ noun a general fund garnishee order / ɑ ni ʃi ɔ də/ noun garnishee order unit trust with investments in a variety of | a court order, making a garnishee pay money stocks not to the debtor, but to a third party general insurance / d en(ə)rəl in general insurance | GAS abbreviation Government Account- GAS ʃυərəns/ noun insurance relating to various ancy Service potential losses, e.g. theft or damage, but GDP abbreviation gross domestic product GDP excluding life insurance gear / iə/ verb to link something to some- general ledger / d en(ə)rəl led ə/ noun gear general ledger thing else a book which records a company’s income and expenditure in general gearing / iəriŋ/ noun 1. the ratio of cap- gearing general lien / d en(ə)rəl li ən/ noun 1. a general lien ital borrowed by a company at a fixed rate of interest to the company’s total capital. Also right to hold goods or property until a debt called leverage 2. the act of borrowing has been paid 2. a lien against the personal money at fixed interest which is then used to possessions of a borrower, but not against produce more money than the interest paid his or her house or land. banker’s lien
Accounting.fm Page 107 Tuesday, February 13, 2007 1:40 PM 107 gold reserves gilts / ilts/ plural noun same as govern- Generally Accepted Accounting Principles gilts Generally Accepted Accounting ment bonds Principles / d en(ə)rəli ək septid ə | | giro / d airəυ/ noun same as bank giro kaυntiŋ prinsip(ə)lz/ plural noun US a giro summary of best practice in respect of the GIV abbreviation gift inter vivos GIV form and content of financial statements and GM abbreviation gross margin GM auditor’s reports, and of accounting policies GNP abbreviation gross national product GNP and disclosures adopted for the preparation goal congruence / əυl kɒŋ ruəns/ goal congruence of financial information. GAAP does not noun a situation that leads individuals or have any statutory or regulatory authority in companies to take actions which are in their the United Kingdom, unlike in a number of own best interests other countries where the term is in use, go-go fund / əυ əυ f nd/ noun a fund go-go fund such as the United States, Canada. Abbrevi- which aims to give very high returns ation GAAP because it is invested in speculative stocks generally accepted auditing standards generally accepted auditing stand- going concern / əυiŋ kən s n/ noun a going concern | ards / d en(ə)rəli ək septid ɔ ditiŋ company that is actively trading and making | st ndədz/ plural noun guidelines that are a profit designed to inform the work of auditors and going concern value / əυiŋ kən s n going concern value | set out the auditor’s responsibilities v lju / noun the value of a company as it continues trading as opposed to its break-up general manager general manager / d en(ə)rəl value m nid ə/ noun a manager in charge of the gold bullion / əυld bυliən/ noun bars of gold bullion administration of a company gold general meeting general meeting / d en(ə)rəl mi tiŋ/ gold card / əυld kɑ d/ noun a credit card gold card noun a meeting of all the shareholders of a issued to important customers, i.e., those company or of all the members of a society with a high income, which gives certain general partner general partner / d en(ə)rəl pɑ tnə/ privileges such as a higher spending limit noun a partner in a business whose responsi- than ordinary credit cards bility for its debts is not limited and, there- golden handcuffs / əυld(ə)n golden handcuffs fore, whose personal assets may be at risk if h ndk fs/ plural noun a contractual the company’s assets are not sufficient to arrangement to make sure that a valued discharge its debts member of staff stays in their job, by which general partnership general partnership / d en(ə)rəl they are offered special financial advantages pɑ tnəʃip/ noun the relationship of a gen- if they stay and heavy penalties if they leave eral partner to his or her company golden handshake / əυld(ə)n golden handshake h ndʃeik/ noun a large, usually tax-free, general undertaking general undertaking / d en(ə)rəl sum of money given to a director who retires ndə teikiŋ/ noun an undertaking signed | from a company before the end of his or her by the directors of a company applying for a service contract The retiring director Stock Exchange listing, promising to work received a golden handshake of £250,000. within the regulations of the Stock golden parachute agreement golden parachute agreement Exchange / əυld(ə)n p rə ʃu t ə ri mənt/ noun a gift aid gift aid / ift eid/ noun payment above | | contract that gives a senior manager very some limit made to a registered charity, generous monetary compensation if his or meaning that the charity is able to reclaim job is lost as a result of a merger or acquisi- the basic rate tax which you have paid on the tion gift golden share / əυld(ə)n ʃeə/ noun a golden share gift inter vivos gift inter vivos / ift intə vi vəυs/ noun share in a privatised company which is a gift given to another living person. Abbre- retained by the government and carries spe- viation GIV cial privileges such as the right to veto for- eign takeover bids gift tax gift tax / ift t ks/ noun a tax on gifts. goldmine / əυldmain/ noun a mine goldmine Only gifts between husband and wife are which produces gold exempt. gold point / əυld pɔint/ noun an amount gold point gilt-edged gilt-edged / ilt ed d/ adjective used to by which a currency which is linked to gold describe an investment which is very safe can vary in price gilt-edged securities gilt-edged securities / ilt ed d si gold reserves / əυld ri z vz/ plural gold reserves | | kjυəritiz/ plural noun investments in Brit- noun the country’s store of gold kept to pay ish government stock international debts
