15 Hi there, I'm Lindsay. I'm currently studying Accounting and Management Technology at Cegep Rosemont. I have just started the second English class for my program and I will be explaining a few useful terms related to my field for the class. terms
Accounting
noun
The systematic and comprehensive recording of financial transactions pertaining to a business.
Example: My sister has just opened her own accounting firm.
fr: Comptabilité
Asset
noun
An item of property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies.
Example: The company has declared bankruptcy. Their assets will be seized to pay off their debts.
fr: Actif
Bankruptcy
noun
A legal proceeding involving a person or a business that is unable to repay outstanding debts.
Example: Our sales have been down for months, and we can't pay our vendors. We'll have to file for bankruptcy.
fr: Faillite
Budget
noun
An estimate, often itemized, of expected income and expense for a given period in the future.
Example: We have to establish the budget for next year.
fr: Budget
Chart of accounts
phrase
A created list of the accounts used by a business entity to define each class of items for which money or the equivalent is spent or received.
Example: A store's chart of accounts includes inventory,
fr: Plan comptable
Debt
noun
Something, typically money, that is owed or due.
Example: We should pay off our debt before opening a new business location
fr: Dette
Discount
noun
A deduction from the usual cost of something.
Example: The employees at my local clothing store get a 30% discount on merchandise.
fr: Rabais
Loan
noun
A sum of money borrowed and expected to be paid back with interest.
Example: My sister got a bank loan to start her business.
fr: Prêt
Net earnings
phrase
The total revenue in an accounting period minus all expenses during the same period.
Example: The company's net earnings are double what they made last year.
fr: Bénéfice net
Opening balance
phrase
The new amount on a balance sheet after financial statements are completed.
Example: Make sure the opening balance for this year matches the closing amount on last year's statement.
fr: Solde d'ouverture
Operating expenses
phrase
An expense incurred in carrying out an organization's day-to-day activities, but not directly associated with production.
Example: The restaurant's largest operating expense is rent.
fr: Charges d'exploitation
Perpetual inventory system
phrase
A system where a business updates the quantity and availability of its inventory on a continuous basis, after each purchase or sale.
Example: Thanks to the perpetual inventory system, we don't have to physically count our inventory every month.
fr: System d'inventaire permanent
Purchase
noun
Acquisition through the payment of money or its equivalent.
Example: We need to purchase ink cartridges for the printer.
fr: Achat
Share
noun
A unit of account for the capital or stock of a company.
Example: I bought shares in a new tech company.
fr: Action
Tax
noun
A compulsory contribution to state revenue, levied by the government on a worker's income and business profits or added to the cost of some goods, services, and transactions.
Example: Corporations don't have to pay the same percentage of tax on their earnings as individuals.
