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Specialist dictionaries Dictionary of Agriculture 978 0 7136 7778 2 Dictionary of Banking and Finance 978 0 7136 7739 3 Dictionary of Business 978 0 7136 7918 2 Dictionary of Computing 978 0 7475 6622 9 Dictionary of Economics 978 0 7136 8203 8 Dictionary of Environment and Ecology 978 0 7475 7201 5 Dictionary of Food Science and Nutrition 978 0 7136 7784 3 Dictionary of Human Resources and Personnel Management 978 0 7136 8142 0 Dictionary of Information and Library Management 978 0 7136 7591 7 Dictionary of Leisure, Travel and Tourism 978 0 7136 8545 9 Dictionary of Marketing 978 0 7475 6621 2 Dictionary of Media Studies 978 0 7136 7593 1 Dictionary of Medical Terms 978 0 7136 7603 7 Dictionary of Nursing 978 0 7475 6634 2 Dictionary of Politics and Government 978 0 7475 7220 6 Dictionary of Publishing and Printing 978 0 7136 7589 4 Dictionary of Science and Technology 978 0 7475 6620 5 Dictionary of Sport and Exercise Science 978 0 7136 7785 0 Easier English™ titles Easier English Basic Dictionary 978 0 7475 6644 1 Easier English Basic Synonyms 978 0 7475 6979 4 Easier English Dictionary: Handy Pocket Edition 978 0 7475 6625 0 Easier English Intermediate Dictionary 978 0 7475 6989 3 Easier English Student Dictionary 978 0 7475 6624 3 English Thesaurus for Students 978 1 9016 5931 3 Check Your English Vocabulary workbooks Academic English 978 0 7475 6691 5 Business and Administration 978 0 7136 7916 8 Human Resources 978 0 7475 6997 8 Law 978 0 7136 7592 4 Living in the UK 978 0 7136 7914 4 Medicine 978 0 7136 7590 0 FCE + 978 0 7475 6981 7 IELTS 978 0 7136 7604 4 Phrasal Verbs and Idioms 978 0 7136 7805 5 TOEFL® 978 0 7475 6984 8 TOEIC ® 978 0 7136 7508 5 Visit our website for full details of all our books: www.acblack.com
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www.acblack.com First published in Great Britain in 1992 by Peter Collin Publishing Second edition published 2001 Third edition published 2004 This fourth edition published 2007 A & C Black Publishers Ltd 38 Soho Square, London W1D 3HB © A & C Black Publishers Ltd 2007 All rights reserved. No part of this publication may be reproduced in any form or by any means without the permission of the publishers A CIP record for this book is available from the British Library eISBN-13: 978-1-4081-0228-2 Text Production and Proofreading Heather Bateman, Stephen Curtis, Katy McAdam, Howard Sargeant This book is produced using paper that is made from wood grown in managed, sustainable forests. It is natural, renewable and recyclable. The logging and manufacturing processes conform to the environmental regulations of the country of origin. Text typeset by A & C Black Printed in Spain by GraphyCems
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Preface This dictionary provides a basic vocabulary of terms used in accounting, from personal finance and investments to company accounts, balance sheets and stock valuations. It is ideal for students of accounting and for anyone who needs to check the meaning of an accountancy term, from people working in businesses who may not be professional accountants to translators or those for whom English is an additional language. Each headword is explained in clear, straightforward English and examples are given to show how the word may be used in context. There are also quotations from newspapers and specialist magazines. Sample documents and financial statements are also provided. Thanks are due to Hannah Gray and Sarah Williams for their invaluable help and advice during the production of this new edition.
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Pronunciation The following symbols have been used to show the pronunciation of the main words in the dictionary. Stress has been indicated by a main stress mark ( ) and a secondary stress mark (). Note that these are only guides, as the stress of the word changes according to its position in the sentence. Vowels Consonants back b buck ɑ harm d dead ɒ stop ð other ai type d jump aυ how f fare aiə hire gold aυə hour h head ɔ course j yellow ɔi annoy k cab e head l leave eə fair m mix ei make n nil eυ go ŋ sing word p print i keep r rest i happy s save ə about ʃ shop i fit t take iə near tʃ change u annual θ theft u pool v value υ book w work υə tour x loch shut measure z zone
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A AAAAAA abbreviation American Accounting abnormalabnormal spoilage spoilage /bnɔm(ə)l | Association spɔilid / noun spoilage that contributes to AAPAAAPA abbreviation Association of Author- an abnormal loss ised Public Accountants above parabove par /əbv pɑ/ adjective referring | AARF Australian Accounting to a share with a market price higher than its AARF abbreviation face value Research Foundation above-the-line above-the-line /əbv ðə lain/ adjec- AATAAT abbreviation Association of Account- tive, adverb 1. used to describe entries in a| ing Technicians company’s profit and loss accounts that abacusabacus /bəkəs/ noun a counting device appear above the line which separates consisting of parallel rods strung with beads, entries showing the origin of the funds that still widely used for business and accounting have contributed to the profit or loss from in China and Japan those that relate to its distribution. Excep- abandonmentabandonment /əbndənmənt/ noun an tional and extraordinary items appear above act of giving up voluntarily something that| the line. Exceptional items are noted you own, such as an option or the right to a above the line in company accounts. property abandonment of a claim giving below-the-line 2. relating to revenue items up a claim in a civil action in a government budget abatement /əbeitmənt/ noun a reduc- abridged accountsabridged accounts /əbrid d əkaυnts/ abatement | | tion in a payment, e.g., if a company’s or| plural noun financial statements produced individual’s total assets are insufficient to by a company that fall outside the require- cover their debts or legacies ments stipulated in the Companies Act ABB absorbabsorb /əbzɔb/ verb 1. to take in a small ABB abbreviation activity-based budgeting item so that it forms part of a larger one| a abbreviated accountsabbreviated accounts /əbrivieitid ə business which has been absorbed by a | | kaυnts/ plural noun a shortened version of competitor a small business which has been a company’s annual accounts that a small or made part of a larger one 2. to assign an medium sized company can file with the overhead to a particular cost centre in a com- Registrar of Companies, instead of a full pany’s production accounts so that its iden- version tity becomes lost. absorption costing ABCABC abbreviation activity-based costing absorbedabsorbed overhead overhead /əbzɔbd | ab initioab initio /b iniʃiəυ/ phrase a Latin əυvəhed/ noun an overhead attached to phrase meaning ‘from the beginning’| products or services by means of overhead absorption rates ABMABM abbreviation activity-based manage- absorption /əbzɔpʃən/ noun the proc- absorption ment ess of making a smaller business part of a| abnormalabnormal gain gain /bnɔm(ə)l ein/ larger one, so that the smaller company in | noun any reduction in the volume of process effect no longer exists loss below that set by the normal loss allow- absorptionabsorption costing costing /əbzɔpʃən ance. Abnormal gains are generally costed kɒstiŋ/ noun 1. a form of costing for a| as though they were completed products. product that includes both the direct costs of abnormal lossabnormal loss /bnɔm(ə)l lɒs/ noun production and the indirect overhead costs | any losses which exceed the normal loss as well 2. an accounting practice in which allowance. Abnormal losses are generally fixed and variable costs of production are costed as though they were completed prod- absorbed by different cost centres. Provid- ucts. ing all the products or services can be sold at