Accounting.fm Page 108 Tuesday, February 13, 2007 1:40 PM goods 108 goods / υdz/ plural noun items which can Government Accountancy Service goods Government Accountancy Service v(ə)nmənt ə kaυntənsi s vis/ noun be moved and are for sale goods received / | goods which have been sent by a seller and part of HM Treasury, a service whose remit received by a purchaser during an account- it is to ensure that best accounting practice is ing period goods received note an inter- observed and conducted across the whole of nal note within a company which shows the the Civil Service. Abbreviation GAS date when goods were received, by whom governmental v(ə)n ment(ə)l/ governmental / | and in what quantities adjective referring to a government ‘…profit margins are lower in the indus- government-backed / v(ə)nmənt government-backed tries most exposed to foreign competition b kt/ adjective backed by the government – machinery, transportation equipment government bonds / v(ə)nmənt government bonds and electrical goods’ [Sunday Times] bɒndz/ plural noun bonds or other securi- ‘…the minister wants people buying ties issued by the government on a regular goods ranging from washing machines to basis as a method of borrowing money for houses to demand facts on energy costs’ government expenditure [Times] government contractor government contractor goods and chattels / υdz ən goods and chattels v(ə)nmənt kən tr ktə/ noun a com- / tʃ t(ə)lz/ plural noun movable personal | pany which supplies the government with possessions goods by contract Goods and Services Tax / υdz ən Goods and Services Tax government-controlled government-controlled s visiz t ks/ noun a Canadian tax on the v(ə)nmənt kən trəυld/ adjective under / sale of goods or the provision of services, | the direct control of the government similar to VAT. Abbreviation GST Advertisements cannot be placed in the gov- goodwill / υd wil/ noun the good reputa- goodwill | ernment-controlled newspapers. tion of a business, which can be calculated government economic indicators government economic indicators as part of a company’s asset value, though v(ə)nmənt i kənɒmik indikeitəz/ / separate from its tangible asset value He plural noun statistics which show how the paid £10,000 for the goodwill of the shop country’s economy is going to perform in and £4,000 for the stock. (NOTE: The good- the short or long term will can include the trading reputation, the government grant / v(ə)nmənt government grant patents, the trade names used, the value of rɑ nt/ noun a grant of money or assets a ‘good site’, etc., and is very difficult to given by a central government, a local gov- establish accurately.) ernment or a government agency The lab- go private / əυ praivət/ verb to become go private oratory has a government grant to cover the a private company again, by concentrating cost of the development programme all its shares in the hands of one or a few government loan / v(ə)nmənt ləυn/ shareholders and removing its stock government loan exchange listing noun money lent by the government go public / əυ p blik/ phrasal verb to go public government-regulated / v(ə)nmənt government-regulated become a public company by placing some re jυleitid/ adjective of which the affairs of its shares for sale on the stock market so are subject to government regulation that anyone can buy them government sector / v(ə)nmənt government sector govern / v(ə)n/ verb to rule a country govern sektə/ noun same as public sector The country is governed by a group of mili- government securities / v(ə)nmənt government securities tary leaders. si kjυəritiz/ plural noun same as govern- | governance / v(ə)nəns/ noun the governance ment bonds process of managing a company, especially government-sponsored government-sponsored with respect to the soundness or otherwise v(ə)nmənt spɒnsəd/ / adjective of its management encouraged by the government and backed ‘…the chairman has committed the cardi- by government money She is working in a nal sin in corporate governance – he acted government-sponsored scheme to help small against the wishes and interests of the businesses. shareholders’ [Investors Chronicle] government stock / v(ə)nmənt government stock ‘…in two significant decisions, the Securi- stɒk/ noun same as government bonds ties and Exchange Board of India today government support / v(ə)nmənt government support allowed trading of shares through the sə pɔ t/ noun a financial help given by the Internet and set a deadline for companies | government The aircraft industry relies on to conform to norms for good corporate government support. governance’ [The Hindu]
Accounting.fm Page 109 Tuesday, February 13, 2007 1:40 PM 109 gross income ‘…gold’s drop this year is of the same governor governor / v(ə)nə/ noun 1. a person in magnitude as the greenback’s 8.5% rise’ charge of an important institution 2. US one [Business Week] of the members of the Federal Reserve green card / ri n kɑ d/ noun 1. a spe- Board green card cial British insurance certificate to prove grace grace / reis/ noun a favour shown by that a car is insured for travel abroad 2. an granting a delay to give a creditor a identity card and work permit for a person period of grace or two weeks’ grace going to live in the US graduate graduate / r d uət/ noun a person who green currency / ri n k rənsi / noun green currency has obtained a degree formerly, a currency used in the EU for cal- graduated graduated / r d ueitid/ adjective culating