Accounting Glossary

15 Accounting terms

Hi! My name is Bianca and I study Accounting at Ahuntsic College in Montreal. This is my second year, and I think I've found my field. I love math and financial, to understand how it works and to challenge myself. I'm not from Montreal and I wanted to go to university after, so I needed to learn the city and be comfortable with public transport, getting out of my comfort zone, having a new environment (new people I've never seen). This is a glossary of all the words I have found difficult to say or write. I hope this may help others as well. I'm thinking about going to UQAM, but I'm still not sure yet.

asset

noun

An asset is a resource with economic value that an individual or company owns or controls with the expectation that it will provide a future benefit.

Example: The lowest reasonable estimate of an ASSET 's value should be taken.

fr: actif

balance sheet

noun

The balance sheet provides information on a company's resources (assets) and its sources of capital (equity and liabilities/debt).

Example: View the total value of the assets of all Federal Reserve Banks as reported in the weekly balance sheet.

fr: bilan

bankruptcy

noun

Bankruptcy is a legal proceeding initiated when a person or business cannot repay outstanding debts or obligations.

Example: Many companies were facing bankruptcy.

fr: faillite

bill of lading

noun

A detailed list of a shipment of goods in the form of a receipt given by the carrier to the person consigning the goods.

Example: The easiest way to quickly complete a bill of lading form and print it directly from your browser.

fr: connaissement

bond

noun

A bond is a fixed-income investment that represents a loan made by an investor to a borrower, usually corporate or governmental.

fr: lier

cooperative

noun

A farm, business, or other organization which is owned and run jointly by its members, who share the profits or benefits.

Example: By their cooperative nature, each of the caisses in the Desjardins network is anchored in its neighbourhood and works to respond to its members' needs.

fr: coopérative

depreciation

noun

Depreciation is an accounting method that determines a fixed asset's value is reduced over its useful life.

Example: The depreciation of the dollar affected the British economy.

fr: dépriciation

ledger

noun

A book or other collection of financial accounts of a particular type.

Example: A general ledger is a record-keeping system for a company's financial data.

fr: Grand livre

liabilities

noun

A thing for which someone is responsible, especially a debt or financial obligation.

Example: The business has liabilities of 2 million euros.

fr: passif

mortgage loan

noun

A mortgage is an agreement between you and a lender that gives the lender the right to take your property if you don't repay the money you've borrowed plus interest.

Example: He will have to take out a mortgage loan in order to buy the house.

fr: prêt hypothécaire

mysterious shopper

noun

Someone employed by a company to check how its products or services are being sold by pretending to be a normal customer.

Example: Mystery shoppers make an impact in their local communities by helping stores, restaurants, and banks become better places for consumers like you to visit.

fr: acheteur mysterieux

net profit

noun

The actual profit after working expenses not included in the calculation of gross profit have been paid.

Example: Learn what sets gross profit and net profit apart.

fr: bénéfice net

rubric

noun

A heading on a document. A statement of purpose or function.

Example: Many events will in fact generate an income to offset some of the expense - perhaps a registration fee, a commercial exhibition or sales of souvenirs.

fr: rubric

trade fair

noun

An exhibition at which businesses in a particular industry promote their products and services.

Example: With close to 100 trade shows and fairs, Quebec is beyond a doubt an excellent spot to hunt for new and unusual products.

fr: foire commerciale

yield

noun

Yield is a measure of the profit that an investor will be paid for investing in a stock or a bond.

Example: His investment approach is to seek out stocks that are relatively cheap, but are yielding a decent amount and this has produced steady returns.

fr: rendement