Accounting Vocabulary

The company is running very short of cash and because of that is seeking an __________ to improve its cashflow.

This involved a loss of control over ____________ as a number of high profile clients are refusing to pay their bills.

The company directors insist that all these bills will be paid, but the __________ don’t have enough evidence that this will happen.

As a result ___________ now stands at a very healthy £37.5m.

Everything that a company owns. This might include cars, money, buildings and machines.

The accounting system used all over the world which records every transaction twice, as a Debit and a Credit.

Money which a company owes to another company or person

Choose the correct synonym of: Trade Debtors

On that basis, it is possible that ____________ have been overstated in the annual accounts.

____________are the extra costs of running a business. Examples; insurance, power costs, bank interest payable, administration wages

____________ are monies owed TO a business BY its customers.

A Financial Statement which shows all the company’s sales and all of its costs, for a period of time.

_____ is where a company has a negative amount of money in its bank account. Usually, this is agreed with the bank in advance and there is a limit to the amount. This overdraft is a Current Liability.

______________ means a building (or a number of buildings) that are owned by a company.

The job of recording all the entries of a business in its records.

A _______________ is when a company pays for something, but doesn’t use it for a while. Because it doesn’t use it, it keeps its value and so it is a Current Asset.

The ___________ however, were not able to give a True & Fair audit opinion as there had been major problems with the firm’s bookkeeping during the year.

The _____ of famous sports agency Zamora PLC were published today and made headline news.

Financial Statement which lists all the assets and all the liabilities of a company on one particular day, which is very often 31st December. It’s like a photograph because it’s at one moment in time.

Choose the correct synonym of: Profit & Loss

_____ is shown in the Income Statement as the calculation of Sales minus Cost of Sales. Clearly, every business needs its Sales to be greater than its Cost of Sales.

Turnover was up by 12% to £14.5m and ___________ rose by 17% to £4.6m.

These are often shown in a shorter form as Dr. and Cr. They are the two sides used in Double Entry.

Choose the correct synonym of: Non-Current Assets

Things which a company owns that have a long-term value. Examples are buildings, motor vehicles, and machines.