agricultural payments. Each coun- changing in small regular stages try had an exchange rate fixed by the Com- graduated income tax graduated income tax / r d ueitid mission, so there were ‘green pounds’, ink m t ks/ noun a tax which rises in ‘green francs’, ‘green marks’, etc. steps, with those having the highest income greenmail / ri nmeil/ noun the practice greenmail paying the highest percentage of tax of making a profit by buying a large number graduated pension scheme graduated pension scheme of shares in a company, threatening to take the company over, and then selling the / r d ueitid penʃən ski m/ noun a pen- shares back to the company at a higher price sion scheme where the benefit is calculated as a percentage of the salary of each person ‘…he proposes that there should be a limit in the scheme on greenmail, perhaps permitting payment of a 20% premium on a maximum of 8% graduated taxation graduated taxation / r d ueitid t k | of the stock’ [Duns Business Month] seiʃ(ə)n/ noun same as progressive taxa- Green Paper / ri n peipə/ noun a report Green Paper tion from the British government on proposals grand grand / r nd/ noun one thousand pounds for a new law to be discussed in Parliament. or dollars (informal ) They offered him fifty Compare White Paper grand for the information. She’s earning green pound / ri n paυnd/ noun a green pound fifty grand plus car and expenses. value for the British pound used in calculat- grand total grand total / r nd təυt(ə)l/ noun the ing agricultural prices and subsidies in the final total made by adding several subtotals EU grant grant / rɑ nt/ noun money given by the green report / ri n ri pɔ t/ noun a part green report | government to help pay for something The of a company’s annual report dealing with laboratory has a government grant to cover ecological matters the cost of the development programme. grey market / rei mɑ kit/ noun an grey market The government has allocated grants unofficial market run by dealers, where new towards the costs of the scheme. í verb to issues of shares are bought and sold before agree to give someone something to grant they officially become available for trading someone a loan or a subsidy to grant on the Stock Exchange even before the share someone three weeks’ leave of absence allocations are known The local authority granted the company an gross / rəυs/ noun twelve dozen (144) gross interest-free loan to start up the new factory. He ordered four gross of pens. (NOTE: no ‘…the budget grants a tax exemption for plural) í adjective total, with no deductions $500,000 in capital gains’ [Toronto Star] í adverb with no deductions My salary is grantor grantor / rɑ n tɔ / noun a person who paid gross. | grants a property to another ‘…gross wool receipts for the selling sea- graph son to end June appear likely to top $2 bil- graph / rɑ f/ noun a diagram which shows lion’ [Australian Financial Review] the relationship between two sets of quanti- ties or values, each of which is represented gross domestic product / rəυs də gross domestic product | on an axis A graph was used to show sal- mestik prɒd kt/ noun the annual value of ary increases in relation to increases in out- goods sold and services paid for inside a put. According to the graph, as average country. Abbreviation GDP salaries have risen so has absenteeism. gross earnings / rəυs gross earnings niŋz/ plural gratis gratis / r tis/ adverb free or not costing noun total earnings before tax and other anything We got into the exhibition gratis. deductions greenback greenback / ri nb k/ noun US a dollar gross income / rəυs ink m/ noun a gross income bill (informal ) salary before tax is deducted
Accounting.fm Page 110 Tuesday, February 13, 2007 1:40 PM gross interest 110 ground rent / raυnd rent/ noun a rent gross interest / rəυs intrəst/ noun the gross interest ground rent paid by the main tenant to the ground land- interest earned on a deposit or security lord before the deduction of tax. net interest group / ru p/ noun 1. several things or group gross margin / rəυs mɑ d in/ noun gross margin people together A group of managers has the percentage difference between the sent a memo to the chairman complaining received price and the unit manufacturing about noise in the office. The respondents cost or purchase price of goods for resale. were interviewed in groups of three or four, Abbreviation GM and then singly. 2. several companies linked gross margin pricing / rəυs mɑ d in gross margin pricing together in the same organisation the praisiŋ/ noun pricing that takes into group chairman or the chairman of the account the total production costs of a prod- group group turnover or turnover for the uct group the Granada Group gross margin ratio / rəυs mɑ d in gross margin ratio group accounts / ru p ə kaυnts/ plural group accounts reiʃiəυ/ noun same as gross profit margin | noun accounts for a holding company and gross national product / rəυs gross national product its subsidiaries n ʃ(ə)nəl prɒd kt/ noun the annual group balance sheet / ru p b ləns group balance sheet value of goods and services in a country ʃi t/ noun same as consolidated balance including income from other countries. sheet Abbreviation GNP group depreciation / ru p di pri ʃi group depreciation gross profit / rəυs prɒfit/ noun a profit gross profit | | eiʃ(ə)n/ noun a way of calculating depreci- calculated as sales income less the cost of ation for multiple assets that are similar in the goods sold, i.e. without deducting any nature and have a similar useful life other expenses group financial statement / ru p fai group financial