Dictionary of Accounting Terms Barron's Business Guides_7

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Accounting.fm Page 202 Tuesday, February 13, 2007 1:40 PM seasonality 202 the time of the year, e.g. trade in goods such opposed to ‘hidden reserves’ which are sim- as suntan products or Christmas trees ply not easy to identify section / sekʃən/ noun one of the parts of seasonality / si zə n liti/ noun varia- section seasonality | an Act of Parliament tions in production or sales that occur at dif- secure /si kjυə/ adjective safe, which can- ferent but predictable times of the year secure | not change SEC abbreviation Securities and Exchange SEC secured /si kjυəd/ adjective used to secured Commission | describe a type of borrowing such as a mort- second / sekənd/ noun, adjective the second gage where the lender has a legal right to thing which comes after the first í verb 1. take over an asset or assets of the borrower, to second a motion to be the first person to if the borrower does not repay the loan support a proposal put forward by someone secured creditor /si kjυəd kreditə/ secured creditor else Mrs Smith seconded the motion or | noun a person who is owed money by some- The motion was seconded by Mrs Smith. 2. one, and can legally claim the same amount /si kɒnd/ to lend a member of staff to | of the borrower’s property if the borrower another company, organisation or depart- fails to pay back the money owed ment for a fixed period of time He was secured liability /si kjυəd laiə biliti/ seconded to the Department of Trade for two secured liability | | years. noun a loan secured by means of a pledge of assets that can be sold if necessary secondary buyout / sekənd(ə)ri secondary buyout secured loan /si kjυəd ləυn/ noun a baiaυt/ noun a situation in which an inves- secured loan | loan which is guaranteed by the borrower tor such as a private equity company sells its giving assets as security investment in a company to another investor, as a means of realising their investment securities /si kjυəritiz/ plural noun securities | investments in stocks and shares secondary industry / sekənd(ə)ri secondary industry securities account /si kjυəritiz ə indəstri/ noun an industry which uses securities account | | kaυnt/ noun an account that shows the basic raw materials to produce manufac- tured goods value of financial assets held by a person or organisation secondary sites / sekənd(ə)ri saits/ secondary sites Securities and Exchange Commis- Securities and Exchange Commission plural noun less valuable commercial sites. sion /si kjυəritiz ən iks tʃeind kə Compare prime sites | | | miʃ(ə)n/ noun the official body which reg- second half / sekənd hɑ f/ noun the second half ulates the securities markets in the US. period of six months from 1st July to 31st Abbreviation SEC December The figures for the second half Securities and Futures Authority /si Securities and Futures Authority are up on those for the first part of the year. | kjυəritiz ən fju tʃəz ɔ θɒrəti/ noun in second half-year / sekənd hɑ f jiə/ second half-year | the UK, a self-regulatory organisation which noun the six-month period from July to the supervises the trading in shares and futures, end of December now part of the FSA. Abbreviation SFA secondment /si kɒndmənt/ noun the secondment | Securities and Investments Board Securities and Investments Board fact or period of being seconded to another /si kjυəritiz ənd in vestmənts bɔ d/ job for a period She is on three years’ | | noun the former regulatory body which reg- secondment to an Australian college. ulated the securities markets in the UK, now second mortgage / sekənd mɔ id / second mortgage superseded by the FSA. Abbreviation SIB noun a further mortgage on a property securitisation /si kjυəritai zeiʃ(ə)n/, securitisation which is already mortgaged | | securitization noun the process of making second quarter / sekənd kwɔ tə/ noun second quarter a loan or mortgage into a tradeable security the period of three months from April to the by issuing a bill of exchange or other nego- end of June tiable paper in place of it secretary / sekrət(ə)ri/ noun an official secretary security /si kjυəriti/ noun 1. a guarantee security | of a company or society whose job is to keep that someone will repay money borrowed records and write letters to give something as security for a debt to Secretary of the Treasury Secretary of the Treasury use a house as security for a loan The / sekrət(ə)ri əv ðə tre əri/ noun US a sen- bank lent him £20,000 without security. to ior member of the government in charge of stand security for someone to guarantee financial affairs that if the person does not repay a loan, you will repay it for him 2. a stock or share secret reserves / si krət ri z vz/ plural secret reserves | security deposit /si kjυəriti di pɒzit/ noun reserves which are illegally kept hid- security deposit | | den in a company’s balance sheet, as noun an amount of money paid before a
Accounting.fm Page 203 Tuesday, February 13, 2007 1:40 PM 203 separable net assets self-regulatory / self re jυ leit(ə)ri/ transaction occurs to compensate the seller self-regulatory | in the event that the transaction is not con- adjective referring to an organisation which cluded and this is the buyer’s fault regulates itself sell noun an act of selling í verb 1. to seed money / si d m ni/ noun venture seed money sell capital invested when a new project is start- exchange something for money to sell ing up and therefore more risky than second- something on credit The shop sells wash- ary finance ing machines and refrigerators. They tried to sell their house for £100,000. Their segmental reporting /se ment(ə)l ri segmental reporting | | products are easy to sell. 2. to be bought pɔ tiŋ/ noun the act of showing in com- These items sell well in the pre-Christmas pany reports the results of a company or sec- period. Those packs sell for £25 a dozen. tions of it, separated according to the type of (NOTE: selling – sold) business or geographical area seller’s market / seləz mɑ kit/ noun a seller’s market segment margin / se mənt mɑ d in/ segment margin market where the seller can ask high prices noun a measure of the profitability of a seg- because there is a large demand for the prod- ment of a business uct. Opposite buyer’s market segregation of duties / se ri eiʃ(ə)n segregation of duties selling costs / seliŋ kɒsts/, selling selling costs əv dju tiz/ noun the dividing up of respon- overhead / seliŋ əυvəhed/ plural noun the sibilities within a business in order to reduce amount of money to be paid for the advertis- the potential for fraud or theft, e.g. by ensur- ing, reps’ commissions, and other expenses ing that the person responsible for approving involved in selling something invoices is not also responsible for signing selling price / seliŋ prais/ noun the price selling price cheques at which someone is willing to sell some- self-assessment / self ə sesmənt/ self-assessment | thing noun the process in which an individual tax- selling price variance / seliŋ prais selling price variance payer calculates his or her own tax liability veəriəns/ noun the difference between the and reports it to the Inland Revenue which actual selling price and the budgeted selling then issues a notice to pay Self-assessment price forms should be returned to the tax office by semi- /semi/ prefix half or part 31st January. semi- self-balancing / self b lənsiŋ/ noun a semiannual / semi njuəl/ adjective self-balancing semiannual | situation in which there is equality of debits referring to interest paid every six months and credits semi-fixed cost / semi fikst kɒst/ noun semi-fixed cost self-employed / self im plɔid/ adjective self-employed same as semi-variable cost | working for yourself or not on the payroll of semi-variable cost / semi veəriəb(ə)l semi-variable cost a company a self-employed engineer He kɒst/ noun the amount of money paid to worked for a bank for ten years but is now produce a product, which increases, though self-employed. less than proportionally, with the quantity of the product made Stepping up production self-employed contributions / self im self-employed contributions | will mean an increase in semi-variable plɔid kɒntri bju ʃ(ə)nz/ plural noun | costs. Also called semi-fixed cost National Insurance contributions made by self-employed people senior / si niə/ adjective 1. referring to an senior employee who is more important 2. refer- self-financing / self fai n nsiŋ/ noun self-financing | ring to an employee who is older or who has the process in which a company finances a been employed longer than another 3. refer- project or business activity from its own ring to a sum which is repayable before oth- resources, rather than by applying for exter- ers nal finance senior capital / si niə k pit(ə)l/ noun senior capital self-insurance / self in ʃυərəns/ noun self-insurance | capital in the form of secured loans to a insuring against a probable future loss by company. It is repaid before junior capital, putting money aside regularly, rather than by such as shareholders’ equity, in the event of taking out an insurance policy liquidation. self-regulation / self re jυ leiʃ(ə)n/ self-regulation | sensitivity analysis / sensə tivəti ə sensitivity analysis noun the regulation of an industry by its own | | n ləsis/ noun the analysis of the effect of a members, usually by means of a committee small change in a calculation on the final that issues guidance and sets standards that result it then enforces (NOTE: For example, the separable net assets / sep(ə)rəb(ə)l separable net assets Stock Exchange is regulated by the Stock net sets/ plural noun assets which can be Exchange Council.)
