Accounting Unit 15: Vocabulary

To pass this unit, please study the 20 vocabulary words below.
arising from
to happen because of, or owing to
There are many costs arising from the purchase of new property.
billable
time spent working that you can charge money for
Some firms charge a flat rate rather than using a system of billable hours.
commodity
a product, or financial product that can be traded
The firms most valuable commodity is its property.
compliance
the procedure of obeying a law, regulation or rule
Most large accounting firms have a compliance officer to ensure that all regulations are followed.
cottage industry
a business activity in which there are many individuals or small firms working
Large multinational firms are killing off the cottage industry in most sectors.
duplication
the practice of doing the same thing more than once
The company used both traditional ledgers and an accounting computer program to record transactions, but the duplication of work took too much time so they stopped.
estimate
to say what you believe the cost, size, value of something is when you are not certain
The government estimates that there are 3.5 million unemployed people in the country, but no one is sure.
In conjunction with
combined with
The low number of graduates in conjunction with the high demand for their skills means finding a job is easy.
integrate
to combine two or more things to make it more effective
They are planning to integrate the sales and marketing departments.
merge
to join together, or be joined together - to make a larger company
When the two firms merged they became an industry leader.
outsource
to employ an outside company to do work for you
A lot of bookkeeping work is outsourced to India as salaries are much lower.
prior
before, previous
He hadn't had any prior experience so he didn't know what he was doing.
range of
a set of similar products or services which are sold by a company
The firm offers a wide range of accounting solutions.
reallocation
changing the way in which an amount of money, asset, time is used
The company's reallocation of funds from R&D into marketing, showed that they needed to improve their image.
red tape
official rules and procedures which seem unnecessary and cause delay
International accounting is often delayed by red tape.
speculate
to guess, to form opinions without having all information
We can only speculate what accounting firms will look like in 200 years.
stay afloat
have enough to remain in business
Many companies struggle to stay afloat in the current economic crisis.
take into account
to consider or remember something when evaluating a situation
The CFO didn't take the predicted rise in the price of fuel into account when budgeting for the year, so costs were higher than he expected.
trend
a general development or pattern in the way people behave
By studying current trends, we can get an idea of what will happen next.
undertake
to do, or begin to do something
He needs to undertake correct budgeting practices.
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