statement gross profit analysis / rəυs prɒfit ə gross profit analysis | n nʃ(ə)l steitmənt/ noun same as con- | n ləsis/ noun analysis of the discrepancy solidated financial statement between actual profit and budgeted profit or group results / ru p ri z lts/ plural group results previous year’s profit | noun the end-of-year financial statements gross profit margin / rəυs prɒfit gross profit margin and accounts of a group of companies mɑ d in/ noun the percentage of each growth / rəυθ/ noun the fact of becoming growth pound of income from sales that remains larger or increasing after goods sold have been paid for by the ‘…a general price freeze succeeded in producer or retailer slowing the growth in consumer prices’ gross profit method / rəυs prɒfit gross profit method [Financial Times] meθəd/ noun a method of estimating inven- ‘…growth in demand is still coming from tory at the point of preparing an interim the private rather than the public sector’ report [Lloyd’s List] gross receipts / rəυs ri si ts/ plural gross receipts ‘…population growth in the south-west is | noun the total amount of money received again reflected by the level of rental val- before expenses are deducted ues’ [Lloyd’s List] gross salary / rəυs s ləri/ noun same gross salary growth index / rəυθ indeks/ noun an growth index as gross income index showing the growth in a company’s gross sales / rəυs seilz/ plural noun gross sales revenues, earnings, dividends or other fig- money received from sales before deduc- ures tions for goods returned, special discounts, growth prospects / rəυθ prɒspekts/ growth prospects etc. Gross sales are impressive since many plural noun potential for growth in a share buyers seem to be ordering more than they growth rate / rəυθ reit/ noun the speed growth rate will eventually need. at which something grows gross turnover / rəυs t nəυvə/ noun gross turnover GST abbreviation Goods and Services Tax GST the total turnover including VAT and dis- ‘…because the GST is applied only to fees counts for brokerage and appraisal services, the gross yield / rəυs ji ld/ noun a profit gross yield new tax does not appreciably increase the from investments before tax is deducted price of a resale home’ [Toronto Globe & Mail] ground landlord / raυnd l ndlɔ d/ ground landlord guarantee / rən ti / noun 1. a legal noun a person or company that owns the guarantee | freehold of a property which is then let and document in which the producer agrees to sublet Our ground landlord is an insur- compensate the buyer if the product is faulty ance company. or becomes faulty before a specific date after
Accounting.fm Page 111 Tuesday, February 13, 2007 1:40 PM 111 guarantor purchase a certificate of guarantee or a guaranteed bond guaranteed bond / rən ti d bɒnd/ | guarantee certificate The guarantee lasts noun in the United States, a bond or stock on for two years. It is sold with a twelve- which the principal and interest are guaran- month guarantee. 2. a promise that someone teed by a company that is not the issuing will pay another person’s debts company company limited by guarantee company where each guaranteed wage guaranteed wage / rənti d weid / member stated in the memorandum of asso- noun a wage which a company promises ciation how much money he will contribute will not fall below a specific figure to the company if it becomes insolvent (as guarantor guarantor / rən tɔ / noun a person opposed to a company limited by shares) 3. | who promises to pay another person’s debts something given as a security to leave share certificates as a guarantee í verb to if he or she should fail to She stood guar- give a promise that something will happen antor for her brother.
Accounting.fm Page 112 Tuesday, February 13, 2007 1:40 PM H half-year / hɑ f jiə/ noun six months of head office / hed ɒfis/ noun an office half-year head office an accounting period building where the board of directors works and meets half-yearly / hɑ f jiəli/ adjective happen- half-yearly ing every six months, or referring to a period headquarters /hed kwɔ təz/ plural noun headquarters | of six months half-yearly accounts half- the main office, where the board of directors yearly payment half-yearly statement a meets and works The company’s head- half-yearly meeting í adverb every six quarters are in New York. months We pay the account half-yearly. heads of agreement / hedz əv ə heads of agreement | handling charge / h ndliŋ tʃɑ d / handling charge ri mənt/ plural noun 1. a draft agreement noun money to be paid for packing, invoic- with not all the details complete 2. the most ing and dealing with goods which are being important parts of a commercial agreement shipped health insurance / helθ in ʃυərəns/ health insurance | hard cash / hɑ d k ʃ/ noun money in hard cash noun insurance which pays the cost of treat- notes and coins, as opposed to cheques or ment for illness, especially when travelling credit cards abroad hard currency / hɑ d k rənsi/ noun the hard currency healthy / helθi/ adjective a healthy bal- healthy currency of a country which has a strong ance sheet a balance sheet which shows a economy, and which can be changed into good profit other currencies easily to pay for imports heavy industry / hevi indəstri/ noun an heavy industry in hard currency to sell raw materials to industry which deals in heavy raw materials earn hard currency Also called scarce cur- such as coal or makes large products such as rency ships or engines hardening / hɑ d(ə)niŋ/ adjective (of a hardening hedge /hed / noun a protection against a hedge market) slowly moving upwards possible loss, which