Dictionary of Accounting Terms Barron's Business Guides_5

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Accounting.fm Page 150 Tuesday, February 13, 2007 1:40 PM net price 150 net price / net prais/ noun the price of owes The upmarket product is targeted at net price individuals of high net worth. goods or services which cannot be reduced by a discount net yield / net ji ld/ noun the profit from net yield net price method / net prais meθəd/ net price method investments after deduction of tax noun an approach that records the cost of new issue / nju iʃu / noun an issue of new issue purchases after discounts have been new shares to raise finance for a company deducted new issues department / nju iʃu z new issues department net proceeds / net prəυsi dz/ plural net proceeds di pɑ tmənt/ noun the section of a bank | noun a figure equal to the amount realised which deals with issues of new shares from a transaction minus the cost of making NI abbreviation National Insurance NI the transaction NIC abbreviation National Insurance contri- NIC net profit / net prɒfit/ noun the amount net profit bution by which income from sales is larger than all NIF abbreviation note issuance facility NIF expenditure. Also called profit after tax night safe / nait seif/ noun a safe in the night safe net profit ratio / net prɒfit reiʃiəυ/ net profit ratio outside wall of a bank, where money and noun the ratio of an organisation’s net profit documents can be deposited at night, using a to its total net sales. Comparing the net profit special door ratios of companies in the same sector shows nil /nil/ noun zero or nothing The adver- nil which are the most efficient. tising budget has been cut to nil. net realisable value / net riəlaizəb(ə)l net realisable value nil paid shares / nil peid ʃeəz/ plural nil paid shares v lju / noun the price at which goods in noun new shares which have not yet been stock could be sold, less any costs incurred paid for in making the sale. Abbreviation NRV nil return / nil ri t n/ noun a report nil return net receipts / net ri si ts/ plural noun net receipts | | showing no sales, income, tax, etc. receipts after deducting commission, tax, discounts, etc. no-claims bonus / nəυ kleimz no-claims bonus bəυnəs/ noun 1. a reduction of premiums net relevant earnings / net reləv(ə)nt net relevant earnings on an insurance policy because no claims niŋz/ plural noun earnings which qualify have been made 2. a lower premium paid for calculating pension contributions and because no claims have been made against against which relief against tax can be the insurance policy claimed. Such earnings can be income from employment which is not pensionable, prof- nominal / nɒmin(ə)l/ adjective (of a pay- nominal its of a self-employed sole trader, etc. ment) very small They are paying a nom- inal rent. The employment agency makes net residual value / net ri zidjuəl net residual value | a nominal charge for its services. v lju / noun the anticipated proceeds of an asset at the end of its useful life, less the nominal account / nɒmin(ə)l ə kaυnt/ nominal account | costs of selling it, e.g., transport and com- noun an account for recording transactions mission. It is used when calculating the relating to a particular type of expense or annual charge for the straight-line method of receipt depreciation. Abbreviation NRV nominal capital / nɒmin(ə)l k pit(ə)l/ nominal capital net return / net ri t n/ noun a return on net return noun the total of the face value of all the | an investment after tax has been paid shares which a company is authorised to issue net salary / net s ləri/ noun the salary net salary which is left after deducting tax and nominal interest rate / nɒmin(ə)l nominal interest rate National Insurance contributions intrəst reit/ noun an interest rate net sales / net seilz/ plural noun the total expressed as a percentage of the face value net sales of a bond, not on its market value amount of sales less damaged or returned items and discounts to retailers nominal ledger / nɒmin(ə)l led ə/ nominal ledger net turnover / net t n əυvə/ noun turn- noun a book which records a company’s net turnover | transactions in the various accounts over before VAT and after trade discounts have been deducted nominal share capital / nɒmin(ə)l ʃeə nominal share capital net working capital / net w kiŋ k pit(ə)l/ noun the total of the face value net working capital k pit(ə)l/ noun same as net current of all the shares which a company is author- ised to issue according to its memorandum assets of association net worth / net w θ/ noun the value of net worth nominal value / nɒmin(ə)l v lju / nominal value all the property of a person or company after taking away what the person or company noun same as face value
Accounting.fm Page 151 Tuesday, February 13, 2007 1:40 PM 151 normalise nominee / nɒmi ni / noun a person who is non-profit-making organisation nominee non-profit-making organisation | / nɒn prɒfitmeikiŋ ɔ ənai zeiʃən/ nominated, especially someone who is | appointed to deal with financial matters on noun an organisation which is not allowed your behalf by law to make a profit Non-profit-making organisations are exempted from tax. (NOTE: nominee account / nɒmi ni ə kaυnt/ nominee account | | Non-profit-making organisations include noun an account held on behalf of someone charities, professional associations, trade non-acceptance / nɒn ək septəns/ non-acceptance | unions, and religious, arts, community, noun a situation in which the person who is research, and campaigning bodies. The US to pay a bill of exchange does not accept it term is nonprofit organization.) noncash items / nɒn k ʃ aitəmz/ plu- noncash items non-recurring items / nɒn ri k riŋ non-recurring items ral noun cheques, drafts and similar items | aitəmz/ plural noun items in an income which are not in the form of cash statement that are unusual in nature or do not noncontrollable cost noncontrollable cost occur regularly / nɒnkəntrəυləb(ə)l kɒst/ noun a business non-refundable / nɒn ri f ndəb(ə)l/ non-refundable cost that the management team cannot influ- | adjective not refunded in normal circum- ence, e.g. the level of rent payable on build- stances You will be asked to make a non- ings occupied refundable deposit. non-coterminous period ends non-coterminous period ends non-resident / nɒn rezid(ə)nt/ noun, non-resident / nɒnkəυt minəs piəriəd endz/ noun a adjective a person who is not considered a point at which separate and related accounts resident of a country for tax purposes He cease to cover different accounting periods has a non-resident bank account. and begin to run coterminously non-sufficient funds / nɒn sə fiʃənt non-sufficient funds non-cumulative preference share non-cumulative preference share | f ndz/ noun US a lack of enough money in / nɒn kju mjυlətiv pref(ə)rəns ʃeə/ a bank account to pay a cheque drawn on noun a preference share where, if the divi- that account. Abbreviation NSF. Also called dend is not paid in the current year, it is lost insufficient funds, not sufficient funds non-current assets / nɒn k rənt non-current assets non-tariff barriers / nɒn t rif b riəz/ non-tariff barriers sets/ plural noun fixed assets plural noun barriers to international trade non-executive director /nɒn i non-executive director | other than tariffs. They include over-compli- zekjυtiv dai rektə/ noun a director who | cated documentation, verification of goods attends board meetings and gives advice, but for health and safety reasons and blocked does not work full-time for the company. deposits payable by importers to obtain for- Also called outside director eign currency. Abbreviation NTBs non-historic / nɒn hi stɒrik/ adjective non-historic | non-taxable / nɒn t ksəb(ə)l/ adjective non-taxable not calculated on a historical cost basis not subject to tax non-taxable income non-monetary / nɒn m nit(ə)ri/ adjec- non-monetary Lottery prizes are non-taxable. tive used for describing items or assets that non-trade creditor / nɒn non-trade creditor treid are not money and can be valued at a higher kreditə/ noun a creditor who is not owed value than their original purchase price money in the normal trade of a business, e.g. non-negotiable instrument / nɒn ni non-negotiable instrument | a debenture holder or the Inland Revenue əυʃəb(ə)l instrυmənt/ noun a document non-voting shares / nɒn vəυtiŋ ʃeəz/ non-voting shares which cannot be exchanged for cash, e.g. a plural noun shares which do not allow the crossed cheque shareholder to vote at meetings. A shares non-performing loan / nɒn p fɔ miŋ non-performing loan | normal absorption costing / nɔ m(ə)l normal absorption costing ləυn/ noun US a loan where the borrower is əb zɔ pʃən kɒstiŋ/ noun a method of not likely to pay any interest nor to repay the | product costing that averages out fluctua- principal, as in the case of loans to Third tions in overhead costs World countries by western banks normal costs / nɔ m(ə)l kɒsts/ plural normal costs nonproductive capacity / nɒnprə nonproductive capacity | noun annual product costs averaged out to d ktiv kə p siti/ noun capacity that pro- | give a monthly figure, as distinct from a duces no net production, e.g. because pro- monthly figure that records seasonal fluctu- duction needs to be repeated owing to ations in costs defects in earlier products nonprofit accounting /nɒn prɒfit ə normalise / nɔ məlaiz/, normalize verb normalise nonprofit accounting | | kaυntiŋ/ noun the accounting policies and to store and represent numbers in a pre- methods employed by nonprofit organisa- agreed form, usually to provide maximum tions such as charities precision