Accounting.fm Page 204 Tuesday, February 13, 2007 1:40 PM separate 204 separated from the rest of the assets of a offers a service such as banking, retailing or business and sold off accountancy separate / sep(ə)rət/ adjective not con- service life / s vis laif/ noun the period separate service life nected with something during which an asset will bring benefit to a company sequester /si kwestə/, sequestrate sequester | / si kwistreit, si kwestreit/ verb to take service potential / s vis pə tenʃ(ə)l/ service potential | | and keep a bank account or property because noun future benefits that an asset is expected a court has ordered it The union’s funds to bring have been sequestrated. services / s visiz/ plural noun 1. bene- services sequestration / si kwe streiʃ(ə)n/ noun sequestration fits which are sold to customers or clients, | the act of taking and keeping property on the e.g. transport or education We give advice order of a court, especially of seizing prop- to companies on the marketing of services. erty from someone who is in contempt of We must improve the exports of both court goods and services. 2. business of providing sequestrator help in some form when it is needed, e.g. / si kwistreitə, si sequestrator | insurance, banking, etc., as opposed to mak- kwestreitə/ noun a person who takes and ing or selling goods keeps property on the order of a court set /set/ adjective fixed, or which cannot be series / siəri z/ noun a group of items fol- set series changed There is a set fee for all our con- lowing one after the other A series of suc- sultants. í verb to fix or to arrange some- cessful takeovers made the company one of thing We have to set a price for the new the largest in the trade. (NOTE: The plural is computer. The price of the calculator has series.) been set low, so as to achieve maximum unit Serious Fraud Office / siəriəs frɔ d Serious Fraud Office sales. (NOTE: setting – set) ɒfis/ noun a British government depart- set against phrasal verb to balance one ment in charge of investigating major fraud group of figures against another group to try in companies. Abbreviation SFO to make them cancel each other out to set SERPS /s ps/ abbreviation State Earn- SERPS the costs against the sales revenue Can ings-Related Pension Scheme you set the expenses against tax? service / s vis/ noun 1. the fact of work- service set off / set ɒf/ verb to use a debt owed by ing for an employer, or the period of time one party to reduce a debt owed to them during which an employee has worked for set-off / set ɒf/ noun an agreement set-off an employer retiring after twenty years between two parties to balance one debt service to the company The amount of against another or a loss against a gain your pension depends partly on the number settle / set(ə)l/ verb to place a property in settle of your years of service. 2. the work of deal- ing with customers The service in that res- trust taurant is extremely slow 3. payment for settle on phrasal verb to leave property to help given to the customer to add on 10% someone when you die He settled his for service property on his children. service bureau / s vis bjυərəυ/ noun service bureau settlement / set(ə)lmənt/ noun 1. the settlement an office which specialises in helping other payment of an account we offer an extra offices 5% discount for rapid settlement we take a further 5% off the price if the customer service charge / s vis tʃɑ d / noun 1. service charge pays quickly 2. an agreement after an argu- a charge added to the bill in a restaurant to ment or negotiations a wage settlement pay for service 2. an amount paid by tenants in a block of flats or offices for general ‘…he emphasised that prompt settlement maintenance, insurance and cleaning 3. a of all forms of industrial disputes would guarantee industrial peace in the country charge which a bank or business makes for and ensure increased productivity’ [Busi- carrying out work for a customer (NOTE: The ness Times (Lagos)] UK term is bank charge.) settlement date / set(ə)lmənt deit/ service contract / s vis kɒntr kt/ settlement date service contract noun a date when a payment has to be made noun a contract between a company and a director showing all conditions of work settlement day / set(ə)lmənt dei/ noun settlement day She worked unofficially with no service con- 1. the day on which shares which have been tract. bought must be paid for. On the London service industry / s vis indəstri/ Stock Exchange the account period is three service industry noun an industry which does not produce business days from the day of trade. (NOTE: raw materials or manufacture products but The US term is settlement date) 2. in the
Accounting.fm Page 205 Tuesday, February 13, 2007 1:40 PM 205 share option scheme US, the day on which securities bought actu- share disposals / ʃeə di spəυz(ə)lz/ share disposals | ally become the property of the purchaser plural noun the selling of shares, which is often subject to conditions seven-day money seven-day money / sev(ə)n dei m ni/ shareholder / ʃeəhəυldə/ noun a person shareholder noun an investment in financial instruments which mature in seven days’ time who owns shares in a company to call a shareholders’ meeting (NOTE: The US term severally severally / sev(ə)rəli/ adverb separately, is stockholder.) not jointly ‘…as of last night the bank’s shareholders severance pay severance pay / sev(ə)rəns pei/ noun no longer hold any rights to the bank’s money paid as compensation to an employee shares’ [South China Morning Post] whose job is no longer needed ‘…the company said that its recent issue of SFA SFA abbreviation Securities and Futures 10.5% convertible preference shares at Authority A$8.50 has been oversubscribed, boosting SFAS SFAS abbreviation Statement of Financial shareholders’ funds to A$700 million plus’ [Financial Times] Accounting Standards shareholders’ equity / ʃeəhəυldəz shareholders’ equity SFO SFO abbreviation Serious Fraud Office ekwiti/ noun 1. the value of a company shadow director shadow director / ʃ dəυ dai rektə/ | which is the property of its ordinary share- noun a person who is not a director of a holders (the company’s assets less its liabil- company, but who tells the directors of the ities) 2. a company’s capital which is company how to act invested by shareholders, who thus become shadow economy shadow economy / ʃ dəυ i kɒnəmi/ owners of the company | noun same as black economy shareholders’ funds shareholders’ funds / ʃeəhəυldəz shadow price shadow price / ʃ dəυ prais/ noun the f ndz/ plural noun the capital and reserves estimated price of goods or a service for of a company which no market price exists shareholder value / ʃeəhəυldə v lju / shareholder value share share /ʃeə/ noun 1. a part of something noun the total return to the shareholders in that has been divided up among several peo- terms of both dividends and share price ple or groups 2. one of many equal parts into growth, calculated as the present value of which a company’s capital is divided He future free cash flows of the business dis- bought a block of shares in Marks and Spen- counted at the weighted average cost of the cer. Shares fell on the London market. capital of the business less the market value The company offered 1.8m shares on the of its debt market. shareholder value analysis shareholder value analysis ‘…falling profitability means falling share / ʃeəhəυldə v lju ə n ləsis/ noun a cal- | prices’ [Investors Chronicle] culation of the value of a company made by ‘…the share of blue-collar occupations looking at the returns it gives to its share- declined from 48 per cent to 43 per cent’ holders. It assumes that the objective of a [Sydney Morning Herald] company director is to maximise the wealth of the company’s shareholders, and is based share account share account / ʃeər ə kaυnt/ noun an | on the premise that discounted cash flow account at a building society where the principles can be applied to the business as a account holder is a member of the society. whole. Abbreviation SVA Building societies usually offer another type of account, a deposit account, where the shareholding shareholding / ʃeəhəυldiŋ/ noun a account holder is not a member. A share group of shares in a company owned by one account is generally paid a better rate of owner interest, but in the event of the society going share incentive scheme / ʃeər in share incentive scheme | into liquidation, deposit account holders are sentiv ski m/ noun same as share option given preference. scheme share at par share at par / ʃeər ət pɑ / noun a share share option / ʃeər ɒpʃən/ noun a right share option whose value on the stock market is the same to buy or sell shares at an agreed price at a as its face value time in the future share capital share capital / ʃeə k pit(ə)l/ noun the share option scheme share option scheme / ʃeər ɒpʃən value of the assets of a company held as ski m/ noun a scheme that gives company shares employees the right to buy shares in the share certificate share certificate / ʃeə sə tifikət/ noun a company which employs them, often at a | document proving that you own shares special price
Accounting.fm Page 206 Tuesday, February 13, 2007 1:40 PM share premium 206 share premium / ʃeə pri miəm/ noun short-dated bill / ʃɔ t deitid bil/ noun share premium short-dated bill an amount to be paid above the nominal a bill which is payable within a few days value of a share in order to buy it short-dated gilts / ʃɔ t deitid ilts/ short-dated gilts share purchase scheme / ʃeə p tʃəs share purchase scheme plural noun same as shorts ski m/ noun a scheme that allows employ- shorten / ʃɔ t(ə)n/ verb shorten to shorten ees to buy shares in a company at a favoura- credit terms to shorten a credit period to ble rate make a credit period shorter, so as to share quoted ex dividend / ʃeə share quoted ex dividend improve the company’s cash position kwəυtid eks dividend/, share quoted shortfall / ʃɔ tfɔ l/ noun an amount which shortfall ex div / ʃeə kwəυtid eks div/ noun a is missing which would make the total share price not including the right to receive expected sum We had to borrow money to the next dividend cover the shortfall between expenditure and share register / ʃeə red istə/ noun a share register revenue. list of shareholders in a company with their short-form report / ʃɔ t fɔ m ri pɔ t/ short-form report | addresses noun a standard brief auditor’s report sum- share split / ʃeə split/ noun the act of share split marising the work done and the findings dividing shares into smaller denominations short lease / ʃɔ t li s/ noun a lease short lease share warrant / ʃeə wɒrənt/ noun a share warrant which runs for up to two or three years We document which says that someone has the have a short lease on our current premises. right to a number of shares in a company short position / ʃɔ t pə ziʃ(ə)n/ noun a short position | sharp practice / ʃɑ p pr ktis/ noun a sharp practice situation where an investor sells short, i.e. way of doing business which is not honest, sells forward shares which he or she does but is not illegal not own. Compare long position shelf registration / ʃelf shelf registration shorts /ʃɔ ts/ plural noun government shorts red istreiʃ(ə)n/ noun a registration of a stocks which mature in less than five years’ corporation with the SEC some time (up to time two years is allowed) before it is offered for short-term / ʃɔ t t m/ adjective 1. for a short-term sale to the public period of weeks or months to place money shell company / ʃel k mp(ə)ni/ noun a shell company on short-term deposit She is employed on company that has ceased to trade but is still a short-term contract. 