involves taking an hard landing / hɑ d l ndiŋ/ noun a hard landing action which is the opposite of an action change in economic strategy to counteract taken earlier í verb to protect against the inflation which has serious results for the risk of a loss to hedge your bets to make population such as high unemployment, ris- investments in several areas so as to be pro- ing interest rates, etc. tected against loss in one of them to hedge head and shoulders / hed ən ʃəυldəz/ head and shoulders against inflation to buy investments which noun a term used by chartists showing a will rise in value faster than the increase in share price which rises to a peak, then falls the rate of inflation slightly, then rises to a much higher peak, ‘…during the 1970s commercial property then falls sharply and rises to a lower peak was regarded by investors as an alternative before falling again, looking similar to a per- to equities, with many of the same infla- son’s head and shoulders when shown on a tion-hedge qualities’ [Investors Chroni- graph cle] headlease / hedli s/ noun a lease from headlease ‘…the move saved it from having to pay the freehold owner to a tenant its creditors an estimated $270 million owed in connection with hedge contracts headline inflation rate / hedlain in headline inflation rate | which began working against the company fleiʃ(ə)n reit/ noun a British inflation fig- when the price of gold rose unexpectedly ure which includes items such as mortgage during September’ [Business in Africa] interest and local taxes, which are not hedge fund / hed f nd/ noun a partner- hedge fund included in the inflation figures for other countries. Compare underlying inflation ship open to a small number of rich inves- tors, which invests in equities, currency rate
Accounting.fm Page 113 Tuesday, February 13, 2007 1:40 PM 113 historical cost concept ‘…in a leveraged buyout the acquirer futures and derivatives and may produce raises money by selling high-yielding high returns but carries a very high risk debentures to private investors’ [Fortune] ‘…much of what was described as near higher-rate tax / haiə reit t ks/ noun higher-rate tax hysteria was the hedge funds trying to liq- in the United Kingdom, the highest of the uidate bonds to repay bank debts after los- three bands of income tax. Most countries ing multi-million dollar bets on specula- have bands of income tax with different tions that the yen would fall against the dollar’ [Times] rates applicable to income within each band. high finance / hai fain ns/ noun the high finance ‘…hedge funds generally have in common lending, investing and borrowing of very an ability to sell short (that is, sell stocks you do not own), and to increase growth large sums of money organised by financiers prospects – and risk – by borrowing to high gearing / hai iəriŋ/ noun a situa- high gearing enhance the fund’s assets’ [Money tion where a company has a high level of Observer] borrowing compared to its share price ‘…the stock is a hedge fund – limited by high-income / hai ink m/ adjective high-income the Securities and Exchange Commission used for referring to a fund that yields a high to only wealthy individuals and qualified rate of return high-income shares a institutions’ [Smart Money] high-income portfolio hedging hedging / hed iŋ/ noun the act of buying highly-geared company / haili iəd highly-geared company investments at a fixed price for delivery k mp(ə)ni/ noun a company which has a later, so as to protect against possible loss high proportion of its funds from fixed- interest borrowings hereditament hereditament / heri ditəmənt/ noun a | highly-paid / haili peid/ adjective earn- highly-paid property, including land and buildings ing a large salary hidden asset hidden asset / hid(ə)n set/ noun an high yield / hai ji ld/ noun a dividend high yield asset which is valued much less in the com- yield which is higher than is usual for the pany’s accounts than its true market value type of company hidden economy hidden economy / hid(ə)n i kɒnəmi/ hike /haik/ noun an increase í verb to | hike noun same as black economy increase hidden reserves hidden reserves / hid(ə)n ri z vz/ plu- hire / haiə/ noun an arrangement whereby hire | ral noun 1. reserves which are not easy to customers pay money to be able to use a car, identify in the company’s balance sheet. boat or piece of equipment owned by some- Reserves which are illegally kept hidden are one else for a time (NOTE: The more usual called ‘secret reserves’. 2. illegal reserves term in the US is rent) which are not declared in the company’s bal- hire purchase / haiə p tʃis/ noun a hire purchase ance sheet system of buying something by paying a hidden tax hidden tax / hid(ə)n t ks/ noun a tax that sum regularly each month to buy a refrig- is not immediately apparent. For example, erator on hire purchase (NOTE: The US term while a consumer may be aware of a tax on is installment credit, installment plan or retail purchases, a tax imposed at the whole- installment sale.) sale level, which consequently increases the hire purchase agreement / haiə hire purchase agreement cost of items to the retailer, will not be p tʃis ə ri mənt/ noun a contract to pay | apparent. for something by instalments hierarchy of activities hierarchy of activities / haiərɑ ki əv hire-purchase company / haiə hire-purchase company k tivitiz/ noun a diagrammatic represen- p tʃis k mp(ə)ni/ noun a company | tation of the relative importance of activities which provides money for hire purchase undertaken in the running of a business historical cost /hi stɒrik(ə)l kɒst/, his- historical