Accounting Unit 19: Vocabulary

To pass this unit, please study the 20 vocabulary words below.
UK

adverse
having a negative or harmful effect
UK

Recent bad publicity had an adverse effect on the company's sales.
UK

at their disposal
available to be used by somebody
UK

The company has millions of dollars at its disposal to fund new research.
UK

carry out
to perform or complete a job or activity
UK

The IRS carried out an audit of the company as a result of errors in the accounts.
UK

contrast
to compare with an aim to showing the differences
UK

By contrasting this years' expenditure with last years', we will see the main differences.
UK

cover
to deal with or to include something
UK

You need to ensure that the report covers all possible costs.
UK

cyclical pattern
a trend which is repeated at intervals
UK

Changes in the economy have followed a cyclical pattern.
UK

designated for
stated as officially having a particular purpose
UK

This building has been designated for the accounting team.
UK

drawing up
officially preparing a written document
UK

The lawyers drew up the contract of sale.
UK

dynamic budget
a financial forecast which adapts to changes of one or more variable
UK

Dynamic budgets have become more popular since it is increasingly difficult to precisely forecast sales volume.
UK

eliminate
to completely remove something which is not wanted
UK

It is impossible to eliminate all risk in investment so you should seek advice on the safest options.
UK

go ahead
to continue or proceed
UK

The meeting went ahead when John returned.
UK

go over
to look at in detail, to study
UK

After going over the budget, it is clear that we will not meet our sales targets.
UK

margin of safety
the amount by which sales can decrease before a company becomes unprofitable
UK

As our margin of safety is only 10,000, we need to look at ways of increasing sales.
UK

marginal cost
marginal cost: the cost of producing one more item as compared to the cost of producing all items
UK

Marginal costs are generally relative to the amount of fixed costs.
UK

omission
the failure to include or do something
UK

The omission of the depreciation cost for the year meant the budgeted figures were not correct.
UK

on account of
because of, due to
UK

The company was closed on account of low sales and high costs.
UK

ran into
encountered unexpectedly
UK

The company ran into financial problems when the exchange rate changed significantly.
UK

referred to
checked or consulted a source of information
UK

"I'm afraid that I do not know, I will need to refer to my manager for that answer."
UK

set aside
to save something for a special purpose
UK

The management have been setting $500 a month aside for the staff party.
UK

setting out
arranging or preparing something for others to see or use
UK

The CFO set out new regulations for payment processing.
Go to Unit Activities