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absorption rate 2 a price that covers the allocated costs, this acceptanceacceptance sampling sampling /əkseptəns method ensures that both fixed and variable | sɑmpliŋ/ noun the process of testing a costs are recovered in full. marginal cost- small sample of a batch to see if the whole ing batch is good enough to be accepted absorption rateabsorption rate /əbzɔpʃən reit/ noun acceptingaccepting house house /əkseptiŋ haυs/, | a rate at which overhead costs are absorbed | acceptance house /əkseptəns haυs/ into each unit of production | noun a firm, usually a merchant bank, which abstractabstract /bstrkt/ noun a short form of accepts bills of exchange at a discount, in a report or document to make an abstract return for immediate payment to the issuer, of the company accounts in this case the Bank of England abusive tax shelterabusive tax shelter /əbjusiv tks AcceptingAccepting Houses Committee Houses Committee /ək | | ʃeltə/ noun a tax shelter used illegally in septiŋ haυziz kəmiti/ noun the main order to avoid or reduce tax payments | London merchant banks, which organise the Academy of Accounting HistoriansAcademy of Accounting Historians lending of money with the Bank of England. /əkdəmi əv əkaυntiŋ histɔriənz/ They receive slightly better discount rates | | | noun a US organisation, founded in 1973, from the Bank. that promotes the study of the history of acceptoracceptor /əkseptə/ noun a person who accounting accepts a bill of exchange by signing it, thus| ACAUSACAUS abbreviation Association of Char- making a commitment to pay it by a speci- tered Accountants in the United States fied date ACCAACCA abbreviation Association of Char- accidentaccident insurance insurance /ksid(ə)nt in tered Certified Accountants | ʃυərəns/ noun insurance which will pay accelerateaccelerate /əkseləreit/ verb to reduce the insured person when an accident takes | the amount of time before a maturity date place accelerated cost recovery systemaccelerated cost recovery system accommodationaccommodation /əkɒmədeiʃ(ə)n/ | | /kselrəreitid kɒst rikvəri sistəm/ noun money lent for a short time | | noun a system used in the United States for accommodation billaccommodation bill /əkɒmədeiʃ(ə)n calculating depreciation in a way that bil/ noun a bill of exchange where the per-| | reduces tax liability son signing (the ‘drawee’) is helping another acceleratedaccelerated depreciation depreciation /ək company (the ‘drawer’) to raise a loan | seləreitid dipriʃieiʃ(ə)n/ noun a system account /əkaυnt/ noun 1. a record of | account of depreciation which reduces the value of financial transactions over a period of time,| assets at a high rate in the early years to such as money paid, received, borrowed or encourage companies, as a result of tax owed Please send me your account or a advantages, to invest in new equipment detailed or an itemised account. 2. a struc- accelerationacceleration /əkseləreiʃ(ə)n/ noun the tured record of financial transactions that | | speeding up of debt repayment may be maintained as a list or in a more for- accelerationacceleration clause clause /əkseləreiʃ(ə)n mal structured credit and debit basis 3. (in a | | klɔz/ noun US a clause in a contract that shop) an arrangement in which a customer provides for immediate payment of the total acquires goods and pays for them at a later balance if there is a breach of contract date, usually the end of the month to have acceptanceacceptance /əkseptəns/ noun 1. the act an account or a credit account with Harrods | Put it on my account or charge it to my of signing a bill of exchange to show that you agree to pay it to present a bill for account. They are one of our largest acceptance to present a bill for payment by accounts. 4. a period during which shares the person who has accepted it 2. a bill are traded for credit, and at the end of which which has been accepted 3. the act of accept- the shares bought must be paid for (NOTE: ing an offer of new shares for which you On the London Stock Exchange, there are have applied twenty-four accounts during the year, each acceptance creditacceptance credit /əkseptəns kredit/ running usually for ten working days.) 5. a noun an arrangement of credit from a bank,| customer who does a large amount of busi- where the bank accepts bills of exchange ness with a firm and has an account with it drawn on the bank by the debtor: the bank Smith Brothers is one of our largest then discounts the bills and is responsible accounts. Our sales people call on their for paying them when they mature. The best accounts twice a month. debtor owes the bank for the bills but these accountabilityaccountability /əkaυntəbiliti/ noun | | are covered by letters of credit. the fact of being responsible to someone for
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3 accounting concept something, e.g. the accountability of direc- account codeaccount code /əkaυnt kəυd/ noun a | tors to the shareholders number assigned to a particular account in a accountableaccountable /əkaυntəb(ə)l/ adjective numerical accounting system, e.g., a chart of | referring to a person who has to explain accounts what has taken place or who is responsible account endaccount end /əkaυnt end/ noun the end for something (NOTE: You are accountable of an accounting period| to someone for something.) account executive /əkaυnt i account executive account analysisaccount analysis /əkaυnt ənləsis/ zekjυtiv/ noun 1. an employee who looks| | | | noun analysis of a company’s accounts with after customers or who is the link between the aim of discerning how its activities affect customers and the company 2. an employee its costs of an organisation such as a bank, public accountancyaccountancy /əkaυntənsi/ noun the relations firm or advertising agency who is | work of an accountant They are studying responsible for looking after particular cli- accountancy or They are accountancy stu- ents and handling their business with the dents. organisation accountancyaccountancy bodies bodies /əkaυntənsi account formaccount form /əkaυnt fɔm/ noun a bal- | bɒdiz/ plural noun professional institu- ance sheet laid out in horizontal form. It is| tions and associations for accountants the opposite of ‘report’ or ‘vertical’ form. accountancy professionaccountancy profession /əkaυntənsi accounting /əkaυntiŋ/ noun 1. the work | accounting prəfeʃ(ə)n/ noun the professional bodies of recording money paid, received, bor-| | that establish entry standards, organise pro- rowed, or owed accounting methods fessional examinations, and draw up ethical and technical guidelines for accountants accounting procedures an accounting machine 2. accountancy, the work of an accountantaccountant /əkaυntənt/ noun 1. a per- accountant as a course of study | son who keeps a company’s accounts or ‘…applicants will be professionally quali- deals with an individual person’s tax affairs fied and have a degree in Commerce or The chief accountant of a manufacturing Accounting’ [Australian Financial group. The accountant has shown that Review] there is a sharp variance in our labour costs. 