cost | toric cost /hi stɒrik kɒst/ noun the actual high high /hai/ adjective large, not low High | cost of purchasing something which was overhead costs increase the unit price. bought some time ago They are budgeting for a high level of historical cost accounting /hi expenditure. High interest rates are crip- historical cost accounting | pling small businesses. í noun a point stɒrik(ə)l kɒst ə kaυntiŋ/ noun the prep- | aration of accounts on the basis of historical where prices or sales are very large Prices cost, with assets valued at their original cost have dropped by 10% since the high of Jan- of purchase. Compare current cost uary 2nd. accounting ‘American interest rates remain exception- historical cost concept /hi stɒrik(ə)l historical cost concept ally high in relation to likely inflation | kɒst kɒnsept/, historical cost conven- rates’ [Sunday Times]
Accounting.fm Page 114 Tuesday, February 13, 2007 1:40 PM historical cost depreciation 114 tion /hi stɒrik(ə)l kɒst kən venʃən/ noun sell You should hold these shares – they | | a basis for the treatment of assets in financial look likely to rise. statements where they are recorded at their ‘…as of last night, the bank’s shareholders historical cost, without adjustment for infla- no longer hold any rights to the bank’s tion or other price variations (NOTE: Use shares’ [South China Morning Post] ‘historical cost convention’ not ‘historic cost hold down phrasal verb to keep at a low convention’.) level We are cutting margins to hold our historical cost depreciation /hi historical cost depreciation prices down. | stɒrik(ə)l kɒst di pri ʃieiʃ(ə)n/ noun ‘…real wages have been held down; they | depreciation based on the original cost of the have risen at an annual rate of only 1% in asset the last two years’ [Sunday Times] historical figures /hi stɒrik(ə)l fi əz/ historical figures hold up phrasal verb 1. to stay at a high lev- | plural noun figures that were correct at the el Share prices have held up well. Sales time of purchase or payment, as distinct held up during the tourist season. 2. to delay from, e.g., a current saleable value or market something The shipment has been held up value at customs. Payment will be held up until historical pricing /hi stɒrik(ə)l historical pricing the contract has been signed. | praisiŋ/ noun a method of setting prices for holder holder / həυldə/ noun 1. a person who a good or service that is based on prices pre- owns or keeps something holders of gov- viously set. Sometimes revised prices may ernment bonds or bondholders holder of take into account the effects of inflation. stock or of shares in a company holder of historical summary /hi stɒrik(ə)l historical summary an insurance policy or policy holder 2. a | s məri/ noun in the United Kingdom, an thing which keeps something, which pro- optional synopsis of a company’s results tects something over a period of time, often five or ten years, holders of record holders of record / həυldəz əv rekɔ d/ featured in the annual accounts plural noun the owners of a company’s historical trading range /hi stɒrik(ə)l historical trading range shares | treidiŋ reind / noun the difference hold harmless letter / həυld hɑ mləs hold harmless letter between the highest and lowest price for a letə/ noun a letter issued by parties to a share or bond over a period of time business deal to reporting accountants stat- hive /haiv/ verb hive ing that the accountants will not be held hive off phrasal verb to split off part of a responsible for any losses suffered on the large company to form a smaller subsidiary deal The new managing director hived off the holding holding / həυldiŋ/ noun a group of shares retail sections of the company. owned She has sold all her holdings in the HM Revenue & Customs / eitʃ em HM Revenue & Customs Far East. The company has holdings in revənju ən k stəmz/ noun a UK gov- German manufacturing companies. ernment department which deals with taxes holding company holding company / həυldiŋ on imports and on products such as alcohol k mp(ə)ni/ noun 1. a company which produced in the country. It also deals with owns more than 50% of the shares in another VAT and tax credits. Abbreviation HMRC company. subsidiary company 2. a com- HM Treasury / eitʃ em tre əri/ noun HM Treasury pany which exists only or mainly to own the UK government department responsible shares in subsidiary companies. subsidi- for managing the country’s public revenues. ary The department is run on a day-to-day basis holding cost / həυldiŋ kɒst/ noun the holding cost by the Chancellor of the Exchequer. cost of keeping items of stock including hoard /hɔ d/ verb to buy and store goods in hoard warehousing and handling costs, insurance, case of need losses through deterioration, wastage, theft, hoarder / hɔ də/ noun a person who buys hoarder etc. and the cost of capital used to acquire the stock measured in terms of the interest and stores goods in case of need lost on the money which was spent on pur- hold /həυld/ noun 1. the bottom part of a hold chasing the stock in the first place or the ship or aircraft, in which cargo is carried 2. interest paid on the loans which were needed the action of keeping something í verb 1. to to finance the purchase of the stock own or to keep something She holds 10% home banking / həυm b ŋkiŋ/ noun a home banking of the company’s shares. 2. to make some- thing happen The receiver will hold an system of banking using a personal compu- auction of the company’s assets. 3. not to ter in your own home to carry out various
