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Vocabulary For Accounting and Finance 2

The document provides definitions for common accounting and finance terms including balance sheet, CPA, CFO, credits, debits, deferral, double taxation, due diligence, foreign currency, LLC, record, sole-trader, and trial balance.

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Heba Hosni
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83 views15 pages

Vocabulary For Accounting and Finance 2

The document provides definitions for common accounting and finance terms including balance sheet, CPA, CFO, credits, debits, deferral, double taxation, due diligence, foreign currency, LLC, record, sole-trader, and trial balance.

Uploaded by

Heba Hosni
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Vocabulary for Accounting

and Finance

Lesson 2
balance sheet
A document which summarizes the
assets, liabilities and equity of a business
entity at a given time.
CPA (certified public
accountant)
the American and Australian
equivalent of a Chartered accountant
CFO (chief financial
officer)
the most senior financial manager,
responsible for overseeing the financial
activities of the entire company
credits
an entry showing the amount of money
paid (or owed) to the company, entered on
the right hand side
debit
an entry showing an amount owed, due to be
paid by the company, entered on the left hand
side.
deferral
the state for postponing the
recognition of an asset or liability until a
future time
double taxation
the state where income tax is paid twice,
often to two different governments, on one
income
due diligence
reasonable actions taken by a
person to satisfy a law or regulation
foreign currency
The money used in
another country.
LLC (limited liability
company)
A business entity where the debts of the
company are separate from the debts of the
share-holder
record
A written account of a
transaction
sole-trader
A business which is owned and
run by one person
trial balance
A statement of all debits and
credits in the double-entry account
book, with any discrepancies shown
Thank You!

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