2. a person who advises a company on its Accounting and Finance Associa-Accounting and Finance Association of Australia and New Zealand finances I send all my income tax queries tion of Australia and New Zealand /ə | to my accountant. 3. a person who examines kaυntiŋ ən fainns əsəυsieiʃ(ə)n əv ɒs | | accounts treiliə ən nju zilənd/ noun an organisa- Accountants’ International Study tion for accounting and finance academics, Accountants’ International Study Group Group /əkaυntənts intənʃ(ə)nəl researchers and professionals working in stdi rup| / noun a body of professional Australia and New Zealand. Abbreviation accounting bodies from the United States, AFAANZ Canada, and the United Kingdom that was accounting basesaccounting bases /əkaυntiŋ beisiz/ | established in 1966 to research accounting plural noun the possible ways in which practices in the three member countries. accounting concepts may be applied to After publishing 20 reports, it was dis- financial transactions, e.g. the methods used banded in 1977 with the foundation of the to depreciate assets, how intangible assets or International Federation of Accountants. work in progress are dealt with accountant’saccountant’s liability liability /əkaυntənts accountingaccounting change change /əkaυntiŋ | | laiəbiliti/ noun the legal liability of an tʃeind / noun any of various changes that | accountant who commits fraud or is held to affect a set of accounts, e.g. a change in the be negligent method of calculating the depreciation of accountants’ opinionaccountants’ opinion /əkaυntənts ə assets or a change in the size, structure or | | nature of the company pinjən/ noun a report of the audit of a com- pany’s books, carried out by a certified pub- accountingaccounting concept concept /əkaυntiŋ lic accountant | (NOTE: The US term is audit kɒnsept/ noun a general assumption on opinion.) which accounts are prepared. The main con- accountants’accountants’ report report /əkaυntənts ri cepts are: that the business is a going con- | | pɔt/ noun in the United Kingdom, a report cern, that revenue and costs are noted when written by accountants that is required by the they are incurred and not when cash is London Stock Exchange to be included in received or paid, that the present accounts the prospectus of a company seeking a list- are drawn up following the same principles ing on the Exchange as the previous accounts, that the revenue or
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accounting control 4 costs are only recorded if it is certain that accounting periodaccounting period /əkaυntiŋ piəriəd/ | they will be incurred. noun a period of time at the end of which the accountingaccounting control control /əkaυntiŋ kən firm’s accounts are made up | | trəυl/ noun procedures designed to ensure accountingaccounting policies policies /əkaυntiŋ | that source data for accounts are accurate pɒlisiz/ plural noun the accounting bases and proper, in order to prevent fraud used by a company when preparing its finan- accountingaccounting conventions conventions /əkaυntiŋ cial statements | kənvenʃ(ə)nz/ plural noun the fundamen- accountingaccounting practice practice /əkaυntiŋ | | tal assumptions that govern the practice of prktis/ noun the way in which account- accounting, e.g., consistency and prudence. ants and auditors implement accounting pol- conceptual framework icies accounting cycleaccounting cycle /əkaυntiŋ saik(ə)l/ accountingaccounting principles principles /əkaυntiŋ | | noun the regular process of recording, ana- prinsip(ə)lz/ plural noun standards of lysing and reporting a company’s transac- accuracy and probity that apply to those car- tions for a given period rying out accounting procedures accounting dateaccounting date /əkaυntiŋ deit/ noun AccountingAccounting Principles Board Principles Board /ə | | the date on which an accounting period kaυntiŋ prinsip(ə)lz bɔd/ noun the US ends, usually 31st December for annual body which issued Opinions that formed accounts but it can in fact be any date much of US Generally Accepted Account- Accounting DirectivesAccounting Directives /əkaυntiŋ dai ing Principles up to 1973 when the Financial | | Accounting Standards Board (FASB) took rektivz/ plural noun a set of EU directives issued with the aim of regulating accounting over that role. Abbreviation APB procedures in member states accounting procedureaccounting procedure /əkaυntiŋ prə | | accounting entityaccounting entity /əkaυntiŋ entəti/ sid ə/ noun an accounting method devel- | oped by an individual or organisation to deal noun the unit for which financial statements and accounting records are prepared, e.g., a with routine accounting tasks limited company or a partnership. report- accounting profitsaccounting profits /əkaυntiŋ prɒfits/ | ing entity plural noun the difference between revenue accountingaccounting equation equation /əkaυntiŋ i and the costs of production | | kwei (ə)n/ noun the basic formula that accounting rate of returnaccounting rate of return /əkaυntiŋ | underpins double-entry bookkeeping. It can reit əv ritn/ noun a method of valuing | be expressed most simply as ‘assets + shares in a company where the company’s expenses = liabilities + capital + revenue’ estimated future profits are divided by the where the debit amounts to the left of the rate of return required by investors. Abbrevi- equals sign must be equivalent to the credit ation ARR amounts to the right. Also called balance accountingaccounting records records /əkaυntiŋ | sheet equation rekɔdz/ plural noun all documents in accounting erroraccounting error /əkaυntiŋ erə/ noun which accounting information is recorded, | any accounting inaccuracy or misrepresen- used during the preparation of financial tation that is the result of error, not inten- statements tional fraud accounting reference dateaccounting reference date /əkaυntiŋ | accountingaccounting event event /əkaυntiŋ ivent/ ref(ə)rəns deit/ noun the last day of a | | noun a transaction recorded in a business’s company’s accounting reference period. books of account Abbreviation ARD accounting feesaccounting fees /əkaυntiŋ fiz/ plural accountingaccounting reference period reference period /ə | | noun fees paid to an accountant for prepar- kaυntiŋ ref(ə)rəns piəriəd/ noun 1. the ing accounts, which are deductible against period for which a company makes up its tax accounts. In most, but not all, cases, the accountingaccounting information system information system /ə period is 12 months. 2. the period for which | corporation tax is calculated kaυntiŋ infəmeiʃ(ə)n sistəm/ noun a | system, usually computer-based, that proc- accountingaccounting software software /əkaυntiŋ | esses information on a company’s transac- sɒftweə/ noun computer programs used to tions for accounting purposes enter and process accounts information accountingaccounting manual manual /əkaυntiŋ accountingaccounting standard standard /əkaυntiŋ | | mnjuəl/ noun a handbook or set of stndəd/ noun an authoritative statement instructions that set out all procedures and of how particular types of transaction and responsibilities of those engaged in an other events should be reflected in financial entity’s accounting systems statements. Compliance with accounting
