Study the following definitions and
n., the recording and gathering of financial information for a company
accounting is needed in all businesses.
for expenses is time-consuming.
2. accumulate v.,
to gather; to collect
have accumulated more than enough information.
bills started to accumulate after the secretary quit.
3. asset n.,
something of value
company's assets are worth millions of dollars.
sophisticated accounting system is an asset to a company.
n., a formal examination of financial records; v., to examine the financial
records of a company
one looks forward to an audit by the government.
independent accountants audited the company's books.
n., a list of probable expenses and income for a given period; v., to plan
a. The department head was pleased that she
received a 10 percent increase in her budget.
b. The company will have to budget more money
for this department next year.
up v., to
increase over time
firm has built up a solid reputation for itself.
careful, your inventory of parts is building up.
7. client n.,
a. We must provide excellent services for our
clients, otherwise we will lose them to our competition.
b. Maintaining close contact with clients keeps
the account managers aware of changing needs.
8. debt n.,
something owed, as in money or goods
company has been very careful and is slowly digging itself out of debt.
banks are worried about your increasing debt.
9. outstanding adj.,
still due; not paid or settled
client still has several outstanding bills.
b. Clients with outstanding bills will not
receive further service until the bills are paid.
10. profitably adv.,
company used its accountant's advice profitably.
invested in the stock market profitably.
11. reconcile v.,
to make consistent
client uses his bank statements to reconcile his accounts.
accountant found the error when she reconciled the account.
12. turnover n.,
the number of times a product is sold and
replaced or an employee leaves and another employee is hired
a. We have to add another production shift to
keep up with the high turnover rate.
b. The overseas branch has much lower employee
turnover than does domestic operations.