2. for a short period in registered, especially one sold to enable the the future We need to recruit at once to buyer to begin trading without having to set cover our short-term manpower require- up a new company (NOTE: The US term is ments. shell corporation.) short-term capital / ʃɔ t t m short-term capital ‘…shell companies, which can be used to k pit(ə)l/ noun funds raised for a period of hide investors’ cash, figure largely less than 12 months. working capital throughout the twentieth century’ [Times] short-term debt ratio / ʃɔ t t m det short-term debt ratio short /ʃɔ t/ adjective, adverb 1. for a small short reiʃiəυ/ noun an indicator of whether or period of time 2. less than what is expected not a company will be able to settle its or desired The shipment was three items immediate obligations short. My change was £2 short. when short-term forecast / ʃɔ t t m short-term forecast we cashed up we were £10 short we had fɔ kɑ st/ noun a forecast which covers a £10 less than we should have had to sell period of a few months short, to go short to agree to sell at a future short-term investment / ʃɔ t t m in short-term investment date something (such as shares) which you | vestmənt/ noun a section of a company’s do not possess, but which you think you will account that lists investments that will be able to buy for less before the time comes expire within one year when you have to sell them short-term loan / ʃɔ t t m ləυn/ noun short-term loan short bill / ʃɔ t bil/ noun a bill of short bill a loan which has to be repaid within a few exchange payable at short notice weeks or some years short-change / ʃɔ t tʃeind / verb to short-change short-term security / ʃɔ t t m si short-term security give a customer less change than is right, | kjυəriti/ noun a security which matures in either by mistake or in the hope that it will less than 5 years not be noticed short credit / ʃɔ t kredit/ noun terms shrinkage / ʃriŋkid / noun 1. the amount shrinkage short credit which allow the customer only a little time by which something gets smaller to allow to pay for shrinkage 2. losses of stock through
Accounting.fm Page 207 Tuesday, February 13, 2007 1:40 PM 207 slush fund theft, especially by the shop’s own staff single person who has a child of school age living with them, now called the ‘additional (informal ) personal allowance’ SIB abbreviation Securities and Invest- SIB ments Board single premium policy / siŋ (ə)l single premium policy pri miəm pɒlisi/ noun an insurance policy sick pay / sik pei/ noun pay paid to an sick pay where only one premium is paid rather than employee who is sick, even if he cannot regular annual premiums work sight deposit / sait di pɒzit/ noun a sink /siŋk/ verb 1. to go down suddenly sight deposit sink | bank deposit which can be withdrawn on Prices sank at the news of the closure of the demand factory. 2. to invest money into something He sank all his savings into a car-hire busi- sight draft / sait drɑ ft/ noun a bill of sight draft ness. (NOTE: sinking – sank – sunk) exchange which is payable when it is pre- sented sinking fund / siŋkiŋ f nd/ noun a fund sinking fund sign /sain/ verb to write your name in a sign built up out of amounts of money put aside special way on a document to show that you regularly to meet a future need, such as the have written it or approved it The letter is repayment of a loan signed by the managing director. Our sinking fund method / siŋkiŋ f nd sinking fund method company cheques are not valid if they have meθəd/ noun a method of providing for not been signed by the finance director. depreciation of an asset which links it to an signatory / si nət(ə)ri/ noun a person signatory annuity that, at the end of the asset’s life, who signs a contract, etc. You have to get will have a value equal to the acquisition the permission of all the signatories to the cost of the asset agreement if you want to change the terms. sister company / sistə k mp(ə)ni/ sister company signature / si nitʃə/ noun a person’s signature noun a company that is part of the same name written by themselves on a cheque, group as another document or letter She found a pile of sitting tenant / sitiŋ tenənt/ noun a ten- sitting tenant cheques on his desk waiting for signature. ant who is occupying a building when the All our company’s cheques need two signa- freehold or lease is sold The block of flats tures. is for sale with four flats vacant and two simple average cost / simpəl simple average cost with sitting tenants. v(ə)rid kɒst/, simple average price skimming / skimiŋ/ noun the unethical skimming / simpəl v(ə)rid prais/ noun the aver- and usually illegal practice of taking small age cost of stock received during a period amounts of money from accounts that calculated at the end of the period as the belong to other individuals or organisations average unit price of each delivery of stock, sleeping partner / sli piŋ pɑ tnə/ noun sleeping partner rather than an average price of each unit a partner who has a share in the business but delivered as in weighted average price does not work in it simple interest / simpəl intrəst/ noun simple interest slide /slaid/ verb to move down steadily slide interest calculated on the capital invested Prices slid after the company reported a only, as distinct from compound interest loss. (NOTE: sliding – slid) which is calculated on capital and accumu- lated interest slow payer / sləυ peiə/ noun a person or slow payer simple rate of return / simpəl reit əv ri company that does not pay debts on time simple rate of return | The company is well known as a slow payer. t n/ noun a measure of a company’s prof- itability calculated by dividing the expected slump /sl mp/ noun 1. a rapid fall the slump future annual net income by the required slump in the value of the pound We expe- investment rienced a slump in sales or a slump in prof- single-entry bookkeeping / siŋ (ə)l single-entry bookkeeping its. 2. a period of economic collapse with entri bυkki piŋ/ noun a method of book- high unemployment and loss of trade We are experiencing slump conditions. í verb keeping where payments or sales are noted with only one entry per transaction, usually to fall fast Profits have slumped. The in the cash book pound slumped on the foreign exchange markets. single-figure inflation / siŋ (ə)l fi ə single-figure inflation in fleiʃ(ə)n/ noun inflation rising at less slush fund / sl ʃ f nd/ noun money kept slush fund | than 10% per annum to one side to give to people to persuade single-parent allowance / siŋ (ə)l them to do what you want The party was single-parent allowance peərənt ə laυəns/ noun a former name for accused of keeping a slush fund to pay for- | the tax allowance which can be claimed by a eign businessmen.
Accounting.fm Page 208 Tuesday, February 13, 2007 1:40 PM small business 208 small and medium-sized enter- plural noun regular payments by employees small business prises / smɔ l ən mi diəm saizd and employers to the National Insurance entəpraiziz/ plural noun organisations that scheme have between 10 and 250 employees and are society /sə saiəti/ noun the way in which society | usually in the start-up or growth stage of the people in a country are organised development. Abbreviation SMEs soft currency / sɒft k rənsi/ noun the soft currency small business / smɔ l biznis/ noun a small business currency of a country with a weak economy, company which has an annual turnover of which is cheap to buy and difficult to less than £5.6 million and does not employ exchange for other currencies. Opposite more than 50 staff hard currency Small Business Administration Small Business Administration soft landing / sɒft l ndiŋ/ noun a soft landing / smɔ l biznis əd ministreiʃ(ə)n/ noun change in economic strategy to counteract | US a federal agency that advises small busi- inflation, which does not cause unemploy- nesses and helps them obtain loans to ment or a fall in the standard of living, and finance their businesses. Abbreviation SBA has only minor effects on the bulk of the small businessman / smɔ l small businessman population biznism n/ noun a man who owns a small soft loan / sɒft ləυn/ noun a loan from a soft loan business company to an employee or from one gov- small change / smɔ l tʃeind / noun small change ernment to another at a very low rate of coins interest or with no interest payable at all small claim / smɔ l kleim/ noun a claim small claim sole agency / səυl eid ənsi/ noun an sole agency for less than £5000 in the County Court agreement to be the only person to represent small claims court / smɔ l kleimz small claims court a company or to sell a product in a particular kɔ t/ noun a court which deals with dis- area He has the sole agency for Ford cars. putes over small amounts of money sole agent / səυl eid ənt/ noun a person sole agent small companies rate / smɔ l small companies rate who has the sole agency for a company in an k mp(ə)niz reit/ noun a rate of corpora- area She is the sole agent for Ford cars in tion tax charged on profits of small compa- the locality. nies sole distributor / səυl di stribjυtə/ sole distributor | small company /smɔ l k mp(ə)ni/ small company noun a retailer who is the only one in an area noun same as small business who is allowed to sell a product SMEs abbreviation small and medium- SMEs sole owner / səυl əυnə/ noun a person sole owner sized enterprises who owns a business on their own, with no SMP abbreviation statutory maternity pay SMP partners, and has not formed a company social / səυʃ(ə)l/ adjective referring to social sole proprietor / səυl prə praiətə/, sole sole proprietor | society in general trader / səυl treidə/ noun a person who social audit / səυʃ(ə)l ɔ dit/ noun a sys- social audit runs a business, usually by him- or herself, tematic assessment of an organisation’s but has not registered it as a company effects on society or on all those who can be solvency / sɒlv(ə)nsi/ noun the state of solvency seen as its stakeholders. A social audit cov- being able to pay all debts on due date. ers such issues as internal codes of conduct, Opposite insolvency business ethics, human resource develop- solvency margin / sɒlv(ə)nsi mɑ d in/ solvency margin ment, environmental impact, and the organ- noun a business’s liquid assets that exceeds isation’s sense of social responsibility. the amount required to meet its liabilities The social audit focused on the effects of solvency ratio / sɒlv(ə)nsi reiʃiəυ/ solvency ratio pollution in the area. The social audit showed that the factory could provide jobs noun the ratio of assets to liabilities, used to for five per cent of the unemployed in the measure a company’s ability to meet its small town nearby. debts Social Charter / səυʃ(ə)l tʃɑ tə/ noun Social Charter solvent / sɒlv(ə)nt/ adjective having solvent same as European Social Charter enough money to pay debts When she bought the company it was barely solvent. social impact statement / səυʃ(ə)l social impact statement imp kt steitmənt/ noun an assessment sort code / sɔ t kəυd/ noun a combina- sort code of the impact of the non-profit activities of tion of numbers that identifies a bank branch an organisation on a specific social area on official documentation, such as bank social security contributions social security contributions statements and cheques (NOTE: The US term / səυʃ(ə)l si kjυəriti kɒntri bju ʃ(ə)nz/ is routing number.) | |