Accounting.fm Page 152 Tuesday, February 13, 2007 1:40 PM normal loss 152 notional income / nəυʃ(ə)n(ə)l ink m/ normal loss / nɔ m(ə)l lɒs/ noun loss normal loss notional income noun an invisible benefit which is not which is usual in the type of business being money or goods and services carried on, e.g. the loss of small quantities of notional rent / nəυʃ(ə)n(ə)l rent/ noun materials during the manufacturing process notional rent a sum put into accounts as rent where the normal spoilage / nɔ m(ə)l spɔilid / normal spoilage company owns the building it is occupying noun the deterioration of products that will and so does not pay an actual rent always take place, even under the best oper- not negotiable / nɒt ni əυʃiəb(ə)l/ not negotiable ating conditions | phrase used for referring to a cheque that notary public / nəυtəri p blik/ noun a notary public must be deposited in an account and cannot lawyer who has the authority to witness doc- therefore be immediately exchanged for uments and spoken statements, making cash. crossed cheque, negotiable them official (NOTE: The plural is notaries instrument public.) novation /nəυ veiʃ(ə)n/ noun an agree- novation note /nəυt/ noun 1. to send someone a note | ment to change a contract by substituting a note I left a note on her desk. notes to third party for one of the two original parties the accounts notes attached to a company’s NPV abbreviation net present value NPV accounts by the auditors to explain items in NRV abbreviation 1. net realisable value 2. NRV the accounts or to explain the principles of net residual value accounting used 2. paper showing that NS&I abbreviation National Savings and NS&I money has been borrowed Investments note issuance facility / nəυt iʃuəns fə note issuance facility | NSB abbreviation National Savings Bank NSB siliti/ noun a credit facility where a com- NSF abbreviation not sufficient funds or NSF pany obtains a loan underwritten by banks non-sufficient funds and can issue a series of short-term Eurocur- NTBs abbreviation non-tariff barriers rency notes to replace others which have NTBs expired. Abbreviation NIF number / n mbə/ noun 1. a quantity of number note of hand / nəυt əv h nd/ noun a things or people The number of persons note of hand on the payroll has increased over the last document stating that someone promises to year. The number of days lost through pay an amount of money on an agreed date strikes has fallen. 2. a printed or written fig- note payable / nəυt peiəb(ə)l/ noun a note payable ure that identifies a particular thing Please document that gives a guarantee to pay write your account number on the back of money at a future date the cheque. If you have a complaint to note receivable / nəυt ri si vəb(ə)l/ note receivable make, always quote the batch number. She | noun a document that gives a guarantee to noted the cheque number in the ledger. í receive money at a future date verb to put a figure on a document to notice of coding / nəυtis əv kɒdiŋ/ notice of coding number an order I refer to your invoice noun an official notice from a tax authority numbered 1234. of someone’s tax code, which indicates the numbered account / n mbəd ə kaυnt/ numbered account | level of tax allowance he or she is entitled to noun a bank account, usually in Switzer- receive land, which is referred to only by a number, notice of default / nəυtis əv di fɔ lt/ notice of default the name of the person holding it being kept | noun US same as default notice secret notional / nəυʃ(ə)n(ə)l/ adjective proba- numeral / nju m(ə)rəl/ noun a character notional numeral ble but not known exactly or not quantifiable or symbol which represents a number
Accounting.fm Page 153 Tuesday, February 13, 2007 1:40 PM O give the staff four days off at Christmas. í O & M abbreviation organisation and meth- O&M adverb 1. taken away from a price We give ods 5% off for quick settlement. 2. lower than a OAP abbreviation old age pensioner OAP previous price The shares closed 2% off. í objectivity / ɒbd ek tiviti/ noun the fact objectivity | preposition 1. subtracted from to take £25 that an accounting item can be verified by off the price We give 10% off our usual supporting evidence, e.g. by a voucher of prices. 2. not included items off balance some kind sheet or off balance sheet assets financial obligation / ɒbli eiʃ(ə)n/ noun 1. a duty obligation items which do not appear in a company’s | to do something There is no obligation to balance sheet as assets, such as equipment help out in another department There is acquired under an operating lease no obligation to buy. to fulfil your con- ‘…its stock closed Monday at $21.875 a tractual obligations to do what is stated in share in NYSE composite trading, off 56% a contract 2. a debt to meet your obliga- from its high last July’ [Wall Street Jour- tions to pay your debts nal] obsolescence / ɒbsə les(ə)ns/ noun the obsolescence | off-balance sheet asset off-balance sheet asset / ɒf b ləns process of a product going out of date ʃi t set/ noun an item that is a valuable because of progress in design or technology, resource but does not feature on the balance and therefore becoming less useful or valua- sheet, e.g. an expected rebate of some sort ble off-balance-sheet financing off-balance-sheet financing / ɒf obsolete / ɒbsəli t/ adjective no longer obsolete b ləns ʃi t fain nsiŋ/ noun a way of used Computer technology changes so raising finance through a long-term lease fast that hardware soon becomes obsolete. that does not qualify as a capital lease and occupational pension occupational pension therefore does not appear on the balance / ɒkjυpeiʃ(ə)nəl penʃə/ noun a pension sheet which is paid by the company by which an off-balance sheet liability off-balance sheet liability / ɒf b ləns employee has been employed ʃi t laiə biliti/ noun a potential liability that occupational pension scheme occupational pension scheme | does not feature on the balance sheet / ɒkjυpeiʃ(ə)nəl penʃən ski m/ noun a offer offer / ɒfə/ noun 1. a statement that you are pension scheme where the employee gets a willing to give or do something, especially pension from a fund set up by the company to pay a specific amount of money to buy he or she has worked for, which is related to something to make an offer for a company the salary he or she was earning. Also called We made an offer of £10 a share. or company pension scheme near offer US, or best offer or an offer of a occupier / ɒkjυpaiə/ noun a person who occupier price which is slightly less than the price lives in a property asked The car is for sale at £2,000 or near O/D abbreviation overdraft O/D offer. 2. a statement that you are willing to odd lot / ɒd lɒt/ noun 1. a group of mis- odd lot sell something 3. a statement that you are cellaneous items for sale at an auction 2. US willing to employ someone she received a group of less than 100 shares of stock six offers of jobs or six job offers six com- bought or sold together panies told her she could have a job with OEIC /ɔik/ abbreviation open-ended invest- OEIC them 4. a statement that a company is pre- ment company pared to buy another company’s shares and take the company over í verb 1. to say that off /ɒf/ adjective not working or not in oper- off ation to take three days off The agree- you are willing to pay a specific amount of ment is off. They called the strike off. We money for something to offer someone
Accounting.fm Page 154 Tuesday, February 13, 2007 1:40 PM offer document 154 £100,000 for their house She offered £10 hands of the official receiver. Also called a share. 2. to say that you are willing to sell receiver something They are offering special official return /ə fiʃ(ə)l ri t n/ noun an official return | | prices on winter holidays in the US We official report offered the house for sale. offload /ɒf ləυd/ verb to pass something offload | offer document / ɒfə dɒkjυmənt/ noun offer document which you do not want to someone else a formal document where a company offers offset /ɒf set/ verb to balance one thing offset to buy shares at some price as part of a take- | against another so that they cancel each over bid other out to offset losses against tax offered market / ɒfəd mɑ kit/ noun a offered market Foreign exchange losses more than offset market where there are more sellers than profits in the domestic market. (NOTE: off- buyers setting – offset) offer for sale / ɒfə fə seil/ noun a situa- offer for sale offset account / ɒfset ə kaυnt/ noun an offset account tion in which a company advertises new | account established to allow the gross shares for sale to the public as a way of amount of another account to be reduced launching itself on the Stock Exchange offsetting error / ɒfsetiŋ erə/ noun an offsetting error (NOTE: The other ways of launching a com- accounting error that cancels out another pany are a ‘tender’ or a ‘placing.’) error offering circular / ɒf(ə)riŋ s kjυlə/ offering circular offshore / ɒfʃɔ / adjective, adverb 1. on offshore noun a document which gives information an island or in the sea near to land an off- about a company whose shares are being shore oil field an offshore oil platform 2. sold to the public for the first time on an island which is a tax haven 3. based offeror / ɒfərə/ noun a person who makes offeror outside a country, especially in a tax haven an offer offshore banking / ɒfʃɔ b ŋkiŋ/ offshore banking offer period / ɒfə piəriəd/ noun a time offer period noun banking in a tax haven during which a takeover bid for a company is open offshore finance subsidiary / ɒfʃɔ offshore finance subsidiary offer price / ɒfə prais/ noun the price at offer price fain ns səb sidiəri/ noun a company cre- | which investors buy new shares or units in a ated in another country to handle financial unit trust. The opposite, i.e. the selling price, transactions, giving the owning company is called the ‘bid price’, the difference certain tax and legal advantages in its home between the two is the ‘spread’. country (NOTE: The US term is offshore Office of Fair Trading / ɒfis əv feə financial subsidiary.) Office of Fair Trading treidiŋ/ noun a department of the UK gov- offshore financial centre / ɒfʃɔ fai offshore financial centre | ernment that protects consumers against n nʃəl sentə/ noun a country or other unfair or illegal business. Abbreviation OFT political unit that has banking laws intended Office of Management and Budget Office of Management and Budget to attract business from industrialised / ɒfis əv m nid mənt ən b d it/ noun nations US the department of the US government offshore fund / ɒfʃɔ f nd/ noun a fund offshore fund that prepares the federal budget. Abbrevia- that is based overseas, usually in a country tion OMB that has less strict taxation regulations Office of Thrift Supervision / ɒfis əv Office of Thrift Supervision off-the-shelf company / ɒf ðə ʃelf off-the-shelf company θrift su pə vi (ə)n/ noun US a department k mp(ə)ni/ noun a company which has | of the US government which regulates the already been registered by an accountant or savings and loan associations. Abbreviation lawyer, and which is ready for sale to some- OTS one who wants to set up a new company official books of account /ə fiʃ(ə)l official books of account quickly | bυks əv ə kaυnt/ plural noun the official OFT abbreviation Office of Fair Trading OFT | financial records of an institution old age pension / əυld eid penʃən/ old age pension Official List /ə fiʃ(ə)l list/ noun a daily Official List | noun a state pension given to people over publication by the London Stock Exchange some age (currently to a man who is 65 or to of the highest and lowest prices recorded for a woman who is 60) each share during the trading session old age pensioner / əυld eid old age pensioner official receiver /ə fiʃ(ə)l ri si və/ noun official receiver | | penʃ(ə)nə/ noun a person who receives the a government official who is appointed to retirement pension. Abbreviation OAP run a company which is in financial difficul- OMB abbreviation Office of Management OMB ties, to pay off its debts as far as possible and to close it down The company is in the and Budget
