20 In this following glossary, you will find a few words that every accountant should have in their vocabulary. terms
Hello,
my name is Bethina Fenelon and I've been studying Accounting for a year and a month. We all know that once you start your profession and even when you start studying, it is really important to have a vocabulary that aligns with what you are studying because it is a sign that you are a professional. This glossary of 20 words is in fact, there to help everyone who is studying Accounting to have a suitable vocabulary for that field of study. This glossary can help you avoid confusing certain words. I found all of the information on google and on the website that this page suggested. After reading this glossary I would suggest that you to try putting those words in your writing text, so you can memorize them better.
Amendment
It's a noun.
An amendment is an agreement which takes the form of a written document and which allows changes to be made to an existing contract.
Example: In law, an addendum is similar to a contract clause.
en: Avenant
Audit
A noun
Methodical, independent and documented examination of a process to determine whether it meets established criteria.
Example: The audit can focus on a targeted activity or on all of an organization's activities.
en: audit
Auditor
A noun
Person responsible for auditing a company or organization.
Example: The annual accounts and financial statements are audited by an external auditor.
en: auditeur
Cash outflow
Amount of money deducted from a treasury.
Example: A cash outflow may be motivated by an investment or the repayment of a loan.
en: décaissement
Consolidation
A noun
The action or process of combining a number of things into a single more effective or coherent whole.
Example: A consolidation of data within an enterprise.
en: Consolidation
Debtor
A noun
A natural or legal person who has contracted a debt with another.
Example: If a customer buys a television from a store on credit and does not pay for it immediately, they become an account debtor.
en: Débiteur
Disbursement
A noun
Amount of money deducted from a treasury.
Example: For example, a disbursement may be motivated by an investment or the repayment of a loan.
en: Décaissement
Discount
A noun
This is a short-term credit transaction which consists of obtaining from the banker immediate payment – after deduction of interest and commissions – of receivables from customers for which we have commercial paper.
Example: I result in the total cost being £8,184. The 30% discount would bring about an even lower total cos business.
en: Escompte
Factoring
A verb
Factoring is both a financing method and a cash flow management technique for the business. It consists of entrusting customer receivables to a factoring company which, in return, pays a sum to the company.
Example: Factoring is applicable if the company’s customers are professionals.
en: Affacturage
Fluctuation
A noun
Generally cyclical movement, upward or downward, of economic activity, evaluated based on a trend.
Example: Clearly, there have been periods of change and fluctuation in the Japanese domestic economy.
en: fluctuation
Holding
A noun
The company whose purpose is to manage the interests it holds in other companies, with the aim of exercising overriding control. It is an instrument of business concentration.
Example: Data for Hong Kong (China) includes data for investment holding companies.
en: Holding
Illicit
adjective
Forbidden by law, rules, or custom.
Example: This drug is illicit.
en: Illicite
Liquidity
A noun
The availability of liquid assets to a market or company.
Example: The banks closed, causing serious liquidity problems for smaller companies.
en: Liquidité
Personal guarantee
It's a noun accompanied by an adjective.
personnal : adjective
guarantee: noun
The term personal guarantee refers to an individual’s legal promise to repay credit issued to a business for which they serve as an executive or partner.
Example: Corporate credit cards that are issued to an individual are another example of a personal guarantee.
en: Caution personnelle
Réserves
Reserves are, in principle, profits allocated sustainably to the company until a decision to the contrary is made to distribute them in the form of an exceptional dividend at the General Meetings of Shareholders.
Example: The allocation of other reserves is free and depends on the decision of the AGO of shareholders.
en: Réserves
Stocks
Inventories corresponding to operating expenses contracted on invoices but not yet consumed to be sold or integrated into production. We distinguish between stocks of raw materials, goods, work in progress and finished products.
Example: Another accounting adjustment was made to the stocks.
en: Stocks
Subsidiary
A noun
A company controlled by a holding company.
Example: Subsidiaries are often used to facilitate international trade.
en: Filiale
Surplus
A noun
Positive balance between two amounts.
Example: The surplus can be material or financial.
en: excédent
Taxpayer
A noun
Natural or legal person subject to tax and who, as such, is required to periodically pay taxes in accordance with the tax laws in force.
Example: Some low-income taxpayers may be exempt from paying taxes.
en: contribuable
Worksheet
Accounting register in which the data which constitute the summary of a financial statement appear.
Example: Each column in the payment's worksheet uses corresponding data in the quarterly business.