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5 accumulated profit standards will normally be necessary for accretionaccretion /əkriʃ(ə)n/ noun the process | financial statements to give a true and fair of adding interest to a fund over a period of view. (NOTE: These principles are recom- time mended by the Accounting Standards accrualaccrual /əkruəl/ noun a gradual increase | Board in the United Kingdom or by the by addition FASB in the United States.) accrualsaccruals /əkruəlz/ plural noun same as Accounting Standards Board ə | Accounting Standards Board / accrued liabilities | kaυntiŋ stndədz bɔd/ noun a commit- accruals basisaccruals basis /əkruəl beisis/, accru- tee set up by British accounting institutions als concept /əkruəlz kɒnsept| / noun a to monitor methods used in accounting. | method of preparing accounts in which rev- Abbreviation ASB enues and costs are both reported during the AccountingAccounting Standards Committee Standards Committee period to which they refer and not during the /əkaυntiŋ stndədz kəmiti/ noun a UK period when payments are received or made | | accounting standards issuing body whose accrueaccrue /əkru/ verb 1. to record a finan- functions were taken over by the ASB in | cial transaction in accounts when it takes 1990. Abbreviation ASC place, and not when payment is made or accountingaccounting system system /əkaυntiŋ received 2. to increase and be due for pay- | sistəm/ noun the means used by an organi- ment at a later date Interest accrues from sation to produce its accounting information the beginning of the month. accounting technicianaccounting technician /əkaυntiŋ tek accrued dividendaccrued dividend /əkrud dividend/ | | | niʃ(ə)n/ noun a person who assists in the noun a dividend earned since the last divi- preparation of accounts but who is not a dend was paid fully qualified accountant accruedaccrued expense expense /əkrud ikspens/ accounting unit | | accounting unit /əkaυntiŋ junit/ noun an expense that has been incurred | noun any unit which takes part in financial within a given accounting period but not yet transactions which are recorded in a set of paid accounts. It can be a department, a sole accrued incomeaccrued income /əkrud inkm/ noun trader, a Plc or some other unit. | revenue entered in accounts, although pay- account payeeaccount payee /əkaυnt peii/ noun the ment has not yet been received | | words printed on most UK cheques indicat- accrued interestaccrued interest /əkrud intrəst/ noun ing that the cheque can only be paid into the | interest which has been earned by an inter- account of the person or business to whom est-bearing investment Accrued interest is the cheque is written, or be cashed for a fee added quarterly. at an agency offering a cheque cashing serv- accruedaccrued liabilities liabilities /əkrud laiə ice bilitiz/ plural noun liabilities which are| | accountsaccounts /əkaυnts/ plural noun detailed recorded in an accounting period, although | records of a company’s financial affairs payment has not yet been made. This refers accountsaccounts department department /əkaυnts di to liabilities such as rent, electricity, etc. | | pɑtmənt/ noun a department in a com- Also called accruals pany which deals with money paid, accruedaccrued revenue revenue /əkrud revənju/ received, borrowed, or owed | noun same as accrued income accountsaccounts manager manager /əkaυnts accumulateaccumulate /əkjumjυleit/ verb to grow | mnid ə the manager of an | / noun in quantity by being added to, or to get more accounts department of something over a period of time We accounts payableaccounts payable /əkaυnts peiəb(ə)l/ allow dividends to accumulate in the fund. | plural noun money owed by a company accumulatedaccumulated depreciation depreciation /ə | accountsaccounts receivable receivable /əkaυnts ri kjumjυleitid dipriʃieiʃ(ə)n/ noun the | | | | sivəb(ə)l/ plural noun money owed to a total amount by which an asset has been company. Abbreviation AR depreciated since it was purchased accountsaccounts receivable turnover receivable turnover /ə accumulatedaccumulated earnings tax earnings tax /ə | | kaυnts risivəb(ə)l tnəυvə/ noun a kjumjυleitid niŋz tks/, accumu- | statistic showing on average how long cus- lated profits tax /əkjumjυleitid prɒfits | tomers take to pay money they owe for tks/ noun US a tax on earnings above a goods or services received specified limit which are unjustifiably accreteaccrete /əkrit/ verb 1. (of a fund) to have retained in a business to avoid paying higher | personal income tax interest added to it 2. (of assets) to grow as a result of mergers, expansion or the acqui- accumulatedaccumulated profit profit /əkjumjυleitid | sition of other interests prɒfit/ noun a profit which is not paid as
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accumulated reserves 6 dividend but is taken over into the accounts activity-basedactivity-based budgeting budgeting /ktiviti | of the following year beist bd itiŋ/ noun the allocation of accumulatedaccumulated reserves reserves /ə resources to individual activities. Activity- | based budgeting involves determining kjumjυleitid rizvz/ plural noun | which activities incur costs within an organ- reserves which a company has put aside over a period of years isation, establishing the relationships accumulation /əkjumjυleiʃ(ə)n/ between them, and then deciding how much accumulation noun the process of growing larger by being| | of the total budget should be allocated to added to, or of getting more and more of each activity. Abbreviation ABB something activity-basedactivity-based costing costing /ktiviti | ACH abbreviation US Automated Clearing beist kɒstiŋ/ noun a costing system used ACH House to assign overhead costs to specific items produced, by looking at specific cost drivers. acid testacid test /sid test/, acid test ratio Abbreviation ABC. cost driver, activity noun same as liquidity ratio driver, resource driver acquisitionacquisition /kwiziʃ(ə)n/ noun the activity-basedactivity-based management management /k | takeover of a company. The results and cash | tiviti beist mnid mənt/ noun a sys- flows of the acquired company are brought tem of management that uses activity-based into the group accounts only from the date of cost information for a variety of purposes acquisition: the figures for the previous including cost reduction, cost modelling and period for the reporting entity should not be customer profitability analysis. Abbrevia- adjusted. The difference between the fair tion ABM value of the net identifiable assets acquired activity chart /ktiviti tʃɑt/ noun a activity chart and the fair value of the purchase considera- plan showing work which has been done,| tion is goodwill. made so that it can be compared to a previ- acquisitionacquisition accounting accounting /kwi ous plan showing how much work should be | ziʃ(ə)n əkaυntiŋ/ noun a full consolida- done | tion, where the assets of a subsidiary com- activity cost poolactivity cost pool /ktiviti kɒst pul/ pany which has been purchased are included noun a grouping of all cost elements associ-| in the parent company’s balance sheet, and ated with an activity the premium paid for the goodwill is written activity driver /ktiviti draivə/ a type activity driver off against the year’s earnings of cost driver which is used to quantify the| across-the-boardacross-the-board /əkrɒs ðə bɔd/ activities involved in creating a product or | adjective applying to everything or everyone service an across-the-board price