Accounting.fm Page 155 Tuesday, February 13, 2007 1:40 PM 155 open-market value ombudsman / ɒmbυdzmən/ noun an cial and operational information, with the ombudsman aim of giving everyone a stake in increasing official who investigates complaints by the production public against government departments or other large organisations (NOTE: The plural open cheque / əυpən tʃek/ noun same open cheque is ombudsmen.) as uncrossed cheque ‘…radical changes to the disciplinary sys- open credit / əυpən kredit/ noun credit open credit tem, including appointing an ombudsman given to good customers without security to review cases where complainants are open-ended / əυpən endid/ adjective open-ended not satisfied with the outcome, are pro- with no fixed limit or with some items not posed in a consultative paper the Institute specified They signed an open-ended of Chartered Accountants issued last agreement. The candidate was offered an month’ [Accountancy] open-ended contract with a good career on account phrase paid in part in advance on account plan. (NOTE: The US term is open-end.) oncosts / ɒnkɒsts/ plural noun business oncosts open-ended credit / əυpən endid open-ended credit costs that cannot be charged directly to a kredit/ noun same as revolving credit particular good or service and must be open-ended fund / əυpən endid f nd/ open-ended fund apportioned across the business noun a fund such as a unit trust where inves- on demand / ɒn di mɑ nd/ adjective on demand | tors buy units, the money paid being used to describe an account from which invested in a range of securities. This is as withdrawals may be made without giving a opposed to a closed fund, such as an invest- period of notice ment trust, where the investor buys shares in one-man business / w n m n one-man business the trust company, and receives dividends. biznis/, one-man firm / w n m n f m/, open-ended investment company open-ended investment company /w n mn one-man company / əυpən endid in vestmənt k mp(ə)ni/ k mp(ə)ni/ noun a business run by one | noun a form of unit trust, in which the inves- person alone with no staff or partners tor purchases shares at a single price, as one-off / w n ɒf/ adjective done or made one-off opposed to the bid-offer pricing system used only once one-off item one-off deal by ordinary unit trusts. Abbreviation OEIC one-off payment open-ended management company open-ended management company one-sided / w n saidid/ adjective one-sided / əυpən endid m nid mənt favouring one side and not the other in a k mp(ə)ni/ noun a company that sells unit negotiation trusts (NOTE: The US term is open-end one-year money / w n jiə m ni/ noun one-year money management company.) money invested for one year open-ended trust / əυpən endid open-ended trust open / əυpən/ adjective 1. at work, not open tr st/ noun a fund in which investors can closed The store is open on Sunday morn- freely buy and sell units at any time ings. Our offices are open from 9 to 6. opening balance / əυp(ə)niŋ b ləns/ opening balance They are open for business every day of the week. 2. ready to accept something í verb 1. noun a balance at the beginning of an accounting period to start a new business She has opened a shop in the High Street. We have opened a opening balance sheet / əυp(ə)niŋ opening balance sheet branch in London. 2. to start work, to be at b ləns ʃi t/ noun an account showing an work The office opens at 9 a.m. We open organisation’s opening balances for business on Sundays. 3. to begin some- opening entry / əυp(ə)niŋ entri/ noun opening entry thing 4. to set something up or make some- the first entry in an account thing available to open a bank account opening price / əυp(ə)niŋ prais/ noun a opening price to open a line of credit to open a loan 5. price at the start of a day’s trading shares opened lower share prices were opening stock / əυp(ə)niŋ stɒk/ noun opening stock lower at the beginning of the day’s trading on a balance sheet, the closing stock at the ‘…after opening at 79.1 the index touched end of one accounting period that is trans- a peak of 79.2 and then drifted to a low of ferred forward and becomes the opening 78.8’ [Financial Times] stock in the one that follows (NOTE: The US open account / əυpən ə kaυnt/ noun an open account | term is beginning inventory.) account where the supplier offers the pur- open market / əυpən mɑ kit/ noun a open market chaser credit without security market where anyone can buy or sell open book management / əυpən bυk open book management open-market value / əυpən mɑ kit open-market value m nid mənt/ noun a management v lju / noun the price that an asset or secu- method that gives staff open access to finan-
Accounting.fm Page 156 Tuesday, February 13, 2007 1:40 PM operate 156 rity would realise if it was offered on a mar- operating margin operating margin / ɒpəreitiŋ ket open to all mɑ d in/ noun a measurement of the pro- portion of a company’s revenue that is left operate / ɒpəreit/ verb to be in force operate over after variable costs of production have The new terms of service will operate from been met January 1st. The rules operate on inland postal services only. operating performance ratio operating performance ratio / ɒpəreitiŋ pə fɔ məns reiʃiəυ/ noun a ‘…the company gets valuable restaurant | ratio of profitability to sales locations which will be converted to the family-style restaurant chain that it oper- operating profit / ɒpəreitiŋ prɒfit/ operating profit ates and franchises throughout most parts noun the difference between a company’s of the US’ [Fortune] revenues and any related costs and expenses, operating / ɒpəreitiŋ/ noun the general operating not including income or expenses from any running of a business or of a machine sources other than its normal methods of providing goods or a service ‘…the company blamed over-capacity and competitive market conditions in Europe operating revenue operating revenue / ɒpəreitiŋ for a £14m operating loss last year’ revənju / noun the amount of income gen- [Financial Times] erated as a result of a company’s normal operating activities / ɒpəreitiŋ k operating activities business operations | tivitiz/ plural noun those activities that a operating risk / ɒpəreitiŋ risk/ noun the operating risk business engages in by reason of its being risk of having a high operating leverage the type of business it is, as opposed to non- operating statement / ɒpəreitiŋ operating statement operating activities such as investment steitmənt/ noun a financial statement operating budget / ɒpəreitiŋ b d it/ operating budget which shows a company’s expenditure and noun a forecast of income and expenditure income, and consequently its final profit or over a period of time loss The operating statement shows unex- operating budget sequence operating budget sequence pected electricity costs. Let’s look at the / ɒpəreitiŋ b d it si kwəns/ noun a part operating statement to find last month’s of a master budget that records the acquisi- expenditure. tion and use of resources operation / ɒpə reiʃ(ə)n/ noun 1. an operation | operating costing / ɒpəreitiŋ kɒstiŋ/ operating costing activity or a piece of work, or the task of run- noun costing which is based on the costs of ning something the company’s operations services provided in West Africa He heads up the operations operating costs / ɒpəreitiŋ kɒsts/ plu- operating costs in Northern Europe. 2. in operation ral noun the costs of the day-to-day activi- working or being used The system will be ties of a company. Also called operating in operation by June. The new system came into operation on January 1st. expenses, running costs operating cycle / ɒpəreitiŋ saik(ə)l/ operating cycle ‘…a leading manufacturer of business, industrial and commercial products noun the time it takes for purchases of mate- requires a branch manager to head up its rials for production to generate revenue mid-western Canada operations based in from sales Winnipeg’ [Globe and Mail (Toronto)] operating expenses / ɒpəreitiŋ ik operating expenses | operational / ɒpə reiʃ(ə)nəl/ adjective operational spensiz/ plural noun same as operating | referring to the day-to-day activities of a costs business or to the way in which something is operating lease / ɒpəreitiŋ li s/ noun a operating lease run lease which does not require the lessee com- operational audit / ɒpəreiʃ(ə)nəl operational audit pany to show the asset acquired under the ɔ dit/ noun a systematic review of the sys- lease in its balance sheet, but the annual tems and procedures used in an organisation rental charge for such assets must be dis- in order to assess whether they are being car- closed in a note to the accounts ried out efficiently and effectively. Also operating leverage / ɒpəreitiŋ operating leverage known as management audit, operations levərid / noun the ratio of a business’s audit fixed costs to its total costs. As the fixed operational budget / ɒpəreiʃ(ə)nəl operational budget costs have to be paid regardless of output, b d it/ noun same as operating budget the higher the ratio, the higher the risk of losses in an economic downturn. operational costs / ɒpəreiʃ(ə)nəl operational costs operating loss / ɒpəreitiŋ lɒs/ noun a kɒsts/ plural noun the costs of running a operating loss loss made by a company in its usual business business
