Accounting Unit 20: Vocabulary

To pass this unit, please study the 20 vocabulary words below.
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above board
in a legal and proper manner
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We are not worried about the audit as everything was prepared above board.
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backdoor
dishonest, unethical or illegal
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The company was fined when the tax authority realized that their return had been prepared in a back door way.
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be in the ballpark
to estimate with reasonable accuracy
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They didn't know the exact figure and guessed at 500,000 which turned out to be in the ballpark.
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bean counter
a person such as an accountant who is very concerned with small details
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Even as a young boy Peter was a bean counter, so it made perfect sense when he said he wanted to be a financial controller.
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blown
spent a large amount of money (in a wasteful way)
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The new manager didn't know what he was doing and blew the yearly overtime budget in 2 months.
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bull market
a time when the prices of most shares are rising
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By studying the stock market over a period of time, you can see if we are in a bull market or not.
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close of play
the end of the working day
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I may be late home tonight as I have to finish this report by the close of play.
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cooked the books
changed numbers dishonestly in the accounts of a company
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The financial controller was fired after he was caught cooking the books.
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downsize
to make smaller by reducing the number of people working in a place
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A lot of companies have had to downsize as a result of the financial crisis.
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drill down
to study something in great detail
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We really need to drill down on the budget and find out where we went wrong.
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hold fire
to delay, or wait for something before continuing
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They had to hold fire on the accounts preparation as they are waiting for the client to supply some missing documents.
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like herding cats
to be difficult and time consuming
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Dealing with the IRS can be like herding cats as there are so many forms which need to be completed.
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loophole
a small mistake in an agreement or law which can be abused for benefit
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The contract was carefully written so that there were no loopholes.
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make ends meet
have just enough money to pay for things you need
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Most people want more than to make ends meet.
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meat-and-potatoes
more basic or important than other things
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The company produces many items, but the meat-and-potatoes products are plant pots.
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on the fritz
temporarily broken or out-of-order
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I always have a coffee before I go to work as the office coffee machine is usually on the fritz.
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PBC (Prepared By Client)
Used to show that documents were not prepared by professionals
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The job involves checking PBC documents to make sure they contain no errors.
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rip-off
something which is not worth what you have paid for it
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That new computer was a real rip-off, he could have bought one much cheaper.
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well-off
wealthy, or having money
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John had always been well-off, but after his investments paid off he became a multi-millionaire.
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went bust
forced to close because of being financially unsuccessful, to go bankrupt
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When the company went bust over 500 people lost their jobs.
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