increase or activity driver analysis /ktiviti activity driver analysis wage increase draivər ənləsis/ noun the identification| act /kt/ noun a law passed by parliament | act and evaluation of the activity drivers used to which must be obeyed by the people trace the cost of activities to cost objects. It activeactive /ktiv/ adjective involving many may also involve selecting activity drivers transactions or activities an active with potential to contribute to the cost man- demand for oil shares an active day on the agement function with particular reference Stock Exchange Computer shares are very to cost reduction. active. act of Godact of God /kt əv ɒd/ noun some- active accountactive account /ktiv əkaυnt/ noun thing you do not expect to happen and which | an account, such as a bank account or invest- cannot be avoided, e.g. a storm or a flood ment account, which is used to deposit and (NOTE: Acts of God are not usually covered withdraw money frequently by insurance policies.) active partneractive partner /ktiv pɑtnə/ noun a actualactual /ktʃuəl/ adjective real or correct partner who works in a company that is a What is the actual cost of one unit? The partnership actual figures for directors’ expenses are not activityactivity /ktiviti/ noun something which shown to the shareholders. is done, especially| something which is actualactual cash value cash value /ktʃuəl kʃ involved in creating a product or a service vlju/ noun the amount of money, less ‘…preliminary indications of the level of depreciation, that it would cost to replace business investment and activity during something damaged beyond repair with a the March quarter will provide a good pic- comparable item ture of economic activity in the year’ [Aus- actual costactual cost /ktʃuəl kɒst/ noun the total tralian Financial Review] cost of producing or buying an item, which
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7 adjustable may include, e.g., its price plus the cost of living with them, formerly called the ‘sin- delivery or storage gle-parent allowance’ actualactual price price /ktʃuəl prais/ noun a additionaladditional premium premium /ədiʃ(ə)nəl | price for a commodity which is for immedi- primiəm/ noun a payment made to cover ate delivery extra items in an existing insurance actualsactuals /ktʃuəlz/ plural noun real fig- additionaladditional voluntary contributions voluntary contributions ures These figures are the actuals for last /ədiʃ(ə)n(ə)l vɒlənt(ə)ri kɒntri | | year. bjuʃ(ə)nz/ plural noun extra payments actuarialactuarial /ktʃueəriəl/ adjective calcu- made voluntarily by an employee to a pen- | sion scheme on top of the normal contribu- lated by an actuary The premiums are worked out according to actuarial calcula- tions, up to a maximum of 15% of gross tions. earnings. Abbreviation AVCs actuarialactuarial tables tables /ktʃueəriəl adequateadequate disclosure disclosure /dikwət dis | teib(ə)lz/ plural noun lists showing how kləυ ə/ noun a comprehensive presenta- long people are likely to live, used to calcu- tion of statistics in financial statements, such late life assurance premiums and annuities that they can be used to inform investment actuaryactuary /ktʃuəri/ noun a person decisions employed by an insurance company or other adjudicateadjudicate /əd udikeit/ verb to give a | organisation to calculate the risk involved in judgment between two parties in law or to an insurance, and therefore the premiums decide a legal problem to adjudicate a payable by people taking out insurance claim to adjudicate in a dispute he was addadd /d/ verb to put figures together to adjudicated bankrupt he was declared make a total If you add the interest to the legally bankrupt capital you will get quite a large sum. adjudicationadjudication /əd udikeiʃ(ə)n/ noun | | Interest is added monthly. the act of giving a judgment or of deciding a add up /d p/ phrasal verb to put several legal problem figures together to make a total He made adjudicationadjudication of bankruptcy of bankruptcy /ə | a mistake in adding up the column of fig- d udikeiʃ(ə)n əv bŋkrptsi/ noun a ures. legal order making someone bankrupt add up to /d p tυ/ phrasal verb to make adjudicationadjudication tribunal tribunal /əd udi | | a total of The total expenditure adds up to keiʃ(ə)n traibjun(ə)l/ noun a group | more than £1,000. which adjudicates in industrial disputes addedadded value value /did vlju/ noun an adjudicatoradjudicator /əd udikeitə/ noun 1. a | amount added to the value of a product or person who gives a decision on a problem service, equal to the difference between its an adjudicator in an industrial dispute 2. cost and the amount received when it is sold. the Adjudicator official who examines Wages, taxes, etc. are deducted from the complaints from individuals and businesses added value to give the profit. VAT about how the Inland Revenue handles their addendaddend /dend/ noun a number added to affairs, but does not deal with questions of the augend in an addition tax liability additionaddition /ədiʃ(ə)n/ noun 1. a thing or per- adjustadjust /əd st/ verb to change something | | to fit new conditions Prices are adjusted son added The management has stopped all additions to the staff. We are exhibiting for inflation. several additions to our product line. The ‘…inflation-adjusted GNP moved up at a marketing director is the latest addition to 1.3% annual rate’ [Fortune] the board. 2. an arithmetical operation con- ‘Saudi Arabia will no longer adjust its pro- sisting of adding together two or more num- duction to match short-term supply with bers to make a sum You don’t need a cal- demand’ [Economist] culator to do simple addition. ‘…on a seasonally-adjusted basis, output additionaladditional /ədiʃ(ə)nəl/ adjective extra of trucks, electric power, steel and paper | decreased’ [Business Week] which is added additional costs They sent us a list of additional charges. Some adjustableadjustable rate mortgage rate mortgage /ə | additional clauses were added to the con- d stəb(ə)l reit mɔ id / noun a mort- tract. Additional duty will have to be paid. gage where the interest rate changes accord- additionaladditional personal allowance personal allowance /ə ing to the current market rates. Abbreviation | diʃ(ə)nəl ps(ə)n(ə)l əlaυəns/ noun a ARM | tax allowance which can be claimed by a adjustableadjustable rate preferred stock /ə | single person who has a child of school age d stəb(ə)l reit prifd stɒk/ noun |
