| A | B |
|---|
| accounting | n. the recording and gathering of financial information for a company |
| accumulate | v. to gather; to collect |
| asset | n. something of value |
| audit | n. a formal examination of financial records // v. to examine the financial records of a company |
| budget | n. a list of probable expenses and income for a given period // v. to plan for expenses |
| build up | v. to increase over time |
| client | n. a customer |
| debt | n. something owed, as in money or goods |
| outstanding | adj. still due; not paid or settled |
| profitably | adv. advantageously |
| reconcile | v. to make consistent |
| turnover | n. the number of times a product is sold and replaced or an employee leaves and another employee is hired (could refer to clients too - client turnover) |
| to raise flags | expression - to make someone notice something; to cause someone to be aware of something (usually negative) - The accountant raised a flag when she noticed that the money was missing. / The figures (numbers) couldn't be reconciled and this raised a flag. |
| to keep an eye on (something) | expression - to watch closely (over time) - The accountant is keeping an eye on how much we are spending on travel expenses. / Please keep an eye on that account; we need to watch out for overspending. |
| bookkeeping | n. the practice or profession of recording the accounts and transactions of a business (Mrs. Ellis does the bookkeeping for us. She has a diploma in accounting.) |
| to be in the red / to be in the black | expression - in the red = operating at a loss; in debt / in the black = n the credit side of a ledger; prosperous; operating at a profit (Many of the shops in the US are in the red until Black Friday when they make so much money that they are in the black.) |
| ledger | n. a record of all financial transactions within a company (The bookkeeper records all the financial transactions in the General Ledger on the computer.) |
| revenue | n. the gross income from a business enterprise; total income before expenses (Our company has a revenue of over $500,000 a year). |
| accounts payable | n. money owed to creditors, vendors, etc (Our Accounts Payable department pays the invoices of our suppliers.) |
| accounts receivable | n. money owed to a business, i.e.: credit sales (Our Accounts Receivable department receives payments from our clients.) |