Accounting.fm Page 209 Tuesday, February 13, 2007 1:40 PM 209 spot market specie / spi ʃi / noun money in the form of source /sɔ s/ noun the place where some- source specie coins thing comes from What is the source of her income? You must declare income specification / spesifi keiʃ(ə)n/ noun specification | from all sources to the tax office. detailed information about what or who is needed or about a product to be supplied source and application of funds source and application of funds statement to detail the specifications of a computer statement / sɔ s ənd plikeiʃ(ə)n əv system the work is not up to specifica- f ndz steitmənt/, sources and uses of tion or does not meet our specifications funds statement / sɔ siz ən ju ziz əv the product is not made in the way which f ndz steitmənt/ noun a statement in a was detailed company’s annual accounts, showing where new funds came from during the year, and specific order costing /spə sifik ɔ də specific order costing | how they were used kɒstiŋ/ noun same as job costing source document / sɔ s dɒkjυmənt/ source document specify / spesifai/ verb to state clearly specify noun a document upon which details of what is needed to specify full details of the transactions or accounting events are goods ordered Do not include VAT on the recorded and from which information is invoice unless specified. (NOTE: specifies – extracted to be subsequently entered into the specifying – specified) internal accounting system of an organisa- spend /spend/ verb to pay money They spend tion, e.g., a sales invoice or credit note spent all their savings on buying the shop. spare /speə/ adjective extra, not being spare The company spends thousands of pounds used He has invested his spare capital in on research. a computer shop. spending / spendiŋ/ noun the act of pay- spending SPE abbreviation special purpose entity SPE ing money for goods and services Both cash spending and credit card spending special audit / speʃ(ə)l ɔ dit/ noun an special audit increase at Christmas. audit with a narrow remit specified by a gov- spending money / spendiŋ m ni/ spending money ernment agency noun money for ordinary personal expenses Special Commissioner / speʃ(ə)l kə Special Commissioner | split-capital trust / split k pit(ə)l split-capital trust miʃ(ə)nə/ noun an official appointed by the tr st/ noun same as split-level invest- Treasury to hear cases where a taxpayer is ment trust appealing against an income tax assessment split commission / split kə miʃ(ə)n/ split commission special deposits / speʃ(ə)l di pɒzits/ special deposits | | noun commission which is divided between plural noun large sums of money which brokers or agents commercial banks have to deposit with the split-level investment trust / split split-level investment trust Bank of England lev(ə)l in vestmənt tr st/ noun an special drawing rights / speʃ(ə)l special drawing rights | investment trust with two categories of drɔ iŋ raits/ plural noun units of account shares: income shares which receive income used by the International Monetary Fund, from the investments, but do not benefit allocated to each member country for use in from the rise in their capital value, and cap- loans and other international operations. ital shares, which increase in value as the Their value is calculated daily on the value of the investments rises, but do not weighted values of a group of currencies receive any income. Also called split trust, shown in dollars. Abbreviation SDRs split-capital trust special journal / speʃ(ə)l d n(ə)l/ special journal split payment / split peimənt/ noun a split payment noun a journal in which entries of a speci- payment which is divided into small units fied type are recorded split trust / split tr st/ noun same as split trust special purpose entity / speʃ(ə)l special purpose entity split-level investment trust p pəs entiti/, special purpose vehicle spoilage / spɔilid / noun 1. waste arising spoilage noun a separate business entity created to from decay or damage 2. the amount of carry out a specific transaction or business something wasted because of decay or dam- unrelated to a company’s main business. age Abbreviation SPE, SPV spot cash / spɒt k ʃ/ noun cash paid for spot cash special resolution / speʃ(ə)l rezə special resolution | something bought immediately lu ʃ(ə)n/ noun a resolution concerning an spot market / spɒt mɑ kit/ noun a mar- spot market important matter, such as a change to the company’s articles of association which is ket that deals in commodities or foreign only valid if it is approved by 75% of the exchange for immediate rather than future votes cast at a meeting delivery
Accounting.fm Page 210 Tuesday, February 13, 2007 1:40 PM spot price 210 ‘…with most of the world’s oil now traded begin and end at the same time We asked on spot markets, Opec’s official prices are our supplier to stagger deliveries so that the much less significant than they once were’ warehouse can cope. [Economist] stagnant stagnant / st nənt/ adjective not active, spot price / spɒt prais/, spot rate / spɒt spot price not increasing Turnover was stagnant for reit/ noun a current price or rate for some- the first half of the year. A stagnant econ- thing which is delivered immediately. Also omy is not a good sign. called cash price stagnate stagnate /st neit/ verb not to increase, ‘…the average spot price of Nigerian light | not to make progress The economy is stag- crude oil for the month of July was 27.21 nating. dollars per barrel’ [Business Times stagnation stagnation /st neiʃ(ə)n/ noun the (Lagos)] | state of not making any progress, especially spread /spred/ noun 1. same as range 2. spread in economic matters The country entered the difference between buying and selling a period of stagnation. prices, i.e. between the bid and offer prices í verb to space something out over a period stake stake /steik/ noun an amount of money of time to spread payments over several invested months ‘…her stake, which she bought at $1.45 ‘…dealers said markets were thin, with per share, is now worth nearly $10 mil- gaps between trades and wide spreads lion’ [Times] between bid and ask prices on the curren- ‘…other investments include a large stake cies’ [Wall Street Journal] in a Chicago-based insurance company, as ‘…to ensure an average return you should well as interests in tobacco products and hold a spread of different shares covering hotels’ [Lloyd’s List] a wide cross-section of the market’ [Inves- stakeholder stakeholder / steikhəυldə/ noun a per- tors Chronicle] son or body that is directly or indirectly spreading / sprediŋ/ noun an action of spreading involved with a company or organisation spacing income from artistic work such as and has an interest in ensuring that it is suc- royalties over a period of time, and not con- cessful (NOTE: A stakeholder may be an centrating it in the year in which the money employee, customer, supplier, partner, or is received even the local community within which an spreadsheet / spredʃi t/ noun a compu- spreadsheet organisation operates.) ter printout or program that shows a series of ‘…the stakeholder concept is meant to be columns or rows of figures a new kind of low-cost, flexible personal SPV abbreviation special purpose vehicle SPV pension aimed at those who are less well- Square Mile / skweə mail/ noun the City Square Mile off. Whether it will really encourage them of London, the British financial centre to put aside money for retirement is a moot point. Ministers said companies would be squeeze /skwi z/ noun government con- squeeze able to charge no more than 1 per cent a trol carried out by reducing the availability year to qualify for the stakeholder label’ of something [Financial Times] ‘…the real estate boom of the past three stakeholder pension stakeholder pension / steikhəυldə years has been based on the availability of easy credit. Today, money is tighter, so penʃən/ noun a pension, provided through property should bear the brunt of the credit a private company, in which the income a squeeze’ [Money Observer] person has after retirement depends on the SSAPs abbreviation Statements of Stand- amount of contributions made during their SSAPs working life (NOTE: Stakeholder pensions ard Accounting Practice are designed for people without access to staff incentives / stɑ f in sentivz/ plu- staff incentives | an occupational pension scheme.) ral noun higher pay and better conditions offered to employees to make them work stakeholder theory stakeholder theory / steikhəυldə better θiəri/ noun the theory that it is possible for stag /st / noun a person who buys new an organisation to promote the interests of stag its shareholders without harming the inter- issues of shares and sells them immediately ests of its other stakeholders such as its to make a profit employees, suppliers and the wider commu- staged payments / st d d peimənts/ staged payments nity plural noun payments made in stages stamp duty stagger / st ə/ verb to arrange holidays stamp duty / st mp dju ti/ noun a tax stagger or working hours so that they do not all on legal documents such as those used, e.g.,