Accounting.fm Page 157 Tuesday, February 13, 2007 1:40 PM 157 ordinarily resident operational gearing / ɒpəreiʃ(ə)nəl operational gearing option trading option trading / ɒpʃən treidiŋ/ noun iəriŋ/ noun a situation where a company the business of buying and selling share has high fixed costs which are funded by options borrowings order order / ɔ də/ noun 1. the way in which operational planning / ɒpəreiʃ(ə)nəl operational planning records such as filing cards or invoices are pl niŋ/ noun the planning of how a busi- arranged in alphabetical or numerical ness is to be run order 2. an official request for goods to be supplied to give someone an order or to operational research / ɒpəreiʃ(ə)nəl ri operational research | place an order with someone for twenty fil- s tʃ/ noun a study of a company’s way of ing cabinets The management ordered the working to see if it can be made more effi- workforce to leave the factory. to fill an cient and profitable order, to fulfil an order to supply items operations review / ɒpə reiʃ(ə)nz ri operations review | | which have been ordered We are so under- vju / noun an act of examining the way in staffed we cannot fulfil any more orders which a company or department works to before Christmas. items available to see how it can be made more efficient and order only items which will be manufac- profitable tured only if someone orders them on operation time / ɒpə reiʃ(ə)n taim/ operation time order ordered but not delivered This item | noun the time taken for a business operation is out of stock, but is on order. 3. a document to be completed which allows money to be paid to someone opinion /ə pinjən/ noun a piece of expert opinion She sent us an order on the Chartered | advice the lawyers gave their opinion to Bank. 4. (Stock Exchange) an instruction to ask an adviser for his opinion on a case a broker to buy or sell 5. pay to Mr Smith opportunity cost / ɒpə tju niti kɒst/ opportunity cost or order pay money to Mr Smith or as he | noun 1. the cost of a business initiative in orders pay to the order of Mr Smith pay terms of profits that could have been gained money directly to Mr Smith or to his account through an alternative plan It’s a good í verb to ask for goods to be supplied investment plan and we will not be deterred They ordered a new Rolls Royce for the man- by the opportunity cost. Also called alterna- aging director. tive cost 2. the value of another method of order book order book / ɔ də bυk/ noun a book investment which could have been used, which records orders received instead of the one adopted order-driven system order-driven system / ɔ də driv(ə)n opportunity cost approach / ɒpə opportunity cost approach sistəm/, order-driven market / ɔ də | tju niti kɒst ə prəυtʃ/ noun the use of the driv(ə)n mɑ kit/ noun a price system on a | concept of opportunity cost in business deci- stock exchange where prices vary according sion-making to the level of orders. Compare quote- optimal capital structure / ɒptim(ə)l optimal capital structure driven system k pit(ə)l str ktʃə/ noun the optimal order entry order entry / ɔ də entri/ noun the proc- range for a company’s capital structure ess of entering information on orders into a optimise / ɒptimaiz/, optimize verb to optimise processing system allocate such things as resources or capital order fulfilment order fulfilment / ɔ də fυl filmənt/ as efficiently as possible | noun the process of supplying items which optimum / ɒptiməm/ adjective best The optimum have been ordered market offers optimum conditions for sales. ordering costs ordering costs / ɔ dəriŋ kɒsts/ plural option / ɒpʃən/ noun the opportunity to option noun the total of the costs involved in mak- buy or sell something, such as a security, ing a purchase order, including telephone within a fixed period of time at a fixed price and stationery costs to take up an option or to exercise an order processing order processing / ɔ də prəυsesiŋ/ option to accept the option which has been noun the work of dealing with orders offered and to put it into action They exer- cised their option or they took up their order receipt time order receipt time / ɔ də ri si t taim/ | option to acquire sole marketing rights to noun the interval between the receipt of an the product. order and the point at which it is ready to be despatched option contract / ɒpʃən kɒntr kt/ option contract noun a right to buy or sell a specific number ordinarily resident ordinarily resident / ɔ d(ə)n(ə)rili of shares at a fixed price rezid(ə)nt/ adjective normally living in a option dealing / ɒpʃən di liŋ/ noun the option dealing country Mr Schmidt is ordinarily resident activity of buying and selling share options in Canada
Accounting.fm Page 158 Tuesday, February 13, 2007 1:40 PM ordinary activities 158 organisation chart / ɔ ənai zeiʃ(ə)n ordinary activities / ɔ d(ə)n(ə)ri k ordinary activities organisation chart | | tʃɑ t/ noun same as organisational chart tivitiz/ plural noun the usual trading of a company, that is, what the company usually organisation costs / ɔ ənai zeiʃ(ə)n organisation costs | does kɒsts/ plural noun the costs associated with setting up a business, e.g. legal fees and ordinary interest / ɔ d(ə)n(ə)ri intrəst/ ordinary interest business filing fees noun annual interest calculated on the basis organise / ɔ ənaiz/, organize verb 1. to of 360 days, as opposed to ‘exact interest’ organise which is calculated on 365 days set up a system for doing something The company is organised into six profit centres. ordinary resolution / ɔ d(ə)n(ə)ri rezə ordinary resolution | The group is organised by sales areas. 2. lu ʃ(ə)n/ noun a resolution put before an to arrange something so that it works AGM, usually referring to some general pro- ‘…we organize a rate with importers who cedural matter, and which requires a simple have large orders and guarantee them majority of votes to be accepted space at a fixed rate so that they can plan ordinary share capital / ɔ d(ə)n(ə)ri ordinary share capital their costs’ [Lloyd’s List] ʃeə k pit(ə)l/ noun the capital of a com- original cost /ə rid ən(ə)l kɒst/ noun original cost pany in the form of money paid for ordinary | the total cost of acquiring an asset shares original entry /ə rid ən(ə)l entri/ noun original entry ordinary shareholder / ɔ d(ə)n(ə)ri ordinary shareholder | the act of recording a transaction in a journal ʃeəhəυldə/ noun a person who owns ordi- other capital / ðə k pit(ə)l/ noun cap- other capital nary shares in a company ital that is not listed in specific categories ordinary shares / ɔ d(ə)n(ə)ri ʃeəz/ plu- ordinary shares other long-term capital / θə lɒŋ t m other long-term capital ral noun shares that entitle the holder to k pit(ə)l/ noun long-term capital that is receive a dividend after the dividend on pref- not listed in specific categories erence shares has been paid (NOTE: The US other long-term liabilities / θə lɒŋ other long-term liabilities term is common stock.) t m laiə bilitiz/ plural noun obligations ordinary stock noun same as ordinary ordinary stock | with terms greater than one year on which shares there is no charge for interest in the next year organic growth /ɔ nik rəυθ/ noun organic growth | other short-term capital / θə ʃɔ t other short-term capital same as internal growth t m k pit(ə)l/ noun short-term capital organisation / ɔ ənai zeiʃ(ə)n/, organisation that is not listed in specific categories | organization noun 1. a way of arranging OTS abbreviation Office of Thrift Supervi- OTS something so that it works efficiently the sion organisation of the head office into depart- out /aυt/ adverb we are £20,000 out in out ments The chairman handles the organi- our calculations we have £20,000 too much sation of the AGM. The organisation of or too little the group is too centralised to be efficient. 2. outgoings / aυt əυiŋz/ plural noun outgoings a group or institution which is arranged for money which is paid out efficient work outlay / aυtlei/ noun money spent, outlay ‘…working with a client base which expenditure includes many major commercial organi- zations and nationalized industries’ outlook / aυtlυk/ noun a view of what is outlook [Times] going to happen in the future The eco- nomic outlook is not good. The stock mar- organisational / ɔ ənai zeiʃ(ə)n(ə)l/, organisational | ket outlook is worrying. organizational adjective referring to the way in which something is organised The ‘American demand has transformed the paper gives a diagram of the company’s profit outlook for many European manu- facturers’ [Duns Business Month] organisational structure. out-of-date cheque / aυt əv deit tʃek/ out-of-date cheque organisational chart organisational chart / ɔ ənai | noun a cheque which has not been cleared zeiʃ(ə)n(ə)l tʃɑ t/ noun a chart that shows because its date is too old, normally more the relationships of people in an organisa- than six months tion in terms of their areas of authority and responsibility out of pocket / aυt əv pɒkit/ adjective, out of pocket adverb having paid out money personally organisation and methods organisation and methods The deal has left me out of pocket. / ɔ ənaizeiʃ(ə)n ən meθədz/ noun a out-of-pocket expenses / aυt əv process of examining how an office works, out-of-pocket expenses pɒkit ik spensiz/ plural noun an amount and suggesting how it can be made more | efficient. Abbreviation O & M of money paid back to an employee who has
Accounting.fm Page 159 Tuesday, February 13, 2007 1:40 PM 159 overdue spent his or her personal money on company absorbed overhead which ends up by being business higher than the actual overhead incurred overabsorption / əυvərəb zɔ pʃ(ə)n/ output / aυtpυt/ noun the amount which a overabsorption output | noun a situation where the actual overhead company, person, or machine produces incurred is less than the absorbed overhead. Output has increased by 10%. 25% of our Opposite underabsorption output is exported. overall / əυvər ɔ l/ adjective covering or overall ‘…crude oil output plunged during the last | month and is likely to remain near its including everything the company present level for the near future’ [Wall reported an overall fall in profits the com- Street Journal] pany reported a general fall in profits output per hour / aυtpυt pər aυə/ noun output per hour overall balance of payments overall balance of payments the amount of something produced in one / əυvərɔ l b ləns əv peimənts/ noun the hour total of current and long-term balance of payments output tax / aυtpυt t ks/ noun VAT output tax charged by a company on goods or services overall capitalisation rate / əυvərɔ l overall capitalisation rate sold, and which the company pays to the k pit(ə)lai zeiʃ(ə)n reit/ noun net oper- | government ating income, other than debt service, divided by value outright / aυt rait/ adverb, adjective com- outright | pletely overall return / əυvərɔ l ri t n/ noun overall return | the aggregate of all the dividends received outside director / aυtsaid dai rektə/ outside director | over an investment’s life together with its noun same as non-executive director capital gain or loss at the date of its realisa- outsource / aυtsɔ s/ verb to use a source outsource tion, calculated either before or after tax. It outside a company or business to do the is one of the ways an investor can look at the work that is needed performance of an investment. ‘The services unit won outsourcing con- overborrowed / əυvə bɒrəυd/ adjective overborrowed tracts from the Environmental Protection | referring to a company which has very high Agency and NASA, which the company borrowings compared to its assets, and has says played a significant part in the difficulty in meeting its interest payments increase.’ [InformationWeek] overcapitalised / əυvə k pitəlaizd/, overcapitalised outsourcing / aυtsɔ siŋ/ noun 1. the outsourcing | overcapitalized adjective referring to a practice of obtaining services from special- company with more capital than it needs ist bureaux or other companies, rather than employing full-time staff members to pro- overcharge noun / əυvətʃɑ d / a charge overcharge vide them 2. the transfer of work previously which is higher than it should be to pay back an overcharge í verb / əυvə tʃɑ d / done by employees of an organisation to | another organisation, usually one that spe- to ask someone for too much money They cialises in that type of work (NOTE: Things overcharged us for our meals. We asked that have usually been outsourced in the for a refund because we’d been over- past include legal services, transport, cater- charged. ing, and security, but nowadays IT services, overdraft / əυvədrɑ ft/ noun 1. an overdraft training, and public relations are often amount of money which a company or per- added to the list.) son can withdraw from a bank account, with ‘…organizations in the public and private the bank’s permission, despite the fact that sectors are increasingly buying in special- the account is empty The bank has ist services – or outsourcing – allowing allowed me an overdraft of £5,000. Abbrevi- them to cut costs and concentrate on their ation O/D (NOTE: The US term is overdraft core business activities’ [Financial Times] protection.) we have exceeded our over- outstanding /aυt st ndiŋ/ adjective not outstanding draft facilities we have taken out more than | yet paid or completed the overdraft allowed by the bank 2. a nega- tive amount of money in an account, i.e. a outstanding cheque /aυt st ndiŋ outstanding cheque | situation where a cheque is more than the tʃek/ noun a cheque which has been writ- money in the account on which it is drawn ten and therefore has been entered in the overdraw / əυvə drɔ / verb to take out overdraw company’s ledgers, but which has not been | presented for payment and so has not been more money from a bank account than there debited from the company’s bank account is in it overabsorbed overhead overdue / əυvə dju / adjective having not overabsorbed overhead overdue | / əυvərəbzɔ bd əυvəhed/ noun an been paid on time
Accounting.fm Page 160 Tuesday, February 13, 2007 1:40 PM overdue account 160 overdue account / əυvədju ə kaυnt/ seas are far higher than those of the home overdue account | noun an account whose holder owes money division. that should have been paid earlier overseas division / əυvəsi z di overseas division | overestimate / əυvər estimeit/ verb to overestimate vi (ə)n/ noun the section of a company | think something is larger or worse than it dealing with trade with other countries really is She overestimated the amount of overseas funds / əυvə si z f ndz/ plu- overseas funds | time needed to fit out the factory. They ral noun investment funds based in other overestimated the costs of moving the offices countries to central London. overseas markets / əυvəsi z mɑ kits/ overseas markets overgeared / əυvə iəd/ adjective refer- overgeared plural noun markets in foreign countries | ring to a company which has high borrow- overseas taxation / əυvəsi z t k overseas taxation ings in comparison to its assets | seiʃ(ə)n/ noun double taxation, double overhang / əυvəh ŋ/ noun a large quan- overhang taxation agreement tity of shares or of a commodity or of unsold overseas trade / əυvəsi z treid/ noun overseas trade stock available for sale, which has the effect same as foreign trade of depressing the market price overspend / əυvə spend/ verb to spend overspend overhead absorption rate / əυvəhed overhead absorption rate | too much to overspend your budget to əb zɔ pʃən reit/ noun a rate at which pro- | spend more money than is allowed in your duction costs are increased to absorb higher budget overhead costs overspending / əυvə spendiŋ/ noun the overspending overhead budget / əυvəhed b d it/ overhead budget | act of spending more than is allowed The noun a plan of probable overhead costs board decided to limit the overspending by overhead cost variance / əυvəhed overhead cost variance the production departments. kɒst veəriəns/ noun the difference overstate / əυvə steit/ verb to enter in an between the overhead cost absorbed and the overstate | actual overhead costs incurred, both fixed account a figure that is higher than the actual and variable figure the company accounts overstate the real profit overhead expenditure variance overhead expenditure variance / əυvəhed ik spenditʃə veəriəns/ noun overstatement / əυvə steitmənt/ noun overstatement | | the difference between the budgeted over- the fact of entering in an account a figure head costs and the actual expenditure that is higher than the actual figure overheads / əυvəhedz/ plural noun the overheads overstock / əυvə stɒk/ verb to have a overstock | indirect costs of the day-to-day running of a bigger stock of something than is needed business, i.e. not money spent of producing ‘Cash paid for your stock: any quantity, goods, but money spent on such things as any products, overstocked lines, factory renting or maintaining buildings and seconds’ [Australian Financial Review] machinery The sales revenue covers the overstocks / əυvəstɒks/ plural noun US overstocks manufacturing costs but not the overheads. a surplus of stock We will have to sell off (NOTE: The US term is overhead.) the overstocks to make room in the ware- overlap profit / əυvəl p prɒfit/ noun a overlap profit house. profit which occurs in two accounting peri- over-the-counter market / əυvə ðə over-the-counter market ods, i.e. when two accounting periods over- kaυntə mɑ kit/ noun a secondary market lap, and on which overlap relief can be in shares which are not listed on the main claimed Stock Exchange overpaid / əυvə peid/ adjective paid too overpaid | over-the-counter sales / əυvə ðə over-the-counter sales much Our staff are overpaid and under- kaυntə seilz/ plural noun the legal selling worked. of shares that are not listed in the official overpay / əυvə pei/ verb to pay too much overpay | Stock Exchange list, usually carried out by to someone or for something We overpaid telephone the invoice by $245. overtime / əυvətaim/ noun hours worked overtime overpayment / əυvə peimənt/ noun an overpayment | in addition to your usual working hours to act of paying too much work six hours’ overtime The overtime overrider / əυvəraidə/, overriding com- overrider rate is one and a half times normal pay. mission / əυvəraidiŋ kə miʃ(ə)n/ noun a | overtime pay / əυvətaim pei/ noun pay overtime pay special extra commission which is above all for extra time worked other commissions overseas / əυvəsi z/; / əυvə si z/ noun overtrading / əυvə treidiŋ/ noun a situa- overtrading overseas | | foreign countries The profits from over- tion where a company increases sales and
Accounting.fm Page 161 Tuesday, February 13, 2007 1:40 PM 161 owners’ equity production too much and too quickly, so that owe owe /əυ/ verb to have to pay money He it runs short of cash owes the bank £250,000. they still owe overvalue / əυvə v lju / verb to give a overvalue the company for the stock they purchased | higher value to something or someone than last year they have still not paid for the is right these shares are overvalued at stock £1.25 the shares are worth less than the owner-occupier owner-occupier / əυnər ɒkjυpaiə/ £1.25 for which they are selling noun a person who owns the property in ‘…the fact that sterling has been overval- which he or she lives ued for the past three years shows that cur- owners’ equity owners’ equity / əυnəz ekwiti/ noun rencies can remain above their fair value the value of the shares in a company owned for very long periods’ [Investors Chroni- by the owners of the company cle]
Accounting.fm Page 162 Tuesday, February 13, 2007 1:40 PM P package deal / p kid di l/ noun an has not been sold He is showing a paper package deal profit of £25,000 on his investment. Also agreement which covers several different called paper gain, unrealised profit things at the same time They agreed a package deal which involves the construc- par /pɑ / adjective equal, at the same price par tion of the factory, training of staff, and pur- parallel economy / p rəlel i kɒnəmi/ parallel economy | chase of the product. noun same as black economy paid /peid/ adjective 1. for which money paid parallel loan / p rəlel ləυn/ noun same parallel loan has been given The invoice is marked as back-to-back loan ‘paid’. 2. referring to an amount which has parameter /pə r mitə/ noun a fixed limit parameter | been settled The order was sent carriage The budget parameters are fixed by the paid. finance director. Spending by each depart- paid-in capital / peid in k pit(ə)l/ paid-in capital ment has to fall within agreed parameters. noun capital in a business which has been parcel of shares / pɑ s(ə)l əv ʃeəz/ parcel of shares provided by its shareholders, usually in the noun a fixed number of shares which are form of payments for shares above their par sold as a group The shares are on offer in value parcels of 50. paid-up shares / peid p ʃeəz/ noun paid-up shares parent company / peərənt k mp(ə)ni/ parent company shares which have been completely paid for noun a company which owns more than by the shareholders 50% of the shares of another company paper / peipə/ noun 1. a document which paper Pareto’s Law /pə ri təυz lɔ /, Pareto Pareto’s Law | can represent money, e.g. a bill of exchange Effect /pə ri təυ i fekt/ noun the theory | | or a promissory note 2. shares in the form of that incomes are distributed in the same way share certificates in all countries, whatever tax regime is in paper gain / peipə ein/ noun same as paper gain force, and that a small percentage of a total paper profit is responsible for a large proportion of value ‘…the profits were tax-free and the inter- or resources. Also called eighty/twenty law est on the loans they incurred qualified for pari passu / p ri p su / adverb a Latin pari passu income tax relief; the paper gains were phrase meaning ‘equally’ The new shares rarely changed into spending money’ will rank pari passu with the existing ones. [Investors Chronicle] parity / p riti/ noun 1. the state of being parity paper loss / peipə lɒs/ noun a loss made paper loss equal the pound fell to parity with the when an asset has fallen in value but has not dollar the pound fell to a point where one been sold. Also called unrealised loss pound equalled one dollar 2. a situation paper millionaire / peipə miljə neə/ paper millionaire when the price of a commodity, foreign cur- | noun a person who owns shares which, if rency or security is the same in different sold, would be worth one million pounds or markets dollars ‘…the draft report on changes in the inter- paper money / peipə m ni/ noun pay- paper money national monetary system casts doubt ments in paper form, e.g., cheques about any return to fixed exchange-rate paper offer / peipə ɒfə/ noun a takeover parities’ [Wall Street Journal] paper offer bid where the purchasing company offers its Parliamentary Public Accounts Parliamentary Public Accounts Committee shares in exchange for shares in the com- Committee / pɑ ləment(ə)ri p blik ə | pany being taken over, as opposed to a cash kaυnts kə miti/ noun a UK parliamentary | offer committee established in 1961 to examine paper profit / peipə prɒfit/ noun a profit that the sums of money agreed by Parlia- paper profit on an asset which has increased in price but ment for public spending are properly spent