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adjusted gross income 8 preference shares on which dividends are ADRADR abbreviation American Depositary paid in line with the interest rate on Treasury Receipt bills. Abbreviation ARPS adad valorem valorem /d vəlɔrəm/ adjective adjusted gross income /əd stid | adjusted gross income | used to describe a tax or commission, e.g., rəυs inkm/ noun US a person’s total Value Added Tax, that is calculated on the annual income less expenses, pension con- value of the goods or services provided, tributions, capital losses, etc., used as a basis rather than on their number or size ad val- to calculate federal income tax. Abbrevia- orem duty ad valorem tax tion AGI ad valorem duty /d vəlɔrəm djuti/ ad valorem duty adjusteradjuster /əd stə/ noun a person who noun the duty calculated on the sales value| | calculates losses for an insurance company of the goods adjusting entryadjusting entry /əd stiŋ entri/ noun ad valorem tax /d vəlɔrem tks/ ad valorem tax | an entry in accounts which is made to cor- noun a tax calculated according to the value| rect a mistake in the accounts of the goods taxed adjustmentadjustment /əd stmənt/ noun 1. an advance ədvɑns money paid as a entry in accounts which does not represent a| advance / / noun | receipt or payment, but which is made to loan or as a part of a payment to be made make the accounts correct 2. a change in the later She asked if she could have a cash exchange rates, made to correct a balance of advance. We paid her an advance on payment deficit account. Can I have an advance of $100 administer ədministə to organise, against next month’s salary? adjective administer / / verb early, or taking place before something else | manage or direct the whole of an organisa- happens advance payment Advance tion or part of one She administers a large holiday bookings are up on last year. You pension fund. must give seven days’ advance notice of administeredadministered price price /ədministəd withdrawals from the account. verb 1. to | prais/ noun US a price fixed by a manufac- pay an amount of money to someone as a turer which cannot be varied by a retailer loan or as a part of a payment to be made (NOTE: The UK term is resale price mainte- later The bank advanced him $100,000 nance.) against the security of his house. 2. to make administrationadministration /ədministreiʃ(ə)n/ something happen earlier The date of the | | noun 1. the action of organising, controlling shipping has been advanced to May 10th. or managing a company 2. an appointment The meeting with the German distributors by a court of a person to manage the affairs has been advanced from 11.00 to 9.30. of a company advanceadvance payment guarantee payment guarantee /əd administrationadministration costs costs /ədmini vɑns peimənt rənti/, advance pay-| | | streiʃ(ə)n kɒsts/, administration ment bond /ədvɑns peimənt bɒnd| / expenses /ədministreiʃ(ə)n ikspensiz/ noun a guarantee that enables a buyer to| | | | plural noun the costs of management, not recover an advance payment made under a including production, marketing, or distri- contract or order if the supplier fails to fulfil bution costs its contractual obligations administrativeadministrative expenses expenses /əd adverseadverse balance balance /dvs bləns/ | ministrətiv ikspensiz/ plural noun same noun the deficit on an account, especially a | as administration costs nation’s balance of payments account administrativeadministrative receiver receiver /əd adverse opinion /dvs əpinjən/ | adverse opinion ministrətiv risivə/ noun a person noun US an auditor’s report that a com-| | appointed by a court to administer the affairs pany’s financial statement is not a fair repre- of a company sentation of the company’s actual financial administrativeadministrative receivership receivership /əd position | ministrətiv risivəʃip/ noun the appoint- adverse variance ment of an administrative receiver by a| adverse variance /dvs veəriəns/ debenture holder noun variance which shows that the actual administrator ədministreitə a result is worse than expected. Also called administrator / / noun 1. unfavourable variance | person who directs the work of other employees in a business After several adviceadvice /ədvais/ noun a notification telling | years as a college teacher, she hopes to someone what has happened become an administrator. 2. a person adviseradviser /ədvaizə/, advisor noun a person | appointed by a court to manage the affairs of who suggests what should be done He is someone who dies without leaving a will consulting the company’s legal adviser.
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9 agreed advisoryadvisory /ədvaiz(ə)ri/ adjective as an taxed as an employee of the agency, not of | adviser She is acting in an advisory the company where he or she actually capacity. works. advisoryadvisory funds funds /ədvaiz(ə)ri fndz/ agendaagenda /əd endə/ noun a list of things to | | plural noun funds placed with a financial be discussed at a meeting The conference institution to invest on behalf of a client, the agenda or the agenda of After two hours institution investing them at its own discre- we were still discussing the first item on the tion agenda. We usually put finance at the top AFAANZAFAANZ abbreviation Accounting and of the agenda. The chair wants two items Finance Association of Australia and New removed from or taken off the agenda. Zealand agentagent /eid ənt/ noun 1. a person who rep- AFBDAFBD abbreviation Association of Futures resents a company or another person in an Brokers and Dealers area to be the agent for BMW cars to be affiliatedaffiliated /əfilieitid/ adjective connected the agent for IBM 2. a person in charge of an with or owned by another company| Smiths agency The estate agent sent me a list of Ltd is one of our affiliated companies. properties for sale. affiliatedaffiliated enterprise enterprise /əfilieitid agent bankagent bank /eid ənt bŋk/ noun a bank entəpraiz/, affiliated company| /ə which uses the credit card system set up by filieitid kmp(ə)ni/ noun company| another bank which is partly owned by another (though agent’sagent’s commission commission /eid ənts kə | less than 50%), and where the share-owning miʃ(ə)n/ noun money, often a percentage company exerts some management control of sales, paid to an agent or has a close trading relationship with the age-relatedage-related /eid rileitid/ adjective | associate one of our affiliated companies connected with a person’s age aftermarketaftermarket /ɑftəmɑkit/ noun a mar- age-related allowanceage-related allowance /eid rileitid | | ket in new shares, which starts immediately əlaυəns/ noun an extra tax allowance | after trading in the shares begins which a person over 65 may be entitled to after taxafter tax /ɑftər tks/ adverb after tax aggregateaggregate / ri ət/ adjective total, with has been paid everything added together aggregate out- after-taxafter-tax profit profit /ɑftə tks prɒfit/ put noun a profit after tax has been deducted aggregateaggregate demand demand / ri ət di | ageage analysis of debtorsanalysis of debtors /eid ə mɑnd/ noun the total demand for goods | nləsis əv detəz/ noun the amount owed and services from all sectors of the economy by debtors, classified by age of debt including individuals, companies and the aged debtors analysisaged debtors analysis /eid d detəz ə government Economists are studying the nləsis/, ageing schedule /eid iŋ| recent fall in aggregate demand. As ʃedjul/ noun a list which analyses a com- incomes have risen, so has aggregate pany’s debtors, showing the number of days demand. their payments are outstanding aggregate riskaggregate risk / ri ət risk/ noun the agencyagency /eid ənsi/ noun 1. an office or job risk which a bank runs in lending to a cus- of representing another company in an area tomer They signed an agency agreement or an aggregateaggregate supply supply / ri ət səplai/ | agency contract. 2. an office or business noun all goods and services on the market which arranges things for other companies Is aggregate supply meeting aggregate agency bankagency bank /eid ənsi bŋk/ noun a demand? bank which does not accept deposits, but AGIAGI abbreviation US adjusted gross income acts as an agent for another, usually foreign, agioagio /d iəυ/ noun 1. a charge made for bank changing money of one currency into agency billagency bill /eid ənsi bil/ noun a bill of another, or for changing banknotes into cash exchange drawn on the local branch of a for- 2. the difference between two values, such eign bank as between the interest charged on loans agency brokeragency broker /eid ənsi brəυkə/ noun made by a bank and the interest paid by the a dealer who acts as the agent for an investor, bank on deposits, or the difference between buying and selling for a commission the values of two currencies agency workeragency worker /eid ənsi wkə/ noun AGMAGM abbreviation Annual General Meeting a person who is employed by an agency to agreedagreed /ə rid/ adjective having been | work for another company. He or she is accepted by everyone We pay an agreed