Accounting.fm Page 211 Tuesday, February 13, 2007 1:40 PM 211 statement starting salary / stɑ tiŋ s ləri/ noun a for the sale or purchase of shares or the con- starting salary veyance of a property to a new owner salary for an employee when he or she starts work with a company stand-alone cost method / st nd ə stand-alone cost method | ləυn kɒst meθəd/ noun a method that start-up / stɑ t p/ noun the beginning of start-up divides common costs among all users a new company or new product We went into the red for the first time because of the standard agreement / st ndəd ə standard agreement | costs for the start-up of our new subsidiary. ri mənt/, standard contract / st ndəd kɒntr kt/ noun a normal printed contract ‘It’s unusual for a venture capitalist to be form focused tightly on a set of companies with a common technology base, and even standard cost / st ndəd kɒst/ noun a standard cost more unusual for the investment fund future cost which is calculated in advance manager to be picking start-ups that will and against which estimates are measured be built on a business he’s currently run- standard costing / st ndəd kɒstiŋ/ standard costing ning.’ [InformationWeek] noun the process of planning costs for the start-up financing / stɑ t p start-up financing period ahead and, at the end of the period, fain nsiŋ/ noun the first stage in financing comparing these figures with actual costs in a new project, which is followed by several order to make necessary adjustments in rounds of investment capital as the project planning gets under way standard cost system / st ndəd kɒst standard cost system state /steit/ noun 1. an independent coun- state sistəm/ noun a system that records costs at try 2. a semi-independent section of a fed- standard levels, rather than at actual levels eral country such as the US í verb to say standard direct labour cost standard direct labour cost clearly The document states that all reve- / st ndəd dai rekt leibə kɒst/ noun the | nue has to be declared to the tax office. as cost of labour calculated to produce a prod- per account stated the same amount as uct according to specification, used to meas- shown on the account or invoice ure estimates ‘…the unions had argued that public sec- standard letter / st ndəd letə/ noun a standard letter tor pay rates had slipped behind rates letter which is sent without change to vari- applying in state and local government ous correspondents areas’ [Australian Financial Review] standard opinion / st ndəd ə pinjən/ standard opinion state bank / steit b ŋk/ noun in the US, | state bank noun an accountant’s judgement that a com- a commercial bank licensed by the authori- pany’s financial information has been pre- ties of a state, and not necessarily a member sented in a way that is both fair and consist- of the Federal Reserve system. Compare ent with presentation in previous years national bank standard rate / st ndəd reit/ noun a standard rate state benefits / steit benifits/ plural state benefits basic rate of income tax which is paid by noun payments which are made to someone most taxpayers under a national or private scheme standby credit / st ndbai kredit/ noun standby credit stated capital / steitid k pit(ə)l/ noun stated capital 1. credit which is available if a company the amount of a company’s capital contrib- needs it, especially credit guaranteed by a uted by shareholders euronote 2. credit which is available and State Earnings-Related Pension State Earnings-Related Pension Scheme which can be drawn on if a country needs it, Scheme / steit niŋz ri leitid penʃən especially credit guaranteed by a lender (a | ski m/ noun State Second Pension group of banks or the IMF in the case of a statement / steitmənt/ noun something statement member country) and usually in dollars said or written which describes or explains standing order / st ndiŋ ɔ də/ noun an standing order something clearly order written by a customer asking a bank to statement of account / steitmənt əv ə statement of account pay money regularly to an account I pay | kaυnt/ noun a list of sums due, usually my subscription by standing order. relating to unpaid invoices start /stɑ t/ noun the beginning í verb to start statement of affairs / steitmənt əv ə statement of affairs begin to do something to start a business | feəz/ noun a financial statement drawn up from cold or from scratch to begin a new when a person is insolvent business, with no previous turnover to base it on Statement of Auditing Standards statement starting rate of tax / stɑ tiŋ reit əv / steitmənt əv ɔ ditiŋ st ndədz/ noun starting rate of tax t ks/ noun a tax rate (currently 10%) paid an auditing standard, issued by the Auditing on the first segment of taxable income, Practices Board, containing prescriptions as before the basic rate applies to the basic principles and practices which
Accounting.fm Page 212 Tuesday, February 13, 2007 1:40 PM statement of cash flows 212 members of the UK accountancy bodies are based on average earnings over an expected to follow in the course of an audit. employee’s career, formerly called the State Abbreviation SAS Earnings-related Pension Scheme or SERPS statement of cash flows / steitmənt statistical /stə tistik(ə)l/ adjective based statement of cash flows statistical | əv k ʃ fləυz/ noun a statement that docu- on statistics statistical information They ments actual receipts and expenditures of took two weeks to provide the statistical cash analysis of the opinion-poll data. statement-of-cash-flows method statement-of-cash-flows method statistical discrepancy /stə tistik(ə)l statistical discrepancy | / steitmənt əv k ʃ fləυz meθəd/ noun a di skrepənsi/ noun the amount by which | method of accounting that is based on flows sets of figures differ of cash rather than balances on accounts statistical quality control /stə statistical quality control | statement of changes in financial statement of changes in financial position tistik(ə)l kwɒliti kən trəυl/ noun the | position / steitmənt əv tʃeind iz in fai process of inspecting samples of a product | n nʃəl pə ziʃ(ə)n/ noun a financial report to check that quality standards are being met | of a company’s incomes and outflows dur- statistician / st ti stiʃ(ə)n/ noun a per- statistician | ing a period, usually a year or a quarter son who analyses statistics Statement of Financial Accounting Statement of Financial Accounting Standards statistics /stə tistiks/ plural noun 1. facts statistics | Standards / steitmənt əv fai n nʃ(ə)l ə or information in the form of figures to | | kaυntiŋ st ndədz/ noun in the US, a examine the sales statistics for the previous statement detailing the standards to be six months Government trade statistics adopted for the preparation of financial show an increase in imports. The statistics statements. Abbreviation SFAS on unemployment did not take school-leav- Statement of Principles / steitmənt Statement of Principles ers into account. (NOTE: takes a plural verb) əv prinsip(ə)lz/ noun a document in which 2. the study of facts in the form of figures the Accounting Standards Board sets out the (NOTE: takes a singular verb) principles governing the carrying out of status / steitəs/ noun the importance of status financial reporting in the UK and the Repub- someone or something relative to others, lic of Ireland especially someone’s position in society statement of realisation and liquida- statement of realisation and liquidation status inquiry / steitəs in kwaiəri/ status inquiry | tion / steitmənt əv riəlai zeiʃ(ə)n ən noun the act of checking on a customer’s | likwi deiʃ(ə)n/ noun a statement of the credit rating | financial position of a company going out of status quo / steitəs kwəυ/ noun the status quo business state of things as they are now The con- statement of retained earnings statement of retained earnings tract does not alter the status quo. / steitmənt əv ri teind niŋz/ noun a | statute / st tʃu t/ noun an established statute statement accompanying a balance sheet written law, especially an Act of Parliament. and giving details of the movement of Also called statute law retained earnings during an accounting statute-barred / st tʃu t bɑ d/ adjec- statute-barred period tive referring to legal action which cannot be Statements of Standard Accounting Statements of Standard Accounting Practice pursued because the time limit for it has Practice / steitmənts əv st ndəd ə | expired kaυntiŋ pr ktis/ plural noun rules laid statute book / st tʃu t bυk/ noun all statute book down by the Accounting Standards Board laws passed by Parliament which are still in for the preparation of financial statements. force Abbreviation SSAPs statute law / st tʃu t lɔ / noun same as statute law state of indebtedness / steit əv in state of indebtedness | statute detidnəs/ noun the fact of being in debt, owing money statutory / st tʃυt(ə)ri/ adjective fixed statutory by law There is a statutory period of pro- state pension / steit penʃən/ noun a state pension bation of thirteen weeks. Are all the pension that is provided by the state and employees aware of their statutory rights? funded from National Insurance payments statutory audit / st tʃυt(ə)ri ɔ dit/ state retirement pension / steit ri statutory audit state retirement pension | taiəmənt penʃən/ noun a pension paid by noun an audit carried out on the instructions of, and with a remit set by, a governmental the state to people when they reach the stat- agency utory retirement age State Second Pension / steit sekənd statutory auditor / st tʃυt(ə)ri ɔ ditə/ statutory auditor State Second Pension penʃ(ə)n/ noun a state pension that is addi- noun a professional person qualified to carry tional to the basic retirement pension and is out an audit required by the Companies Act
Accounting.fm Page 213 Tuesday, February 13, 2007 1:40 PM 213 stock ledger statutory books / st tʃυt(ə)ri bυks/ average supermarket stocks more than 4500 statutory books lines. plural noun company records required by law, e.g. a register of members ‘US crude oil stocks fell last week by nearly 2.5m barrels’ [Financial Times] statutory instrument / st tʃυt(ə)ri statutory instrument ‘…the stock rose to over $20 a share, instrυmənt/ noun an order which has the higher than the $18 bid’ [Fortune] force of law, made under authority granted to a minister by an Act of Parliament stockbroker / stɒkbrəυkə/ noun a per- stockbroker son who buys or sells shares for clients statutory maternity pay / st tʃυt(ə)ri statutory maternity pay mə t niti pei/ noun in the UK, payment stockbroking / stɒkbrəυkiŋ/ noun the stockbroking | made by an employer to an employee who is business of dealing in shares for clients a on maternity leave, for a continuous period stockbroking firm up to 39 weeks. Abbreviation SMP stock certificate / stɒk sə tifikət/ noun stock certificate | statutory regulations / st tʃυt(ə)ri statutory regulations a document proving that someone owns stock in a company re jυ leiʃ(ə)nz/ plural noun regulations | covering financial dealings which are based stock code / stɒk kəυd/ noun a set of stock code on Acts of Parliament, such as the Financial numbers and letters which refer to an item of Services Act, as opposed to the rules of self- stock regulatory organisations which are non-stat- stock company / stɒk k mpəni/ noun stock company utory a company that has its capital divided into stay of execution / stei əv eksi stay of execution shares that are freely tradable | kju ʃ(ə)n/ noun the temporary stopping of stock control / stɒk kən trəυl/ noun the stock control | a legal order The court granted the com- process of making sure that the correct level pany a two-week stay of execution. of stock is maintained, to be able to meet stepped costs / stept kɒsts/ plural stepped costs demand while keeping the costs of holding stock to a minimum noun costs which remain fixed up to some level of activity but then rise to a new, higher stock controller / stɒk kən trəυlə/ stock controller | level once that level of activity is exceeded noun a person who notes movements of stock sterling / st liŋ/ noun the standard cur- sterling stock depreciation / stɒk dipri ʃi rency used in the United Kingdom to stock depreciation | quote prices in sterling or to quote sterling eiʃ(ə)n/ noun a reduction in value of stock prices which is held in a warehouse for some time Stock Exchange / stɒk iks tʃeind / ‘…it is doubtful that British goods will Stock Exchange | price themselves back into world markets noun a place where stocks and shares are as long as sterling labour costs continue to bought and sold He works on the Stock rise faster than in competitor countries’ Exchange. Shares in the company are [Sunday Times] traded on the Stock Exchange. sterling area / st liŋ eəriə/ noun for- sterling area ‘…the news was favourably received on merly, the area of the world where the pound the Sydney Stock Exchange, where the shares gained 40 cents to A$9.80’ [Finan- sterling was the main trading currency cial Times] sterling balances / st liŋ b lənsiz/ sterling balances Stock Exchange listing / stɒk iks Stock Exchange listing plural noun a country’s trade balances | tʃeind listiŋ/ noun the fact of being on expressed in pounds sterling the official list of shares which can be sterling crisis / st liŋ kraisis/ noun a sterling crisis bought or sold on the Stock Exchange The fall in the exchange rate of the pound ster- company is planning to obtain a Stock ling Exchange listing. sterling index / st liŋ indeks/ noun an sterling index stock figures / stɒk fi əz/ plural noun stock figures index which shows the current value of ster- details of how many goods are in the ware- ling against a basket of currencies house or store stock /stɒk/ noun 1. the available supply stock stockholder / stɒkhəυldə/ noun US stockholder of raw materials large stocks of oil or coal same as shareholder the country’s stocks of butter or sugar 2. stockholding / stɒkhəυldiŋ/ noun the stockholding especially UK the quantity of goods for sale shares in a company held by someone in a warehouse or retail outlet. Also called stock-in-trade / stɒk in treid/ noun stock-in-trade inventory 3. shares in a company 4. invest- goods held by a business for sale ments in a company, represented by shares or fixed interest securities í verb to hold stock ledger / stɒk led ə/ noun a book stock ledger goods for sale in a warehouse or store The which records quantities and values of stock
Accounting.fm Page 214 Tuesday, February 13, 2007 1:40 PM stock level 214 strategic management accounting stock level / stɒk lev(ə)l/ noun the quan- stock level strategic management accounting /strə ti d ik m nid mənt ə kaυntiŋ/ tity of goods kept in stock We try to keep | | noun a form of management accounting in stock levels low during the summer. which emphasis is placed on information stock market / stɒk mɑ kit/ noun a stock market which relates to factors external to the firm, place where shares are bought and sold, i.e. as well as non-financial information and a stock exchange stock market price or internally generated information price on the stock market strategy / str təd i/ noun a course of strategy stock market valuation / stɒk mɑ kit stock market valuation action, including the specification of v lju eiʃ(ə)n/ noun the value of a com- | resources required, to achieve a specific pany based on the current market price of its objective a financial strategy a pricing shares strategy Part of the company’s strategy to stock option / stɒk ɒpʃən/ noun US stock option meet its marketing objectives is a major same as share option recruitment and retraining programme. stocks and shares / stɒks ən ʃeəz/ stocks and shares (NOTE: The plural is strategies.) plural noun shares in ordinary companies strike /straik/ verb a deal was struck at strike stocktaking / stɒkteikiŋ/, stocktake stocktaking £25 a unit we agreed the price of £25 a unit / stɒkteik/ noun the counting of goods in strong /strɒŋ/ adjective with a lot of force strong stock at the end of an accounting period or strength This Christmas saw a strong The warehouse is closed for the annual demand for mobile phones. The company stocktaking. needs a strong chairman. stocktaking sale / stɒkteikiŋ seil/ stocktaking sale ‘…everybody blames the strong dollar for noun a sale of goods cheaply to clear a ware- US trade problems’ [Duns Business house before stocktaking Month] stock transfer form / stɒk tr nsf stock transfer form ‘…in a world of floating exchange rates fɔ m/ noun a form to be signed by the per- the dollar is strong because of capital son transferring shares inflows rather than weak because of the nation’s trade deficit’ [Duns Business stock turn / stɒk t n/, stock turnround stock turn Month] / stɒk t nraυnd/, stock turnover / stɒk strongbox / strɒŋbɒks/ noun a heavy strongbox t nəυvə/ noun the total value of stock sold metal box which cannot be opened easily, in in a year divided by the average value of which valuable documents and money can goods in stock be kept stock valuation / stɒk v lju eiʃ(ə)n/ stock valuation | strong currency / strɒŋ k rənsi/ noun strong currency noun an estimation of the value of stock at a currency which has a high value against the end of an accounting period other currencies stop-loss order / stɒp lɒs ɔ də/ noun stop-loss order strong pound / strɒŋ paυnd/ noun a strong pound an instruction to a stockbroker to sell a share pound which is high against other currencies if the price falls to an specified level (NOTE: The US term is stop order.) structure / str ktʃə/ noun the way in structure which something is organised The paper storage capacity / stɔ rid kə p siti/ storage capacity | gives a diagram of the company’s organisa- noun the space available for storage tional structure. The company is reorgan- store card / stɔ kɑ d/ noun a credit card store card ising its discount structure. issued by a large department store, which sub /s b/ noun wages paid in advance sub can only be used for purchases in that store subcontract / s bkən tr kt/ verb (of a subcontract straddle / str d(ə)l/ noun 1. a spread, the straddle | main contractor ) to agree with a company difference between bid and offer price 2. the that they will do part of the work for a act of buying a put option and a call option project The electrical work has been sub- at the same time contracted to Smith Ltd straight line depreciation / streit lain straight line depreciation subcontractor / s bkən tr ktə/ noun a subcontractor di priʃi eiʃ(ə)n/ noun a form of deprecia- | | | company which has a contract to do work tion that divides the cost of a fixed asset for a main contractor evenly over each year of its anticipated life- subject to / s bd ikt tu / adjective time subject to depending on strategic cost management /strə strategic cost management | sublease /s b li s/ verb to lease a leased ti d ik kɒst m nid mənt/ noun the use sublease | of cost information made by management to property from another tenant They sub- achieve the aims of a company leased a small office in the centre of town.
Accounting.fm Page 215 Tuesday, February 13, 2007 1:40 PM 215 success sublessee / s ble si / noun a person or subsidiary for recording transactions with its sublessee | parent company company that takes a property on a sublease sublessor / s ble sɔ / noun a tenant who sublessor subsidise / s bsidaiz/, subsidize verb subsidise | leases a leased property to another tenant to help by giving money The government sublet /s b let/ verb to let a leased prop- has refused to subsidise the car industry. sublet | erty to another tenant We have sublet part subsidised accommodation subsidised accommodation of our office to a financial consultancy. / s bsidaizd ə kɒmə deiʃ(ə)n/ noun | | (NOTE: subletting – sublet) cheap accommodation which is partly paid subordinated debt /s b ɔ dineitid subordinated debt for by an employer or a local authority | det/ noun a loan that has less of a claim on subsidy / s bsidi/ noun 1. money given to subsidy assets or earnings than another debt help something which is not profitable subordinated loan /sə bɔ dinətid subordinated loan The industry exists on government subsidies. | ləυn/ noun a loan which ranks after all The government has increased its subsidy other borrowings as regards payment of to the car industry. 2. money given by a gov- interest or repayment of capital ernment to make something cheaper the subscribe /səb skraib/ verb to sub- subscribe subsidy on rail transport (NOTE: The plural | scribe for shares, to subscribe to a share is subsidies.) issue to apply for shares in a new company subtenancy /s b tenənsi/ noun an subtenancy | subscription /səb skripʃən/ noun 1. subscription agreement to sublet a property | money paid in advance for a series of issues subtenant /s b tenənt/ noun a person or subtenant | of a magazine, for membership of a society, company to which a property has been sub- or for access to information on a website let Did you remember to pay the subscription to subtotal / s b təυt(ə)l/ noun the total of subtotal the computer magazine? She forgot to | one section of a complete set of figures renew her club subscription. 2. subscrip- She added all the subtotals to make a grand tion to a new share issue application to buy total. shares in a new company the subscrip- subtract /səb tr kt/ verb to take away subtract tion lists close at 10.00 on September 24th | something from a total The credit note no new applicants will be allowed to sub- should be subtracted from the figure for total scribe for the share issue after that date sales. If the profits from the Far Eastern subscription price /səb skripʃən subscription price | operations are subtracted, you will see that prais/ noun the price at which new shares in the group has not been profitable in the an existing company are offered for sale European market. subsequent event / s bsikwənt i subsequent event | subtraction /səb tr kʃən/ noun an act of subtraction vent/ noun an event with an important | taking one number away from another financial impact that occurs between the publication of a financial statement and the subvention /səb venʃ(ə)n/ noun same as subvention | publication of an audit report, and that subsidy should therefore be disclosed in a footnote succeed /sək si d/ verb 1. to do well, to succeed | subsidiary /səb sidiəri/ adjective less subsidiary be profitable The company has succeeded | important They agreed to most of the con- best in the overseas markets. Her business ditions in the contract but queried one or has succeeded more than she had expected. two subsidiary items. í noun same as sub- 2. to do what was planned She succeeded sidiary company Most of the group profit in passing her computing test. They suc- was contributed by the subsidiaries in the ceeded in putting their rivals out of business. Far East. 3. to take over from someone in a post Mr subsidiary account /səb sidiəri ə subsidiary account Smith was succeeded as chairman by Mrs | | kaυnt/ noun an account for one of the indi- Jones. to succeed to a property to vidual people or organisations that jointly become the owner of a property by inherit- hold another account ing it from someone who has died subsidiary company /səb sidiəri subsidiary company success /sək ses/ noun 1. an act of doing success | | k mp(ə)ni/ noun a company which is more something well The launch of the new than 50% owned by a holding company, and model was a great success. The company where the holding company controls the has had great success in the Japanese mar- board of directors ket. 2. an act of doing what was intended subsidiary company accounting We had no success in trying to sell the lease. subsidiary company accounting /səb sidiəri k mp(ə)ni ə kaυntiŋ/ noun She has been looking for a job for six | | the accounting methods that are used at a months, but with no success.
