Nelly's glossary
Nelly's glossary
10 Accounting terms
I made a glossary to learn more about words that might be important for my future job, helping me better understand key concepts, improve my communication skills, and prepare for tasks or responsibilities I may encounter in the workplace.
- Accrual
- Noun
- Accumulating something like interests on a loan.
- Example: The accrual of interest on the loan now exceeds $5,000.
- fr: Accumulation
- Audit
- Noun or verb
- It's inspecting accounts in a company to make sure there is no fraud or mistakes. It helps identify an organization's strengths and weaknesses to improve its operations and management.
- Example: The company conducted an audit to ensure there was no fraud.
- fr: Audit
- Compliance
- Noun
- Compliance means following rules and laws to make sure a business acts properly and ethically.
- Example: The building was checked for compliance with the codes.
- fr: Conformité
- Depreciation
- Noun
- Something that lowered in value. It can be anything, like a house, a car, even a computer.
- Example: Depreciation reduces the value of assets over time.
- fr: Dépréciation
- Equity
- Noun
- What someone owns in a business. In other words, it is the value of what you own in something, like a business or property, after subtracting what you owe.
- Example: This shareholder holds ten percent of the company's equity.
- fr: Capitaux propre
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- Ledger
- Noun
- It's a book or a computer document in which a company's accounts are recorded. In other words, it is an accounting book that has all the information of all the accounts of the business.
- Example: Allie entered the sale into the ledger.
- fr: Grand-livre
- Liability
- Noun
- It is a financial responsibility. It is something you owe, like money or services, that you need to pay back in the future.
- Example: Because Kate's parents co-signed her lease they shared liability for her rent.
- fr: Dette, responsabilité
- Overhead
- Noun or Adjective
- Basic expenses that a business have.It is the everyday costs of running a business, like rent and utilities, that aren't directly related to making products or providing services.
- Example: This business has very high overheads.
- fr: Frais généraux
- Procurement
- Noun
- Procurement is the process of acquiring goods, services, or works from external sources (provider), often through purchasing or contracting.
- Example: Our company has a department to deal with procurement.
- fr: Approvisionnement
- Reconciliation
- Noun
- It is the action of matching two financial balances. In other words, balance reconciliation is the process of checking that financial records match the balance sheet to ensure accuracy and fix any errors.
- fr: Rapprochement bancaire