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agreed price 10 amount each month. The agreed terms of allow for /əlaυ fɔ/ phrasal verb to give a | employment are laid down in the contract. discount for something, or to add an extra agreed priceagreed price /ə rid prais/ noun a price sum to cover something to allow for mon- | ey paid in advance Add on an extra 10% which has been accepted by both the buyer and seller to allow for postage and packing. AICPAAICPA abbreviation American Institute of allowableallowable /əlaυəb(ə)l/ adjective legally | Certified Public Accountants accepted. Opposite disallowable AIMAIM abbreviation Alternative Investment allowable deductionsallowable deductions /əlaυəb(ə)l di Market | | dkʃ(ə)ns/ plural noun deductions from airmailairmail transfer transfer /eəmeil trnsf/ income which are allowed by the Inland noun an act of sending money from one Revenue, and which reduce the tax payable bank to another by airmail allowableallowable expenses expenses /əlaυəb(ə)l ik alien corporation eiliən kɔpə | | alien corporation / spensiz/ plural noun business expenses | reiʃ(ə)n/ noun US a company which is which can be claimed against tax incorporated in a foreign country allowableallowable losses losses /əlaυəb(ə)l lɒsiz/ A listA list /ei list/ noun a list of members of a plural noun losses, e.g. on the sale of assets,| company at the time it is wound up who may which are allowed to be set off against gains be liable for the company’s unpaid debts allowance /əlaυəns/ noun 1. money allowance all-in priceall-in price /ɔl in prais/ noun a price which is given for a special reason| a travel which covers all items in a purchase such as allowance or a travelling allowance 2. a part goods, delivery, tax or insurance of an income which is not taxed allow- all-in rateall-in rate /ɔl in reit/ noun 1. a price ances against tax or tax allowances per- which covers all the costs connected with a sonal allowances (NOTE: The US term is purchase, such as delivery, tax and insur- exemption) 3. money removed in the form ance, as well as the cost of the goods them- of a discount an allowance for deprecia- selves 2. a wage which includes all extra tion an allowance for exchange loss payments such as bonuses and merit pay ‘…the compensation plan includes base, allocateallocate /ləkeit/ verb 1. to divide some- incentive and car allowance totalling thing in various ways and share it out How $50,000+’ [Globe and Mail (Toronto)] are we going to allocate the available office allowance for bad debt /əlaυəns fə allowance for bad debt space? 2. to assign a whole item of cost, or bd det/ noun a provision made in a com-| of revenue, to a single cost unit, centre, pany’s accounts for debts which may never account or time period be paid allocated costsallocated costs /ləkeitd kɒsts/ plu- allowances against tax əlaυənsiz ə ral noun overhead costs which have been| allowances against tax / | | allocated to a specific cost centre enst tks/ plural noun part of someone’s allocation ləkeiʃ(ə)n the proc- income which is not taxed allocation / / noun ess of providing sums of money for particu-| all-risks policyall-risks policy /ɔl risks pɒlisi/ noun lar purposes, or a sum provided for a pur- an insurance policy which covers risks of pose the allocation of funds to a project any kind, with no exclusions allotallot /əlɒt/ verb to share out alternativealternative cost cost /ɔltnətiv kɒst/ | | noun same as opportunity cost allotmentallotment /əlɒtmənt/ noun 1. the process | Alternative Investment Market ɔl of sharing out something, especially money Alternative Investment Market / | between various departments, projects or lnətiv investmənt mɑkit/ noun a | people The allotment of funds to each London stock market, regulated by the Lon- project is the responsibility of the finance don Stock Exchange, dealing in shares in director. 2. the act of giving shares in a new smaller companies which are not listed on company to people who have applied for the main London Stock Exchange. Abbrevi- them share allotment payment in full on ation AIM (NOTE: The AIM is a way in which allotment smaller companies can sell shares to the allowallow /əlaυ/ verb 1. to say that someone investing public without going to the | expense of obtaining a full share listing.) can do something Junior members of staff are not allowed to use the chairman’s lift. alternative minimum taxalternative minimum tax /ɔllnətiv | The company allows all members of staff to miniməm tks/ noun US a way of calcu- take six days’ holiday at Christmas. 2. to lating US income tax that is intended to give to allow 5% discount to members of ensure that wealthy individuals, corpora- staff 3. to agree to or accept legally to tions, trusts, and estates pay at least some tax allow a claim or an appeal regardless of deductions, but that is increas-
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11 Annual General Meeting ingly targeting the middle class. Abbrevia- analyse a statement of account to analyse tion AMT the market potential amalgamateamalgamate /əml əmeit/ verb to join analysisanalysis /ənləsis/ noun a detailed | | together with another group The amalga- examination and report a job analysis mated group includes six companies. market analysis Her job is to produce a American Accounting AssociationAmerican Accounting Association regular sales analysis. (NOTE: The plural is /əmerikən əkaυntiŋ əsəυsieiʃ(ə)n/ analyses.) | | | noun a US voluntary organisation for those analystanalyst /nəlist/ noun a person who with an interest in accounting research and analyses a market analyst a systems best practice, which aims to promote excel- analyst lence in the creation, dissemination and analytical reviewanalytical review /nəlitik(ə)l rivju/ application of accounting knowledge and noun an examination of accounts from dif-| skills. Abbreviation AAA ferent periods for the purpose of identifying AmericanAmerican Depositary Receipt Depositary Receipt /ə ratios, trends and changes in balances | merikən dipɒzitri risit/ noun a docu- angelangel /eind əl/ noun an investor in a com- | | ment issued by an American bank to US cit- pany in its early stages, often looking for izens, making them unregistered sharehold- returns over a longer period of time than a ers of companies in foreign countries. The venture capitalist document allows them to receive dividends annual njuəl for one year from their investments, and ADRs can them- annual / / adjective selves be bought or sold. Abbreviation ADR an annual statement of income They have six weeks’ annual leave. The company has American Institute of Certified Pub-American Institute of Certified Public Accountants an annual growth of 5%. We get an annual lic Accountants /əmerikən institjut bonus. | əv stifaid pblik