Accounting.fm Page 216 Tuesday, February 13, 2007 1:40 PM sum 216 supply chain /sə plai tʃein/ noun the sum /s m/ noun 1. a quantity of money sum supply chain | manufacturers, wholesalers, distributors, A sum of money was stolen from the human and retailers who produce goods and serv- resources office. He lost large sums on the ices from raw materials and deliver them to Stock Exchange. She received the sum of consumers, considered as a group or net- £5000 in compensation. 2. the total of a work series of figures added together The sum of the various subtotals is £18,752. ‘Only companies that build supply chains that are agile, adaptable, and aligned get sum at risk / s m ət risk/ noun the sum at risk ahead of their rivals.’ amount of any given item, such as money, [Harvard Business Review] stocks or securities that an investor may lose supply chain management /sə plai supply chain management sum of digits method / s m əv sum of digits method | tʃein m nid mənt/ noun the work of co- did its meθəd/ noun a method of depreci- ordinating all the activities connected with ating a fixed asset where the cost of the asset supplying of finished goods (NOTE: Supply less its residual value is multiplied by a frac- chain management covers the processes of tion based on the number of years of its materials management, logistics, physical expected useful life. The fraction changes distribution management, purchasing, and each year and charges the highest costs to information management.) the earliest years. supply price /sə plai prais/ noun the supply price sum-of-the-year’s-digits deprecia- sum-of-the-year’s-digits depreciation | price at which something is provided tion / s m əv ðə jiəz did its di pri ʃi | | support price /sə pɔ t prais/ noun a support price eiʃ(ə)n/ noun a method of recognising | price in the EU at which a government will depreciation that assigns more depreciation buy agricultural produce to stop the price early in an asset’s useful life than in the later falling years surcharge / s tʃɑ d / noun an extra surcharge sums chargeable to the reserve sums chargeable to the reserve charge / s mz tʃɑ d əb(ə)l tə ðə ri z v/ plural | surety / ʃυərəti/ noun 1. a person who surety noun sums which can be debited to a com- guarantees that someone will do something pany’s reserves to stand surety for someone 2. deeds, sundry / s ndri/ adjective various sundry share certificates, etc., deposited as security sunk cost / s ŋk kɒst/ noun a cost which sunk cost for a loan has been irreversibly incurred or committed surplus / s pləs/ noun more of some- surplus prior to a decision point and which cannot thing than is needed therefore be considered relevant to subse- ‘Both imports and exports reached record quent decisions. Also called consumed levels in the latest year. This generated a cost $371 million trade surplus in June, the sev- superannuation / su pər nju eiʃ(ə)n/ superannuation enth consecutive monthly surplus and | noun a pension paid to someone who is too close to market expectations’ [Dominion old or ill to work any more (Wellington, New Zealand)] supplementary benefit surrender /sə rendə/ noun the act of giv- supplementary benefit surrender | / s pliment(ə)ri benifit/ noun formerly, ing up of an insurance policy before the con- payments from the government to people tracted date for maturity with very low incomes. It was replaced by surrender value /sə rendə v lju / surrender value | income support. noun the money which an insurer will pay if an insurance policy is given up supplementary statement / s pli supplementary statement | ment(ə)ri steitmənt/ noun a statement surtax / s t ks/ noun an extra tax on surtax that elaborates on an earlier financial state- high income ment suspend /sə spend/ verb to stop doing suspend | supplier /sə plaiə/ noun a person or com- something for a time We have suspended supplier | payments while we are waiting for news pany that supplies or sells goods or services from our agent. Work on the construction We use the same office equipment supplier project has been suspended. for all our stationery purchases. They are major suppliers of spare parts to the car suspense account /sə spens ə kaυnt/ suspense account | | industry. Also called producer noun an account into which payments are put temporarily when the accountant cannot supply and demand /sə plai ən di supply and demand | | be sure where they should be entered mɑ nd/ noun the amount of a product suspension /sə spenʃən/ noun an act of which is available and the amount which is suspension | wanted by customers stopping something for a time There has
Accounting.fm Page 217 Tuesday, February 13, 2007 1:40 PM 217 system weakness ‘…over the past few weeks, companies been a temporary suspension of payments. raising new loans from international banks We are trying to avoid a suspension of deliv- have been forced to pay more, and an unu- eries during the strike. sually high number of attempts to syndi- SVA SVA abbreviation shareholder value analy- cate loans among banks has failed’ sis [Financial Times] swap swap /swɒp/ noun an exchange of one system / sistəm/ noun an arrangement or system thing for another organisation of things which work together sweetener sweetener / swi t(ə)nə/ noun an incen- Our accounting system has worked well in tive offered to help persuade somebody to spite of the large increase in orders. take a particular course of action (informal ) systematic sampling / sistəm tik systematic sampling switch switch /switʃ/ verb 1. to change from one sɑ mpliŋ/ noun an auditing technique that selects a number of random samples of data thing to another to switch funds from one in a systematic way, instead of a pure ran- investment to another The job was dom sample switched from our British factory to the States. 2. to change, especially to change systems analysis / sistəmz ə n ləsis/ systems analysis | investment money from one type of invest- noun the process of using a computer to sug- ment to another gest how a company can work more effi- ciently by analysing the way in which it SWOT analysis SWOT analysis / swɒt ə n ləsis/ noun | works at present a method of assessing a person, company or product by considering their Strengths, systems analyst / sistəmz nəlist/ systems analyst Weaknesses, and external factors which may noun a person who specialises in systems provide Opportunities or Threats to their analysis development. Full form Strengths, Weak- system weakness / sistəm wi knəs/ system weakness nesses, Opportunities, Threats noun weakness in an accounting system that syndicate syndicate / sindikeit/ verb to arrange for leads to a risk that financial statements will a large loan to be underwritten by several be flawed or that budgets will be miscalcu- international banks lated
Accounting.fm Page 218 Tuesday, February 13, 2007 1:40 PM T T+ noun an expression of the number of buying more than 50% of its shares. Com- T+ pare acquisition days allowed for settlement of a transaction takeover bid / teikəυvə bid/ noun an tab /t b/ noun same as tabulator takeover bid tab offer to buy all or a majority of the shares in (informal ) a company so as to control it They made a tabulate / t bjυleit/ verb to set some- tabulate takeover bid for the company. She had to thing out in a table withdraw her takeover bid when she failed tabulation / t bjυ leiʃ(ə)n/ noun the tabulation | to find any backers. Share prices rose arrangement of figures in a table sharply on the disclosure of the takeover bid. tabulator / t bjυleitə/ noun a feature on tabulator Takeover Code / teik əυvə kəυd/ noun Takeover Code a computer which sets words or figures auto- | the code of practice which regulates how matically in columns takeovers should take place. It is enforced by T account / ti ə kaυnt/ noun a way of T account | the Takeover Panel. drawing up an account, with a line across the Takeover Panel / teikəυvə p n(ə)l/ Takeover Panel top of the paper and a vertical line down the noun a non-statutory body which examines middle, with the debit and credit entries on takeovers and applies the Takeover Code. either side Also called City Panel on Takeovers and take /teik/ noun 1. the money received in a take Mergers shop Our weekly take is over £5,000. 2. a takeover target / teikəυvə tɑ it/ noun takeover target profit from any sale í verb 1. to receive or a company which is the object of a takeover to get the shop takes £2,000 a week the bid shop receives £2,000 a week in cash sales take up rate / teik p reit/ noun the per- take up rate she takes home £450 a week her salary, centage of acceptances for a rights issue after deductions for tax, etc. is £450 a week takings / teikiŋz/ plural noun the money takings 2. to perform an action 3. to need a time or a received in a shop or a business The quantity It took the factory six weeks or week’s takings were stolen from the cash The factory took six weeks to clear the back- desk. log of orders. (NOTE: taking – took – has taken) tally / t li/ noun a note of things counted or tally take away phrasal verb to remove one fig- recorded to keep a tally of stock move- ments or of expenses í verb to agree, to be ure from a total If you take away the home sales, the total turnover is down. the same The invoices do not tally. The take off phrasal verb to remove or to deduct accounts department tried to make the fig- something He took £25 off the price. ures tally. take over phrasal verb to start to do some- tally sheet / t li ʃi t/ noun a sheet on tally sheet thing in place of someone else Miss Black which quantities are noted took over from Mr Jones on May 1st. tangible assets / t nd ib(ə)l sets/, tangible assets take-home pay / teik həυm pei/ noun take-home pay tangible fixed assets / t nd ib(ə)l fikst same as disposable personal income sets/, tangible property / t nd ib(ə)l After all the deductions, her take-home pay prɒpəti/ plural noun assets that are physi- is only £600 a week. cal, such as buildings, cash and stock. take-out / teik aυt/ noun the act of remov- Leases and securities, although not physical take-out ing capital which you had originally in themselves, are classed as tangible assets invested in a new company by selling your because the underlying assets are physical. shares tangible asset value / t nd əb(ə)l tangible asset value takeover / teikəυvə/ noun an act of buy- set v lju /, tangible net worth takeover / t nd əb(ə)l net w θ/ noun the value of ing a controlling interest in a business by