Accounting.fm Page 115 Tuesday, February 13, 2007 1:40 PM 115 hypothecation financial transactions such as paying house house /haυs/ noun a company the larg- invoices or checking your bank account est London finance house a brokerage home loan / həυm ləυn/ noun a loan by a home loan house a publishing house bank or building society to help someone household goods household goods / haυshəυld υdz/ buy a house plural noun items which are used in the home trade / həυm treid/ noun trade in home trade home the country where a company is based human capital accounting human capital accounting / hju mən honorarium / ɒnə reəriəm/ noun money honorarium | k pit(ə)l ə kaυntiŋ/ noun an attempt to paid to a professional person such as an | place a financial value on the knowledge and accountant or a lawyer when a specific fee skills possessed by the employees of an has not been requested (NOTE: The plural is organisation. Also called human asset honoraria.) accounting, human resource account- honorary / ɒnərəri/ adjective not paid a honorary ing salary for the work done for an organisation hurdle rate hurdle rate / h d(ə)l reit/ noun a mini- He is honorary president of the transla- mum rate of return needed by a bank to fund tors’ association. a loan, the rate below which a loan is not honorary secretary / ɒnərəri honorary secretary profitable for the bank sekrət(ə)ri/ noun a person who keeps the minutes and official documents of a com- hybrid hybrid / haibrid/ noun a combination of mittee or club, but is not paid a salary financial instruments, e.g., a bond with war- honorary treasurer / ɒnərəri tre ərə/ honorary treasurer rants attached, or a range of cash and deriv- noun a treasurer who does not receive any ative instruments designed to mirror the per- fee formance of a financial market honour / ɒnə/ verb to pay something honour hyper- hyper- /haipə/ prefix very large because it is owed and is correct to honour hyperinflation hyperinflation / haipərin fleiʃ(ə)n/ a bill (NOTE: The US spelling is honor.) | noun inflation which is at such a high per- horizontal integration / hɒrizɒnt(ə)l horizontal integration centage rate that it is almost impossible to inti reiʃ(ə)n/ noun the process of joining | reduce similar companies or taking over a company in the same line of business as yourself hypothecation hypothecation /hai pɒθə keiʃ(ə)n/ | | hostile bid / hɒstail bid/ noun same as hostile bid noun 1. an arrangement in which property contested takeover such as securities is used as collateral for a hot money / hɒt m ni/ noun 1. money loan but without transferring legal owner- hot money ship to the lender, as opposed to a mortgage, which is moved from country to country to get the best returns 2. money that has been where the lender holds the title to the prop- obtained by dishonest means. money erty 2. an action of earmarking money laundering derived from specific sources for related hour /aυə/ noun 1. a period of time lasting expenditure, as when investing taxes from hour private cars or petrol sales solely on public sixty minutes 2. sixty minutes of work She earns £14 an hour. We pay £16 an hour. transport
Accounting.fm Page 116 Tuesday, February 13, 2007 1:40 PM I IAASB abbreviation International Auditing IFA abbreviation 1. independent financial IAASB IFA and Assurance Standards Board adviser 2. Institute of Financial Accountants IFAC abbreviation International Federation IAS abbreviation International Accounting IFAC IAS of Accountants Standards IFRIC abbreviation International Financial IASB abbreviation International Account- IFRIC IASB Reporting Interpretations Committee ing Standards Board IFRS abbreviation International Financial IASC abbreviation International Account- IFRS IASC Reporting Standards ing Standards Committee IHT abbreviation inheritance tax IBRD abbreviation International Bank for IHT IBRD Reconstruction and Development (the illegal /i li (ə)l/ adjective not legal or illegal | World Bank) against the law ICAEW abbreviation Institute of Chartered ICAEW illegality / ili liti/ noun the fact of illegality | Accountants in England and Wales being illegal ICAI abbreviation Institute of Chartered ICAI illegally /i li əli/ adverb against the law illegally | Accountants in Ireland He was accused of illegally laundering money. ICANZ abbreviation Institute of Chartered ICANZ Accountants of New Zealand illicit /i lisit/ adjective not legal or not per- illicit | mitted the illicit sale of alcohol ICAS abbreviation Institute of Chartered ICAS Accountants in Scotland illiquid /i likwid/ adjective 1. referring to illiquid | an asset which is not easy to change into ICSID abbreviation International Centre for ICSID cash 2. used to describe a person or business Settlement of Investment Disputes that lacks cash or assets such as securities ICTA abbreviation Income and Corporation ICTA that can readily be converted into cash Taxes Act IMA abbreviation 1. Institute of Manage- IMA ideal capacity /ai diəl kə p siti/ noun ideal capacity | | ment Accountants 2. Investment Manage- the greatest volume of output possible, ment Association which would be produced only in ideal con- IMF abbreviation International Monetary IMF ditions in which optimum capacity was Fund maintained constantly immovable /i mu vəb(ə)l/ adjective immovable idle capacity / aid(ə)l kə p siti/ noun 1. idle capacity | | impossible to move the existence of unused capacity 2. a situa- immovable property /i mu vəb(ə)l tion in which a given market will not absorb immovable property | prɒpəti/ noun houses and other buildings all of the goods produced in that sector on land idle capacity variance / aid(ə)l kə idle capacity variance | p