əkaυntənts/ noun ‘…real wages have risen at an annual rate | the national association for certified public of only 1% in the last two years’ [Sunday accountants in the United States. Abbrevia- Times] tion AICPA amortisable mɔtaizəb(ə)l ‘…the remuneration package will include amortisable / / adjective an attractive salary, profit sharing and a | being possible to amortise The capital company car together with four weeks’ cost is amortisable over a period of ten annual holiday’ [Times] years. annual accounts njuəl əkaυnts amortisation annual accounts / / amortisation /əmɔtaizeiʃ(ə)n/ noun plural noun the accounts prepared at the end| | | an act of amortising amortisation of a debt of a financial year The annual accounts amortisationamortisation period period /əmɔtai have been sent to the shareholders. | | zeiʃ(ə)n piəriəd/ noun the length of a annual depreciationannual depreciation /njuəl dipriʃi lease, used when depreciating the value of eiʃ(ə)n/ noun a reduction in the book value| | the asset leased of an asset at a particular rate per year. amortiseamortise /əmɔtaiz/, amortize verb 1. to straight line depreciation | repay a loan by regular payments, most of annualannual depreciation provision depreciation provision which pay off the interest on the loan at first, /njuəl dipriʃieiʃ(ə)n prəvi (ə)n/ and then reduce the principal as the repay- noun an assessment of the cost of an asset’s| | | ment period progresses The capital cost is depreciation in a given accounting period amortised over five years. 2. to depreciate or to write down the capital value of an asset annualannual exemptions exemptions /njuəl i | over a period of time in a company’s zempʃ(ə)nz/ plural noun the amount of accounts income which is exempt from tax. For exam- amount paid up əmaυnt peid p ple, the first £8,500 in capital gains in any amount paid up / / one year is exempt from tax. | noun an amount paid for a new issue of shares, either the total payment or the first AnnualAnnual General Meeting General Meeting /njuəl instalment, if the shares are offered with d en(ə)rəl mitiŋ/ noun an annual meet- instalment payments ing of all shareholders of a company, when amount realised əmaυnt riəlaizd the company’s financial situation is pre- amount realised / / sented by and discussed with the directors, | noun money received from the sale or when the accounts for the past year are exchange of property approved and when dividends are declared AMTAMT abbreviation alternative minimum tax and audited. Abbreviation AGM (NOTE: The analyseanalyse /nəlaiz/, analyze verb to exam- US term is annual meeting or annual ine someone or something in detail to stockholders’ meeting.)
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annual income 12 annual incomeannual income /njuəl inkm/ noun anti-dumpinganti-dumping duty duty /nti dmpiŋ money received during a calendar year djuti/ noun same as countervailing duty annualisedannualised /njuəlaizd/, annualized anti-inflationaryanti-inflationary /nti in | adjective shown on an annual basis fleiʃ(ə)n(ə)ri/ adjective restricting or try- ‘…he believes this may have caused the ing to restrict inflation anti-inflationary economy to grow at an annualized rate of measures almost 5 per cent in the final quarter of last anti-trustanti-trust /nti trst/ adjective attack- year’ [Investors Chronicle] ing monopolies and encouraging competi- annualisedannualised percentage rate percentage rate tion anti-trust measures /njuəlaizd pəsentid reit/ noun a anti-trust lawsanti-trust laws /nti trst lɔz/, anti- | yearly percentage rate, calculated by multi- trust legislation /nti trst led i plying the monthly rate by twelve. Abbrevi- sleiʃ(ə)n/ plural noun laws in the United| ation APR (NOTE: The annualised percent- States which prevent the formation of age rate is not as accurate as the Annual monopolies Percentage Rate (APR), which includes APB abbreviation 1. Accounting Principles APB fees and other charges.) Board 2. Auditing Practices Board annuallyannually /njuəli/ adverb each year Appeals Commissioner noun a person Appeals Commissioner The figures are updated annually. appointed officially to supervise the collec- annual management chargeannual management charge /njuəl tion of taxes, including income tax, capital mnid mənt tʃɑd / noun a charge made gains tax and corporation tax, but not VAT by the financial institution which is manag- application plikeiʃ(ə)n the ing an account application / / noun 1. | annual meeting njuəl mitiŋ act of asking for something, usually in writ- annual meeting / / noun ing, or a document in which someone asks US same as Annual General Meeting for something, e.g. a job shares payable Annual Percentage RateAnnual Percentage Rate /njuəl pə on application She sent off six applica- | sentid reit/ noun a rate of interest (such tions for job or six job applications. 2. effort as on a hire-purchase agreement) shown on or diligence She has shown great applica- an annual compound basis, and including tion in her work on the project. fees and charges. Abbreviation APR application of funds /plikeiʃ(ə)n əv application of funds annual reportannual report /njuəl ripɔt/ noun a fndz/ noun details of the way in which| | report of a company’s financial situation at funds have been spent during an accounting the end of a year, sent to all the shareholders period annual returnannual return /njuəl ritn/ noun an apportion /əpɔʃ(ə)n/ verb to share out apportion | official report which a registered company something, e.g. costs, funds or blame| has to make each year to the Registrar of Costs are apportioned according to pro- Companies jected revenue. annuitantannuitant /ənjuitənt/ noun a person apportionment /əpɔʃ(ə)nmənt/ noun | apportionment who receives an annuity the sharing out of costs| annuityannuity /ənjuiti/ noun money paid each appraisal /əpreiz(ə)l/ noun a calculation | appraisal year to a retired person, usually in return for of the value of someone or something| a lump-sum payment. The value of the annu- ity depends on how long the person lives, as appraiseappraise /əpreiz/ verb to assess or to cal- | it usually cannot be passed on to another culate the value of something or someone person. Annuities are fixed payments, and appreciateappreciate /əpriʃieit/ verb (of currency, | lose their value with inflation, whereas a shares, etc.) to increase in value pension can be index-linked. to buy or to appreciationappreciation /əpriʃieiʃ(ə)n/ noun 1. | | take out an annuity She has a government an increase in value. Also called capital annuity or an annuity from the government. appreciation 2. the act of valuing some- annuity certainannuity certain /ənjuiti stən/ noun thing highly She was given a pay rise in | an annuity that provides payments for a spe- appreciation of her excellent work. cific number of years, regardless of life or appropriateappropriate verb /əprəυprieit/ to put a | death of the annuitant sum of money aside for a special purpose annuity contractannuity contract /ənjuiti kɒntrkt/ to appropriate a sum of money for a capital | noun a contract under which a person is paid project a fixed sum regularly for life appropriationappropriation /əprəυprieiʃ(ə)n/ noun | | antedateantedate /ntideit/ verb to put an ear- the act of putting money aside for a special | lier date on a document The invoice was purpose appropriation of funds to the antedated to January 1st. reserve
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