Accounting.fm Page 163 Tuesday, February 13, 2007 1:40 PM 163 pay part payment / pɑ t peimənt/ noun a part exchange / pɑ t iks tʃeind / noun part exchange part payment | partial payment that leaves a balance to pay the act of giving an old product as part of the at some future time I gave him £250 as payment for a new one to take a car in part payment for the car. part exchange part-time / pɑ t taim/ adjective, adverb part-time partial / pɑ ʃ(ə)l/ adjective not complete partial not working for the whole working week participate /pɑ tisipeit/ verb to take part participate | a part-time employee in an activity or enterprise The staff are party / pɑ ti/ noun a person or organisation party encouraged to participate actively in the involved in a legal dispute or legal agree- company’s decision-making processes. ment How many parties are there to the participating preference shares /pɑ participating preference shares | contract? The company is not a party to tisipeitiŋ pref(ə)rəns ʃeəz/, participat- the agreement. ing preferred stock /pɑ tisipeitiŋ pri| | par value / pɑ v lju / noun same as par value f d stɒk/ plural noun preference shares face value which get an extra bonus dividend if com- passbook / pɑ sbυk/ noun same as bank passbook pany profits reach a high level book participative budgeting /pɑ tisipətiv participative budgeting | ‘…instead of customers having transac- b d itiŋ/ noun a budgeting system in tions recorded in their passbooks, they will which all budget holders are given the present plastic cards and have the transac- opportunity to participate in setting their tions printed out on a receipt’ [Australian own budgets. Also called bottom-up budg- Financial Review] eting patent / peitənt, p tənt/ noun an offi- patent partly-paid capital / pɑ tli peid partly-paid capital cial document showing that a person has the k pit(ə)l/ noun a capital which represents exclusive right to make and sell an invention partly-paid shares to take out a patent for a new type of light partly-paid up shares / pɑ tli peid p partly-paid up shares bulb to apply for a patent for a new inven- ʃeəz/, partly-paid shares / pɑ tli peid tion ‘patent applied for’, ‘patent pend- ʃeəz/ plural noun shares in which the share- ing’ words on a product showing that the holders have not paid the full face value inventor has applied for a patent for it partner / pɑ tnə/ noun a person who partner patent agent / peitənt eid ənt/ noun a patent agent works in a business and has an equal share in person who advises on patents and applies it with other partners I became a partner for patents on behalf of clients in a firm of solicitors. patent office / peitənt ɒfis/ noun a gov- patent office partnership / pɑ tnəʃip/ noun an unreg- partnership ernment office which grants patents and istered business where two or more people supervises them (but not more than twenty) share the risks patent rights / peitənt raits/ plural noun patent rights and profits according to a partnership agree- the rights which an inventor holds because ment to go into partnership with someone of a patent to join with someone to form a partner- paternity leave /pə t niti li v/ noun a paternity leave ship | short period of leave given to a father to be partnership accounts / pɑ tnəʃip ə partnership accounts away from work when his partner has a baby | kaυnts/ plural noun the capital and current pathfinder prospectus / pɑ θfaində pathfinder prospectus accounts of each partner in a partnership, or prə spektəs/ noun a preliminary prospec- the accounts recording the partnership’s | tus about a company which is going to be business activities launched on the Stock Exchange, sent to partnership agreement / pɑ tnəʃip ə partnership agreement potential major investors before the issue | ri mənt/ noun a document setting up a date, giving details of the company’s back- partnership, giving the details of the busi- ground, but not giving the price at which ness and the amount each partner is contrib- shares will be sold uting to it. Also called articles of partner- pay /pei/ noun a salary or wages, money pay ship given to someone for regular work í verb 1. part-owner / pɑ t əυnə/ noun a person part-owner to give money to buy an item or a service who owns something jointly with one or to pay £1,000 for a car How much did you more other people I am part-owner of the pay to have the office cleaned? (NOTE: pay- restaurant. ing – paid) ‘pay cash’ words written on a part-ownership / pɑ t əυnəʃip/ noun a part-ownership crossed cheque to show that it can be paid in situation where two or more persons own the cash if necessary 2. to produce or distribute same property money (NOTE: paying – paid) 3. to give an
Accounting.fm Page 164 Tuesday, February 13, 2007 1:40 PM payable 164 payback clause / peib k klɔ z/ noun a employee money for work done The payback clause clause in a contract which states the terms workforce has not been paid for three weeks. for repaying a loan We pay good wages for skilled workers. How much do they pay you per hour? (NOTE: payback period / peib k piəriəd/ noun payback period paying – paid) to be paid at piecework 1. a period of time over which a loan is to be rates to get money for each piece of work repaid or an investment is to pay for itself 2. finished 4. to give money which is owed or the length of time it will take to earn back which has to be paid He was late paying the money invested in a project the bill. We phoned to ask when they were pay day / pei dei/ noun a day on which pay day going to pay the invoice. You will have to wages are paid to employees, usually Friday pay duty on these imports. She pays tax at for employees paid once a week and during the highest rate. (NOTE: paying – paid) the last week of the month for employees please pay the sum of £10 please give £10 who are paid once a month in cash or by cheque pay differentials / pei difə renʃəlz/ plu- pay differentials | ral noun the difference in salary between ‘…recession encourages communication employees in similar types of jobs. Also not because it makes redundancies easier, called salary differentials, wage differen- but because it makes low or zero pay increases easier to accept’ [Economist] tials paydown / peidaυn/ noun a repayment of paydown ‘…the yield figure means that if you buy part of a sum which has been borrowed the shares at their current price you will be getting 5% before tax on your money if the payee /pei i / noun a person who receives payee | company pays the same dividend as in its money from someone, or the person whose last financial year’ [Investors Chronicle] name is on a cheque payer / peiə/ noun a person who gives pay back phrasal verb to give money back payer money to someone to someone Banks are warning students not to take out loans which they cannot pay pay hike / pei haik/ noun an increase in pay hike back. I lent him £50 and he promised to salary pay me back in a month. She has never paying / peiiŋ/ adjective 1. making a paying paid me back the money she borrowed. profit It is a paying business. 2. producing money, source of money í noun the act of pay off phrasal verb 1. to finish paying money which is owed for something He giving money won the lottery and paid off his mortgage. paying agent / peiiŋ eid ənt/ noun a paying agent She is trying to pay off the loan by monthly bank which pays dividend or interest to a instalments. 2. to terminate somebody’s em- bondholder ployment and pay all wages that are due paying-in book / peiiŋ in bυk/ noun a paying-in book When the company was taken over the facto- book of forms for paying money into a bank ry was closed and all the employees were account or a building society account paid off. paying-in slip / peiiŋ in slip/ noun a paying-in slip pay out phrasal verb to give money The printed form which is filled in when money company pays out thousands of pounds in is being deposited in a bank (NOTE: The US legal fees. We have paid out half our prof- term is deposit slip.) its in dividends. paymaster / peimɑ stə/ noun the person paymaster pay up phrasal verb to give money which is responsible for paying an organisation’s owed The company only paid up when we employees sent them a letter from our solicitor. She payment / peimənt/ noun 1. the act of payment finally paid up six months late. giving money in exchange for goods or a service We always ask for payment in cash payable payable / peiəb(ə)l/ adjective due to be or cash payment and not payment by cheque. paid The payment of interest or the interest payable to order payable to order / peiəb(ə)l tə ɔ də/ payment should be made on the 22nd of each adjective words written on a bill of month. 2. money paid exchange or cheque to indicate that it may payment terms / peimənt t mz/ plural payment terms be transferred noun the conditions laid down by a business payback payback / peib k/ noun 1. the act of pay- regarding when it should be paid for goods ing back money which has been borrowed 2. or services that it supplies, e.g. cash with the time required for the cash inflows from a order, payment on delivery, or payment capital investment project to equal the cash within a particular number of days of the outflows invoice date