siti veəriəns/ noun a level of capacity impact / imp kt/ noun a shock or strong impact that is lower than that forecast or budgeted effect the impact of new technology on the for cotton trade The new design has made lit- tle impact on the buying public. idle capital / aid(ə)l k pit(ə)l/ noun idle capital impact statement / imp kt capital which is not being used productively impact statement steitmənt/ noun a written statement out- idle time / aid(ə)l taim/ noun the time for idle time lining the effects of something on an indi- which employees are paid although they are vidual or company unable to work because of factors beyond impairment of capital /im peəmənt əv their control Idle time in January was impairment of capital | k pit(ə)l/ noun the extent to which the attributed to the temporary closing down of one of the company’s factories. Workers value of a company is less than the par value were laid off to avoid excessive idle time. of its shares
Accounting.fm Page 117 Tuesday, February 13, 2007 1:40 PM 117 incentive impairment of value /im peəmənt əv Imports from Poland have risen to $1m a impairment of value | v lju / noun a decline in the value of an year. (NOTE: Usually used in the plural, but asset such that its original cost can never be the singular is used before a noun.) recovered import surcharge / impɔ t s tʃɑ d / import surcharge impersonal account /im p s(ə)n(ə)l ə noun the extra duty charged on imported impersonal account | | kaυnt/ noun any account other than a per- goods, to try to stop them from being sonal account, being classified as either a imported and to encourage local manufac- real account, in which property is recorded, ture or a nominal account, in which income, impose /im pəυz/ verb to give orders for impose | expenses and capital are recorded. something regarded as unpleasant or account, personal account unwanted, such as a tax or a ban to impose implement / impli ment/ verb to put into a tax on bicycles They tried to impose a implement | action to implement an agreement to ban on smoking. The government imposed implement a decision a special duty on oil. implementation / implimən teiʃ(ə)n/ imposition / impə ziʃ(ə)n/ noun the act implementation imposition | | noun the process of putting something into of imposing something action the implementation of new rules impound /im paυnd/ verb to take some- impound | import /im pɔ t/ verb to bring goods from import thing away and keep it until a tax is paid | abroad into a country for sale The com- Customs impounded the whole cargo. pany imports television sets from Japan. impounding /im paυndiŋ/ noun an act of impounding | This car was imported from France. taking something and keeping it until a tax is importation / impɔ teiʃ(ə)n/ noun the importation paid | act of importing The importation of arms imprest account / imprest ə kaυnt/ imprest account | is forbidden. The importation of livestock noun a UK term for a record of the transac- is subject to very strict controls. tions of a type of petty cash system. An import ban / impɔ t b n/ noun a govern- import ban employee is given an advance of money, an ment order forbidding imports of a particu- imprest, for incidental expenses and when lar kind or from a particular country The most of it has been spent, he or she presents government has imposed an import ban on receipts for the expenses to the accounts arms. department and is then reimbursed with cash to the total value of the receipts. import duty / impɔ t dju ti/ noun a tax import duty imprest system / imprest sistəm/ on goods imported into a country imprest system noun a system of controlling petty cash, importer /im pɔ tə/ noun a person or importer | where cash is paid out against a written company that imports goods a cigar receipt and the receipt is used to get more importer The company is a big importer of cash to bring the float to the original level foreign cars. improved offer /im pru vd ɒfə/ noun an improved offer import-export / impɔ t ekspɔ t/ adjec- import-export | offer which is larger or has better terms than tive, noun referring to business which deals the previous offer with both bringing foreign goods into a imputation system / impju teiʃ(ə)n country and sending locally made goods imputation system | abroad Rotterdam is an important centre sistəm/ noun a former system of taxation for the import-export trade. She works in of dividends, where the company paid import-export. Advance Corporation Tax on the dividends it paid to its shareholders, and the sharehold- import levy / impɔ t levi/ noun a tax on import levy ers paid no tax on the dividends received, imports, especially in the EU a tax on assuming that they paid tax at the standard imports of farm produce from outside the rate EU inactive account /in ktiv ə kaυnt/ inactive account import quota / impɔ t kwəυtə/ noun a import quota | | noun a bank account which is not used over fixed quantity of a particular type of goods a period of time which the government allows to be imported inactive market /in ktiv mɑ kit/ The government has imposed a import inactive market | quota on cars. noun a stock market with few buyers or sell- ers import restrictions / impɔ t ri import restrictions | strikʃ(ə)nz/ plural noun actions taken by a incentive /in sentiv/ noun something incentive | government to reduce the level of imports by which encourages a customer to buy, or imposing quotas, duties, etc. employees to work better imports / impɔ ts/ plural noun goods imports ‘…some further profit-taking was seen brought into a country from abroad for sale yesterday as investors continued to lack