Read this glossary below for a better understanding on accounting terms in the tax and assurance field.
bank loan
noun
Money borrowed from a bank
Example: James took a bank loan to finance his car.
fr: Prêt bancaire
bankruptcy
noun
A legal proceeding involving a person or business that is unable to repay outstanding debts.
Example: He had to file for bankruptcy as he couldn't manage the debts of his businesses.
fr: faillite
budget
noun
An estimate of expected income and expense for a given period in the future
Example: Julius is planning a saving budget for his businesses.
fr: budget
contract
noun
An agreement between two or more parties to do something
Example: Lilly must sign a contract about the terms and conditions if she wants to use this site.
fr: contrat
credit
noun
The deduction of a payment made by a debtor from an amount due.
Example: Carlos can't get credit to buy another car.
fr: crédit
debt
noun
something, usually money, that is owed or due
Example: Sarah got a huge amount of debt that she has to pay.
fr: dette
discount
A deduction from the usual cost of something.
Example: Vanessa benefice a 40% discount on her new dress for her prom.
fr: rabais
down payment
noun
An initial payment when something is bought on credit.
Example: Yusuf just made a down payment on a brand-new car.
fr: acompte
interest
noun
A charge for loan, usually a percentage of the amount loaned.
Example: Sasha had to pay back her credit card payment with interest.
fr: intérêt
investment
noun
the action or process of investing money for profit.
Example: Carla made an investment of 2300 dollars to gain triple the amount as profit.
fr: investissement
Loan
noun
Something that is borrowed or credited and expected to be paid back with interest.
Example: I took a loan for fifty-thousands dollars to help me pay my tuition.
fr: un prêt
mortgage
noun
A debt instruments that is secured by the collateral of specified real estate property and the borrower is obligated to pay back with a predetermined set of payments.
Example: Dominique has insane mortgage debt.
fr: hypothèque
pension
noun
A regular payment made during a parson's retirement from an investment fund to which that person or their employer has contributed during their work life.
Example: Moses earned his large amount of retirement pension after he worked as a mailman for 50 years.
fr: la retraite
stock
noun
the capital raised by business or corporation through the issue and subscription of shares.
Example: Adam just invest five hundred in a Tesla's stock.
fr: action
Tax
noun
Example: A certain tax was implemented by Donald Trump in February on chinese goods.
