Hi, my name is Samia Nazari, and I am 23 years old. I have been a student at Ahuntsic College in Social Science- Psychology program for about two years now, but I am going to change my program to get into Accounting and Management. I have created this glossary to introduce anyone interested in the program or to familiarize with the English accounting terms students that are already studying in this field. Accounting terms can be a bit complicated to understand if you're not fluent in English or don't have a good basic understanding of accounting so this glossary is going to help with that. The glossary contains 20 accounting terms and definitions that are used on a day to day basis in the accounting field. It also includes the French translation and visual representations of a few terms. I wrote down the name of my studying field on Google and copied parts of text and articles and pasted it on Virtual Writing Tutor and ran the 'check vocabulary' button. This brings out all the words and describe in which concept or study field is it about. After that, I wrote down those words in Glossary creator on the Virtual Writing Tutor website in the navigation bar where it says, 'Writing tools' and complete the rest of the description of each term. Now, you can do the same for your field of study.
Account payable
noun-adjective
Accounts payable (AP), or "payable," refer to a company's short-term obligations owed to its creditors or suppliers, which have not yet been paid.
Example: A Payroll taxes of approximately $1,063,000, along with other accounts payable and accrued liabilities of approximately $3,643,000, were also in default.
en: Compte à payer- compte fournisseur
Account receivable
noun-adjective
Accounts receivable (AR) are the balance of money due to a firm for goods or services delivered or used but not yet paid for by customers.
Example: At the end of the fiscal year, the company had $106 million in accounts receivable.
en: Compte recevable ou compte client
Accounting
noun
The action or process of keeping financial accounts.
Example: The annual report is in compliance with specific accounting requirements.
en: Comptabilité
Amortize
verb
Reduce or pay off (a debt) with regular payments.
Example: A patent valued at $10 million is being amortized over 5 years with no residual value, which means that the value of the patent at the end of the 5th year will be zero.
en: Amortir
Asset
noun
Property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies.
Example: Business assets can include such things as motor vehicles, buildings, machinery, equipment, cash, and accounts receivable.
en: Actif
Balance sheet analysis
noun
Balance sheet analysis is the analysis of the assets, liabilities, and owner's capital of the company by the different stakeholders to get the correct financial position of the business at a particular point in time.
Example: Assets acquired under a finance lease are capitalized in the balance sheet.
en: Analyse du bilan
Cash flow
noun
The total amount of money being transferred into and out of a business, especially as affecting liquidity.
Example: We were able to maintain a steady cash flow. The company is looking at new ways to generate cash flow.
en: Des flux de trésorerie
Chart of accounts
noun
A chart of accounts (COA) is an index of all of the financial accounts in a company's general ledger. In short, it is an organizational tool that lists by a category and line item all of the financial transactions that a company conducted during a specific accounting period.
Example: There are resources set up in various areas such as Finance Management which has IRS forms, accounting manuals and unified chart of accounts.
en: Plan comptable
Deferred revenue
verb-noun
Deferred revenue, also known as unearned revenue, refers to advance payments a company receives for products or services that are to be delivered or performed in the future.
Example: If the magazine company sells a monthly subscription at a single payment of $12 a year, the company earns a deferred revenue of $1 for each month it delivers a magazine to its customers.
en: Revenus reportés
Depreciation
noun
A reduction in the value of an asset with the passage of time, due in particular to wear and tear.
Example: In this case, depreciation is deducted from the property's current value before the claim payout is made.
en: Dépréciation
Equity
noun
The value of the shares issued by a company.
Example: Equity can be calculated by subtracting liabilities from assets and can be applied to a single asset, such as real estate property, or to a business.
en: Capitaux propres
Financial statement
noun
Financial statements are a set of documents that show your company’s financial status at a specific point in time. They include key data on what your company owns and owes and how much money it has made and spent.
Example: Such information may actually be more understandable to financial statement readers and, therefore, more relevant to their needs.
en: État financier
Functional currency
adjective-noun
A functional currency is the main currency that a company conducts its business.
Example: The company chooses Canadian dollar as the functional currency because it is the local currency.
en: Monnaie fonctionnelle
Gross profit
noun
Gross profit is the difference between a company's total revenue and its total cost of goods sold, which is calculated by subtracting the cost of goods sold from the total revenue.
Example: The Gross PROFIT and profit margin ratios increased from 12.37% to 16.39%, 4.87% to 7.12% respectively. Compared to the denominator (sales turnover) increase, the numerator's huge increase of Gross PROFIT and profit before tax contributed the rise.
en: Bénéfice brut
Ledger
noun
A book or other collection of financial accounts of a particular type.
Example: The first entry in his sales ledger are expected next year.
en: le grand livre ou un registre
Liability
noun
A thing for which someone is responsible, especially a debt or financial obligation.
Example: The company had assets of $138 million and liabilities of $120.5 million.
en: Dette
Net income
noun
Net income (NI), also called net earnings, is calculated as sales minus cost of goods sold, selling, general and administrative expenses, operating expenses, depreciation, interest, taxes, and other expenses.
Example: At the bottom there is the NET INCOME, this is the profit or loss for the given time.
en: Revenu net
Supplier
noun
A person or organization that provides something needed such as a product or service.
Example: A supplier sells to other businesses and supplies directly from the manufacturer.
en: Fournisseur
Supporting document
adjective-noun
Supporting documents are those trade, transport and official documents that either support specific statements made in the goods declaration.
Example: A key requirement of this financial control is that there should be a clear audit trail with sufficient supporting documentation at all key stages.
en: Document justificatif
Trial balance
noun
A trial balance is a bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit account column totals that are equaled.
Example: Suppliers are now requested to supply frequent aged trial balance down loads on all of their accounts receivable to commercial credit reporting agencies.
