Accountancy Vocabulary
Word/Phrase Meaning (Simple) Example Sentence
A person who keeps and checks financial My sister is an accountant in a big
Accountant
records company.
A document showing what someone must The company sent me an invoice for
Invoice
pay for goods or services the work they did.
A piece of paper that shows you have paid Keep your receipt if you want to
Receipt
for something return the item.
Money that you spend to do your job or run He writes down all his expenses
Expenses
a business every month.
The money a company makes after paying The business made a good profit
Profit
costs this year.
When a business spends more money than it
Loss The company had a loss last month.
earns
The money you earn every month from your Her salary is paid on the last day of
Salary
job each month.
Budget A plan for how to spend and save money We need to stay within our budget.
A check of financial records to make sure They will do an audit at the end of
Audit
they are correct the year.
Money people and companies pay to the
Tax He pays his tax every year.
government
Bill A statement of money you must pay Did you pay the electricity bill?
The company’s revenue increased
Revenue All the money a company receives
last year.
Debt Money that someone owes She is paying off her debts slowly.
The company’s assets include
Assets Things a company owns that have value
buildings and cars.
Liabilities must be less than assets
Liabilities Money a company owes to others
to make a profit.
1) Gap-Fill Exercise
Fill in the blanks with the correct words from the list:
(accountant, invoice, receipt, expenses, profit, loss, salary, budget, audit, tax, bill, revenue,
debt, assets, liabilities)
1. He works as an __________ at a bank.
2. The company sent us an __________ for the new computers.
3. Please keep the __________ if you want to exchange the shirt.
4. She writes down all her __________ for travel and food.
5. The shop made a good __________ during the holiday season.
6. They had a __________ because they spent too much money.
7. His monthly __________ is $2,500.
8. We must plan our __________ carefully so we don’t spend too much.
9. An __________ checks the company’s accounts every year.
10. Everyone must pay __________ on their income.
11. Did you pay the phone __________ this month?
12. The company’s __________ was higher than last year.
13. He has a lot of __________ from his student loan.
14. The company’s __________ include its office and equipment.
15. Their __________ are bigger than their assets, so they are losing money.
2) Matching Activity
Match the word to its meaning:
Word Meaning
A) Invoice 1) A plan for spending money
B) Receipt 2) A document that shows payment has been made
C) Budget 3) A person who checks financial records
D) Audit 4) Money paid to the government
E) Salary 5) A document showing what must be paid
F) Tax 6) Money earned from a job
Speaking Questions: Accountancy & Money
1. What does an accountant do? Can you describe their job in your own words?
2. Do you know anyone who works as an accountant? What do they do every day?
3. How do you feel about keeping receipts and invoices? Do you keep them? Why or why
not?
4. Have you ever made a budget for your own money? How did it help you?
5. What are some common expenses you have every month?