Accounting.fm Page 165 Tuesday, February 13, 2007 1:40 PM 165 pension fund pay negotiations / pei ni əυʃi job title, salary or length of service. Also pay negotiations | eiʃ(ə)nz/, pay talks / pei tɔ ks/ plural called salary scale, wage scale noun discussions between management and pay slip / pei slip/, pay statement / pei pay slip employees about pay increases steitmənt/ noun a piece of paper showing payoff / peiɒf/ noun money paid to finish payoff the full amount of an employee’s pay, and paying something which is owed, such as the money deducted as tax, pension and money paid to an employee when his or her National Insurance contributions employment is terminated pay threshold / pei θreʃhəυld/ noun a pay threshold ‘…the finance director of the group is to point at which pay increases because of a receive a payoff of about £300,000 after threshold agreement deciding to leave the company and pursue PBIT abbreviation profit before interest and PBIT other business opportunities’ [Times] tax payout / peiaυt/ noun money paid to help payout P/C abbreviation petty cash P/C a company or person in difficulties, a sub- P/E abbreviation price/earnings P/E sidy The company only exists on payouts pecuniary /pi kju niəri/ adjective refer- pecuniary from the government. | ring to money ‘…after a period of recession followed by peg /pe / verb to maintain or fix something peg a rapid boost in incomes, many tax payers at a specific level embarked upon some tax planning to min- penalise / pi nəlaiz/, penalize verb to penalise imize their payouts’ [Australian Financial Review] punish or fine someone to penalise a sup- plier for late deliveries They were penal- payout ratio / peiaυt reiʃiəυ/ noun the payout ratio ised for bad time-keeping. percentage of a company’s earnings that it penalty / pen(ə)lti/ noun 1. a punishment, pays out in dividends (NOTE: The opposite is penalty dividend cover.) often a fine, which is imposed if something is not done or is done incorrectly or illegally pay packet / pei p kit/ noun wages or pay packet 2. an arbitrary pre-arranged sum that salary, or an envelope containing cash wages becomes payable if one party breaks a term and a pay slip of a contract or an undertaking. The most pay review / pei ri vju / noun an occa- pay review | common penalty is a high rate of interest on sion when an employee’s salary is consid- an unauthorised overdraft. ered and usually increased I’m soon due penetration pricing / peni treiʃ(ə)n penetration pricing for a pay review and hope to get a rise. | praisiŋ/ noun the practice of pricing a pay rise / pei raiz/ noun an increase in pay pay rise product low enough to achieve market pene- payroll / peirəυl/ noun 1. the list of people payroll tration Penetration pricing is helping us employed and paid by a company The acquire a bigger market share at the expense company has 250 on the payroll. 2. the of short-term profits. money paid by a company in salaries The pension / penʃən/ noun money paid regu- pension office has a weekly payroll of £10,000. larly to someone who no longer works payroll costs / peirəυl kɒsts/ plural payroll costs pensionable / penʃənəb(ə)l/ adjective pensionable noun the running costs of payroll adminis- able to receive a pension tration, as well as the actual salaries them- pensionable earnings / penʃənəb(ə)l selves pensionable earnings niŋz/ plural noun earnings being received payroll giving scheme / peirəυl iviŋ payroll giving scheme at the moment of retirement, on which the ski m/ noun a scheme by which an pension is calculated employee pays money to a charity directly pension contributions / penʃən out of his or her salary. The money is pension contributions deducted by the employer and paid to the kɒntri bju ʃ(ə)nz/ plural noun money paid | charity; the employee gets tax relief on such by a company or employee into a pension donations. fund payroll ledger / peirəυl led ə/ noun a payroll ledger pension entitlement / penʃən in pension entitlement | list of staff and their salaries tait(ə)lmənt/ noun the amount of pension payroll register / peirəυl red istə/ which someone has the right to receive when payroll register he or she retires noun a central register of payroll informa- tion pensioner / penʃənə/ noun a person who pensioner payroll tax / peirəυl t ks/ noun a tax on receives a pension payroll tax the people employed by a company pension fund / penʃən f nd/ noun a pension fund pay scale / pei skeil/ noun a hierarchy of large sum of money made up of contribu- pay scale wage levels, typically varying according to tions from employees and their employer
Accounting.fm Page 166 Tuesday, February 13, 2007 1:40 PM pension funds 166 ‘…the Federal Reserve Board, signalling which provides pensions for retired employ- its concern about the weakening American ees economy, cut the discount rate by one-half pension funds / penʃən f ndz/ plural pension funds percentage point to 6.5%’ [Wall Street noun investments managed by pension com- Journal] panies to produce pensions for investors percentage discount /pə sentid percentage discount pension income / penʃən ink m/ noun pension income | diskaυnt/ noun a discount calculated at an income which you receive from a pension amount per hundred scheme percentage increase /pə sentid percentage increase pension scheme / penʃən ski m/, pen- pension scheme | inkri s/ noun an increase calculated on the sion plan / penʃən pl n/ noun an arrange- basis of a rate for one hundred ment by which an employer and, usually, an percentage point /pə sentid pɔint/ percentage point employee pay into a fund that is invested to | noun 1 per cent provide the employee with a pension on percentile /pə sentail/ noun one of a percentile retirement | series of ninety-nine figures below which a PEP abbreviation Personal Equity Plan PEP percentage of the total falls per /p , pə/ preposition 1. per as per per day /pə dei/, per diem / p di em/ per day according to 2. for each we pay £10 per adverb for each day hour we pay £10 for each hour worked perform /pə fɔ m/ verb to do well or badly perform the earnings per share the dividend | received for each share the average sales performance /pə fɔ məns/ noun 1. the performance | per representative the average sales way in which someone or something acts achieved by one representative Last year saw a dip in the company’s per- formance. performance of staff against ‘…a 100,000 square-foot warehouse gen- erates $600 in sales per square foot of objectives how staff have worked, measured space’ [Duns Business Month] against the objectives set 2. the way in which a share increases in value PER abbreviation price/earnings ratio PER ‘…inflation-adjusted GNP edged up at a per annum /pər nəm/ adverb in a year per annum 1.3% annual rate, its worst performance What is their turnover per annum? since the economic expansion began’ What is his total income per annum? She [Fortune] earns over £100,000 per annum. performance audit /pə fɔ məns ɔ dit/ performance audit P/E ratio / pi i reiʃiəυ/ noun same as P/E ratio | noun an investigation into the efficiency of a price/earnings ratio particular area of an organisation, or of the per capita /pə k pitə/ adjective, adverb per capita organisation as a whole for each person performance rating /pə fɔ məns performance rating per capita income /pə k pitə ink m/ per capita income | reitiŋ/ noun a judgment of how well a noun 1. the average income of one person. share or a company has performed Also called income per capita, income performance report /pə fɔ məns ri performance report per head 2. the average income of each | | pɔ t/ noun a report of the findings of a per- member of a particular group of people, e.g., formance audit the citizens of a country per head /pə hed/ adverb for each person per head per cent /pə sent/ adjective, adverb out per cent Allow £15 per head for expenses. Rep- of each hundred, or for each hundred resentatives cost on average £50,000 per ‘…this would represent an 18 per cent head per annum. growth rate – a slight slackening of the 25 period bill / piəriəd bil/ noun a bill of period bill per cent turnover rise in the first half’ exchange payable on a certain date rather [Financial Times] than on demand. Also known as term bill ‘…buildings are depreciated at two per period cost / piəriəd kɒst/ noun a fixed period cost cent per annum on the estimated cost of cost, such as rent or insurance, which is construction’ [Hongkong Standard] related to a period of time percentage /pə sentid / noun an amount percentage | period end / piəriəd end/ noun the date period end shown as part of one hundred which marks the end of a particular account- ‘…state-owned banks cut their prime rates ing period, e.g. the end of the financial year a percentage point to 11%’ [Wall Street periodicity concept / piəriə disiti Journal] periodicity concept | kɒnsept/ noun a legal requirement that ‘…a good percentage of the excess stock states that entities must produce required was taken up during the last quarter’ [Aus- financial documentation at agreed times tralian Financial Review]
Accounting.fm Page 167 Tuesday, February 13, 2007 1:40 PM 167 petty cash voucher periodic stock check / piəriɒdik stɒk an individual, either independently or with periodic stock check tʃek/ noun the counting of stock at some the assistance of a professional adviser. It will include the use of tax efficient schemes point in time, usually at the end of an accounting period such as Individual Savings Accounts, ensur- ing adequate provisions are being made for periodic weighted average cost periodic weighted average cost retirement, and examining short- and long- / piəriɒdik weitid v(ə)rid kɒst/, term borrowing requirements such as over- periodic weighted average price drafts and mortgages. / piəriɒdik weitid v(ə)rid prais/ noun the average price per unit of stock Personal Identification Number Personal Identification Number delivered in a period calculated at the end of / p s(ə)n(ə)l ai dentifi keiʃ(ə)n n mbə/ | | the period. Compare cumulative weighted noun a unique number allocated to the average cost holder of a cash card or credit card, by which period of account / piəriəd əv ə kaυnt/ he or she can enter an automatic banking period of account | system, as e.g., to withdraw cash from a cash noun the period usually covered by a firm’s machine or to pay in a store. Abbreviation accounts PIN period of qualification / piəriəd əv period of qualification kwɒlifi keiʃ(ə)n/ noun the time which has personal income / p s(ə)n(ə)l ink m/ personal income | to pass before someone qualifies for some- noun the income received by an individual thing person before tax is paid perk /p k/ noun an extra item given by a perk Personal Investment Authority Personal Investment Authority company to employees in addition to their / p s(ə)nəl in vestmənt ɔ θɒrəti/ noun a | | salaries, e.g. company cars or private health self-regulatory body which regulates the insurance (informal ) She earns a good sal- activities of financial advisers, insurance ary and in addition has all sorts of perks. brokers and others who give financial advice perpetual inventory system /p perpetual inventory system or arrange financial services for small cli- | petjυəl inventəri sistəm/ noun a stock ents. Abbreviation PIA control system by which the stock is contin- personal loan / p s(ə)nəl ləυn/ noun a personal loan ually counted as it moves into and out of the loan to a person for household or other per- warehouse, so avoiding having to close the sonal use, not for business use warehouse for annual stock checks. Abbre- personal pension plan / p s(ə)n(ə)l personal pension plan viation PIS penʃən pl n/ noun a pension plan which perpetuity / p pit ju iti/ noun same as perpetuity applies to one employee only, usually a self- | annuity employed person, not to a group. Abbrevia- perquisite / p kwizit/ noun same as perquisite tion PPP perk personal property / p s(ə)n(ə)l personal property personal / p s(ə)n(ə)l/ adjective refer- personal prɒpəti/ noun things which belong to a ring to one person apart from the family person The fire caused considerable dam- shares, she has a personal shareholding in age to personal property. the company apart from shares belonging personal representative / p s(ə)n(ə)l personal representative to her family as a group, she has shares repri zentətiv/ noun a person who is the which she owns herself | executor of a will or the administrator of the personal account / p s(ə)n(ə)l ə personal account estate of a deceased person | kaυnt/ noun an account for recording PERT /p t/ abbreviation programme eval- PERT amounts receivable from or payable to a per- uation and review technique son or an entity. impersonal account petroleum revenues /pə trəυliəm petroleum revenues personal allowance / p s(ə)n(ə)l ə personal allowance | | revənju z/ plural noun income from sell- laυəns/ noun a part of a person’s income ing oil which is not taxed petroleum revenue tax /pə trəυliəm petroleum revenue tax personal assets / p s(ə)n(ə)l sets/ personal assets | revənju t ks/ noun a British tax on rev- plural noun movable assets which belong to enues from companies extracting oil from a person the North Sea. Abbreviation PRT Personal Equity Plan / p s(ə)nəl Personal Equity Plan petty cash / peti k ʃ/ noun a small petty cash ekwiti pl n/ noun a share-based invest- amount of money kept in an office to pay ment replaced by the ISA in 1999. Abbrevi- small debts. Abbreviation P/C ation PEP personal financial planning petty cash voucher / peti k ʃ petty cash voucher personal financial planning / p s(ə)n(ə)l fai n nʃəl pl niŋ/ noun vaυtʃə/ noun a piece of paper on which | short- and long-term financial planning by cash expenditure is noted so that an