Accounting.fm Page 219 Tuesday, February 13, 2007 1:40 PM 219 tax credit taxable income / t ksəb(ə)l ink m/ all the assets of a company less its intangible taxable income assets, e.g. goodwill, shown as a value per noun income on which a person has to pay share tax taxable items / t ksəb(ə)l aitəmz/ plu- taxable items tangible book value tangible book value / t nd əb(ə)l ral noun items on which a tax has to be paid bυk v lju / noun the book value of a company after intangible assets, patents, taxable matters / t ksəb(ə)l m təz/ taxable matters trademarks and the value of research and plural noun goods or services that can be development have been subtracted taxed taper relief taper relief / teipə ri li f/ noun the relief taxable person / t ksəb(ə)l p s(ə)n/ taxable person | for capital gains on assets sold after being noun a person who is registered for VAT, held for some period of time. The longer the and who charges VAT on goods or services assets have been held, the more relief is supplied given against capital gains. taxable supply / t ksəb(ə)l sə plai/ taxable supply | target company target company / tɑ it k mp(ə)ni/ noun a supply of goods which are subject to VAT noun same as takeover target tax adjustments / t ks ə d stmənts/ tax adjustments ‘…in a normal leveraged buyout the | plural noun changes made to tax acquirer raises money by borrowing against the assets of the target company’ tax adviser / t ks əd vaizə/, tax con- tax adviser | [Fortune] sultant / t ks kən s ltənt/ noun a person | target cost target cost / tɑ it kɒst/ noun a product who gives advice on tax issues and problems cost estimate derived by subtracting a tax allowance / t ks ə laυəns/ noun tax allowance | desired profit margin from a competitive part of the income which a person is allowed market price. This may be less than the to earn and not pay tax on planned initial product cost, but will be tax assessment / t ks ə sesmənt/ tax assessment | expected to be achieved by the time the noun a calculation by a tax inspector of the product reaches the mature production amount of tax a person owes stage. taxation /t k seiʃ(ə)n/ noun the system taxation | target market target market / tɑ it mɑ kit/ noun the of raising revenue for public funding by tax- market in which a company is planning to ing individuals and organisations, or the sell its goods amount of revenue raised target pricing target pricing / tɑ it praisiŋ/ noun the tax at source / t ks ət sɔ s/ verb to tax at source setting of a selling price with the aim of pro- deduct tax from earnings before they are ducing a particular rate of return on invest- paid to the recipient ment for a specific volume of production tax auditor / t ks ɔ ditə/ noun a gov- tax auditor tariff tariff / t rif/ noun a tax to be paid on ernment employee who investigates taxpay- imported goods. Also called customs tariff ers’ declarations tax avoidance / t ks ə vɔid(ə)ns/ noun tax tax /t ks/ noun 1. money taken by the gov- tax avoidance | the practice of legally trying to pay as little ernment or by an official body to pay for tax as possible government services 2. an amount of money charged by government as part of a person’s tax bracket / t ks br kit/ noun the sec- tax bracket income or on goods bought to levy or tion of people paying a particular level of impose a tax to make a tax payable The income tax government has imposed a 15% tax on pet- tax code / t ks kəυd/ noun a number tax code rol. í verb to make someone pay a tax, to given to indicate the amount of tax allow- impose a tax on something Businesses are ance a person has taxed at 40%. Income is taxed at 35%. tax collector / t ks kə lektə/ noun a tax collector Luxury items are heavily taxed. | person who collects taxes which are owed tax abatement tax abatement / t ks ə beitmənt/ noun tax concession / t ks kən seʃ(ə)n/ tax concession | a reduction of tax | noun an act of allowing less tax to be paid taxable taxable / t ksəb(ə)l/ adjective able to be tax consultant / t ks kən s ltənt/ noun tax consultant | taxed tax adviser taxable base taxable base / t ksəb(ə)l beis/ noun tax credit / t ks kredit/ noun 1. a sum of tax credit the amount subject to taxation money which can be offset against tax 2. the taxable benefit taxable benefit / t ksəb(ə)l benifit/ part of a dividend on which the company has noun a benefit which is included in a per- already paid tax, so that the shareholder is son’s taxable income and is subject to tax not taxed on it
Accounting.fm Page 220 Tuesday, February 13, 2007 1:40 PM tax date 220 tax date / t ks deit/ noun the date on tax inspector / t ks in spektə/ noun a tax date tax inspector | which a transaction occurs for tax purposes, government employee who investigates tax- particularly relevant to invoices on which payers’ declarations VAT is charged tax law / t ks lɔ / noun the body of laws tax law tax-deductible / t ks di d ktib(ə)l/ tax-deductible on taxation, or one such law | adjective possible to deduct from an income tax liability / t ks laiə biliti/ noun the tax liability | before tax is calculated amount of tax that a person or organisation tax deposit certificate / t ks di pɒzit tax deposit certificate has to pay | sə tifikət/ noun a certificate showing that a tax loophole / t ks lu phəυl/ noun a tax loophole | taxpayer has deposited money in advance of legal means of not paying tax a tax payment. The money earns interest tax loss / t ks lɒs/ noun a loss made by a tax loss while on deposit. company during an accounting period, for tax dodge / t ks dɒd / noun an illegal tax dodge which relief from tax is given method of paying less tax than an individual tax loss carry-back / t ks lɒs k ri tax loss carry-back or company is legally obliged to pay b k/ noun the reduction of taxes in a previ- tax domicile / t ks dɒmisail/ noun the tax domicile ous year by subtraction from income for that place that a government levying a tax con- year of losses suffered in the current year siders to be a person’s home tax loss carry-forward / t ks lɒs k ri tax loss carry-forward tax evasion / t ks i vei (ə)n/ noun the tax evasion fɔ wəd/ noun the reduction of taxes in a | practice of illegally trying to not pay tax future year by subtraction from income for tax-exempt / t ks i zempt/ adjective 1. tax-exempt that year of losses suffered in the current | referring to a person or organisation not year required to pay tax 2. not subject to tax tax obligation / t ks ɒbli eiʃ(ə)n/ tax obligation tax exemption / t ks i zempʃən/ noun tax exemption noun the amount of tax a person or company | 1. the fact of being free from payment of tax owes 2. US the part of income which a person is tax office / t ks ɒfis/ noun a local office tax office allowed to earn and not pay tax on of the Inland Revenue. It does not necessar- tax exemption cut-off / t ks i tax exemption cut-off ily deal with the tax affairs of people who | zempʃ(ə)n k t ɒf/ noun a limit on tax live locally. exemption because of high income tax on capital income / t ks ɒn tax on capital income tax-exempt special savings account tax-exempt special savings account k pit(ə)l ink m/ noun a tax on the / t ks i zempt speʃ(ə)l seiviŋz ə income from sales of capital assets | | kaυnt/ noun a now-discontinued form of tax payable / t ks peiəb(ə)l/ noun the tax payable interest-free savings account largely super- amount of tax a person or company has to seded by the ISA. Abbreviation TESSA pay tax form / t ks fɔ m/ noun a blank form tax form taxpayer / t kspeiə/ noun a person or taxpayer to be filled in with details of income and company that has to pay tax basic tax- allowances and sent to the tax office each payer or taxpayer at the basic rate Corpo- year rate taxpayers are being targeted by the gov- tax-free / t ks fri / adjective with no tax tax-free ernment. having to be paid tax-free goods tax planning / t ks pl niŋ/ noun plan- tax planning tax harmonisation / t ks tax harmonisation ning how to avoid paying too much tax, by hɑ mənaizeiʃ(ə)n/ noun the enactment of investing in, e.g., tax-exempt savings taxation laws in different jurisdictions, such schemes or offshore trusts as neighbouring countries, provinces, or tax point / t ks pɔint/ noun the date on tax point states of the United States, that are consist- which goods or services are supplied, which ent with one another is the date when VAT becomes is due tax haven / t ks heiv(ə)n/ noun a coun- tax haven tax pressure / t ks preʃə/ noun the tax pressure try or area where taxes are low, encouraging financial difficulty that a company may face companies to set up their main offices there because of the taxes it must pay tax holiday / t ks hɒlidei/ noun a tax holiday tax rates / t ks reits/ plural noun per- tax rates period when a new business is exempted centage rates of tax on different bands of from paying tax taxable income tax incentive / t ks in sentiv/ noun a tax incentive | tax rebate / t ks ri beit/ noun money tax rebate tax reduction afforded to people for particu- lar purposes, e.g., sending their children to returned by the Inland Revenue because it college was overpaid
Accounting.fm Page 221 Tuesday, February 13, 2007 1:40 PM 221 tenor tax reform / t ks ri fɔ m/ noun changes technical correction / teknik(ə)l kə tax reform technical correction | | to tax provisions made by a revenue author- rekʃ(ə)n/ noun an adjustment to the price ity of a share or the value of a currency tax refund / t ks ri f nd/ noun US same tax refund technical decline / teknik(ə)l di klain/ technical decline | as remission of taxes noun a fall in share prices because of techni- tax relief / t ks ri li f/ noun reductions in cal analysis tax relief | tax liability that are allowed in line with nec- technical reserves technical reserves / teknik(ə)l ri | essary business expenditure z vz/ plural noun the assets that an insur- tax return / t ks ri t n/ noun a com- tax return ance company maintains to meet future | pleted tax form, with details of income and claims allowances teeming and lading teeming and lading / ti miŋ ən leidiŋ/ tax revenue / t ks revənju / noun tax revenue noun an attempt to hide missing funds by money that a government receives in taxes delaying the recording of cash receipts in a tax schedules / t ks ʃedju lz/ plural business’s books tax schedules noun six types of income as classified for telephone banking / telifəυn b ŋkiŋ/ telephone banking tax noun a service by which a bank customer tax shelter / t ks ʃeltə/ noun a financial tax shelter can carry out transactions over the phone arrangement such as a pension scheme using a password. It may involve direct con- where investments can be made without tax tact with a bank representative or may be automated using the phone’s keypad. tax system / t ks sistəm/ noun the tax system methods used by a government in imposing teller teller / telə/ noun a person who takes cash and collecting taxes from or pays cash to customers at a bank tax threshold / t ks θreʃhəυld/ noun a tax threshold tenancy tenancy / tenənsi/ noun an agreement by point at which another percentage of tax is which a tenant can occupy a property payable The government has raised the tenant / tenənt/ noun a person or com- tenant minimum tax threshold from £4,000 to pany which rents a house, flat or office to £4,500. live or work in The tenant is liable for tax treaty / t ks tri ti/ noun an interna- tax treaty repairs. tional agreement that deals with taxes, espe- tender / tendə/ noun an offer to do some- tender cially taxes by several countries on the same thing for a specific price a successful ten- individuals der an unsuccessful tender to put a tax voucher / t ks vaυtʃə/ noun a doc- tax voucher project out to tender, to ask for or invite ument detailing various items of financial tenders for a project to ask contractors to information, issued to shareholders at the give written estimates for a job to put in time dividends are paid or submit a tender to make an estimate for tax year / t ks jiə/ noun a twelve month tax year a job period on which taxes are calculated. In the tenderer / tendərə/ noun a person or com- tenderer UK this is 6th April to 5th April of the fol- pany that puts forward an estimate of cost lowing year. The company was the successful tenderer T-bond / ti bɒnd/ noun same as Treasury T-bond for the project. (NOTE: The US term is bid- bond der.) technical / teknik(ə)l/ adjective referring technical tendering tendering / tendəriŋ/ noun the act of to influences inside a market, e.g. volumes putting forward an estimate of cost To be traded and forecasts based on market analy- successful, you must follow the tendering sis, as opposed to external factors such as procedure as laid out in the documents. oil-price rises, wars, etc. (NOTE: The US term is bidding.) ‘…market analysts described the falls in tender offer / tendər ɒfə/ noun a method tender offer the second half of last week as a technical of selling new securities or bonds by asking correction’ [Australian Financial Review] investors to make offers for them, and ‘…at the end of the day, it was clear the accepting the highest offers Fed had not loosened the monetary reins, 10-K 10-K / ten kei/ noun the filing of a US and Fed Funds forged ahead on the back of company’s annual accounts with the New technical demand’ [Financial Times] York Stock Exchange technical analysis / teknik(ə)l ə technical analysis | tenor / tenə/ noun the life of a financial tenor n ləsis/ noun a study of the price move- ments and volumes traded on a stock instrument, between the time it is taken out exchange and the maturity date