Accounting.fm Page 168 Tuesday, February 13, 2007 1:40 PM petty expenses 168 employee can be reimbursed for what he or and not as an amount for each hour worked she has spent on company business to earn piece rates piecework / pi sw k/ noun work for petty expenses / peti ik spensiz/ plural piecework petty expenses | which employees are paid in accordance noun small sums of money spent with the number of products produced or phase /feiz/ noun a period or part of some- phase pieces of work done and not at an hourly rate thing which takes place the first phase of pie chart / pai tʃɑ t/ noun a diagram pie chart the expansion programme where information is shown as a circle cut phase in phrasal verb to bring something in up into sections of different sizes gradually The new invoicing system will be phased in over the next two months. pilferage / pilfərid /, pilfering / pilfəriŋ/ pilferage noun the stealing of small amounts of ‘…the budget grants a tax exemption for money or small items from an office or shop $500,000 in capital gains, phased in over the next six years’ [Toronto Star] PIN /pin/ abbreviation Personal Identifica- PIN tion Number phase out phrasal verb to remove some- thing gradually Smith Ltd will be phased PIS abbreviation perpetual inventory sys- PIS out as a supplier of spare parts. tem phoenix company / fi niks phoenix company placement / pleismənt/ noun 1. the act of placement k mp(ə)ni/ noun a company formed by the finding work for someone The bureau directors of a company which has gone into specialises in the placement of former exec- receivership, which trades in the same way utives. 2. US the act of finding buyers for an as the first company, and in most respects issue of new shares (NOTE: The UK term is (except its name) seems to be exactly the placing.) same as the first company placing / pleisiŋ/ noun the act of finding a placing ‘…the prosecution follows recent calls for single buyer or a group of institutional buy- a reform of insolvency legislation to pre- ers for a large number of shares in a new vent directors from leaving behind a trail company or a company that is going public of debt while continuing to trade in phoe- plain vanilla swap / plein və nilə plain vanilla swap nix companies – businesses which fold | swɒp/ noun same as interest rate swap only to rise again, often under a slightly plan /pl n/ noun 1. an organised way of plan different name in the hands of the same doing something an investment plan a directors and management’ [Financial pension plan a savings plan 2. a way of Times] saving or investing money í verb to organ- physical asset / fizik(ə)l set/ noun an physical asset ise carefully how something should be done asset that is a physically existing thing, as in the future opposed to cash or securities ‘…the benefits package is attractive and physical inventory / fizik(ə)l physical inventory the compensation plan includes base, invənt(ə)ri/ noun US same as physical incentive and car allowance totalling stock $50,000+’ [Globe and Mail (Toronto)] physical market / fizik(ə)l mɑ kit/ physical market plan comptable / plɒn kɒm tɑ blə/ plan comptable noun a commodity market where purchasers | noun in France, a uniformly structured and actually buy the commodities, as opposed to detailed bookkeeping system that compa- the futures market, where they buy and sell nies are required to comply with the right to purchase commodities at a future planned economy / pl nd i kɒnəmi/ planned economy date | noun a system where the government plans physical price / fizik(ə)l prais/ noun a physical price all business activity, regulates supply, sets current cash price for a commodity for production targets and itemises work to be immediate delivery done. Also called command economy, physicals / fizik(ə)lz/ plural noun actual physicals central planning commodities which are sold on the current planned obsolescence / pl nd ɒbsə planned obsolescence market, as opposed to futures | les(ə)ns/ noun same as built-in obsoles- physical stock / fizik(ə)l stɒk/ noun physical stock Planned obsolescence was con- cence the actual items of stock held in a warehouse demned by the consumer organisation as a PIA abbreviation Personal Investment PIA cynical marketing ploy. Authority plant and machinery / plɑ nt ən mə plant and machinery | piece rate / pi s reit/ noun a rate of pay ʃi nəri/ noun equipment used to help some- piece rate calculated as an amount for each product one trade such as trucks, tools, office furni- produced or for each piece of work done, ture, computers, ladders, etc.
Accounting.fm Page 169 Tuesday, February 13, 2007 1:40 PM 169 post balance-sheet review plant asset / plɑ nt set/ noun any markets; operating systems such as produc- plant asset fixed asset such as machinery tion and distribution; internal organisation; current results; and returns to stockholders plant ledger / plɑ nt led ə/ noun a plant ledger positive carry / pɒzitiv k ri/ noun a ledger that records information relating to positive carry specific items of plant, including informa- situation in which the cost of financing an tion on replacements and repairs investment is less than the return obtained from it plastic / pl stik/ noun credit cards and plastic positive cash flow / pɒzitiv k ʃ fləυ/ charge cards (informal ) positive cash flow noun a situation in which more money is Plc, PLC, plc abbreviation public limited Plc coming into a company than is going out company positive confirmation / pɒzitiv kɒnfə positive confirmation plus /pl s/ preposition added to Her sal- plus | meiʃən/ noun an auditor’s request to have ary plus commission comes to more than financial information confirmed as accurate, £45,000. Production costs plus overheads are higher than revenue. í adverb more to which a reply must be sent, not only in the case of a discrepancy than houses valued at £100,000 plus positive goodwill / pɒzitiv υd wil/ houses valued at over £100,000 positive goodwill | noun the position of a company that has pocket / pɒkit/ noun to be £25 in pocket assets for which the acquisition costs exceed pocket to have made a profit of £25 to be the values of the identifiable assets and lia- £25 out of pocket to have lost £25 bilities point /pɔint/ noun 1. a place or position 2. point positive yield curve / pɒzitiv ji ld positive yield curve a unit for calculations government stocks k v/ noun a situation where the yield on a rose by one point they rose by £1 short-term investment is less than that on a poison pill / pɔiz(ə)n pil/ noun an action poison pill long-term investment taken by a company to make itself less possess /pə zes/ verb to own something possess attractive to a potential takeover bid | The company possesses property in the policy cost / pɒlisi kɒst/ noun a fixed policy cost centre of the town. He lost all he pos- cost, such as advertising cost, which is gov- sessed in the collapse of his company. Com- erned by the management’s policy on the pare repossess amount of advertising to be done possession /pə zeʃ(ə)n/ noun the fact of possession portable pension / pɔ təb(ə)l penʃən/, portable pension | owning or having something portable pension plan / pɔ təb(ə)l possessions /pə zeʃ(ə)nz/ plural noun penʃən pl n/ noun a pension entitlement possessions | property, things owned They lost all their which can be moved from one company to possessions in the fire. Compare reposses- another without loss as an employee sion changes jobs post-acquisition /pəυst kwi ziʃ(ə)n/ portfolio investments /pɔ t fəυliəυ in post-acquisition portfolio investments | | | vestmənts/ plural noun investments in adjective taking place after a company has been acquired shares and government stocks, as opposed to investments in property, etc. post-acquisition profit / pəυst kwi post-acquisition profit | ziʃ(ə)n prɒfit/ noun a profit of a subsidi- portfolio management /pɔ t fəυliəυ portfolio management | m nid mənt/ noun the systematic buying ary company in the period after it has been acquired, which is treated as revenue and and selling shares in order to make the high- transferred to the consolidated reserves of est-possible profits for a single investor the holding company portfolio theory /pɔ t fəυliəυ θiəri/ portfolio theory | post a credit / pəυst ə kredit/ verb to post a credit noun a basis for managing a portfolio of enter a credit item in a ledger investments, i.e. a mix of safe stocks and more risky ones post-balance sheet event / pəυst post-balance sheet event position /pə ziʃ(ə)n/ noun 1. a situation b ləns ʃi t i vent/ noun something which position | | happens after the date when the balance or state of affairs 2. a point of view 3. a job sheet is drawn up, and before the time when or paid work in a company to apply for a the balance sheet is officially approved by position as manager We have several the directors, which affects a company’s positions vacant. 4. the state of a person’s financial position current financial holding in a stock position audit /pə ziʃ(ə)n ɔ dit/ noun post balance-sheet review / pəυst position audit post balance-sheet review | b ləns ʃi t ri vju / noun those procedures part of the planning process which examines | the current state of an entity in respect of the of an audit that relate to the interval between following: resources of tangible and intangi- the date of the financial statements and the ble assets and finance; products, brands and completion date of the audit fieldwork