Unit 1-15 Accounting and Business Vocabulary (Video Notes)

Vocabulary flashcards covering key terms from the lecture notes on jobs in accounting, numbers, intangible assets, GAAP and IASB, income statements, describing change, costs, taxes, depreciation, and the language of accounting.

ACCOUNTING

Process of recording, classifying, and summarizing financial transactions.

BOOKKEEPERS

People who record all financial transactions of a company.

BACK-OFFICE

Administrative operations not dealing directly with customers.

TAX ACCOUNTANTS

Accountants specializing in tax preparation and planning.

INTERNAL AUDITORS

Professionals check if a company’s financial records are correct.

BUDGET ANALYSTS

Professionals managing and analyzing financial plans.

MANAGEMENT ACCOUNTANTS

Accountants give data to help managers make decision.

FINANCIAL ADVISORS

Professionals who advise on investments and financial planning.

CPA LICENSE

Certified Public Accountant qualification.

TRAINEES

People learning a job under supervision.

FILE CLERKS

Staff who organize and maintain company documents.

IS / EQUALS

Shows two quantities are the same.

AND / PLUS / ADD

Mathematical addition.

MINUS / LESS / SUBTRACT

Mathematical subtraction.

TIMES / MULTIPLIED BY

Mathematical multiplication.

OVER / DIVIDED BY

Mathematical division.

HUNDRED

The number 100.

TANGIBLE ASSET

Physical object with measurable value.

INTANGIBLE ASSETS

Non-physical assets with value.

PATENT RIGHTS

Legal rights for an invention.

GOODWILL

Intangible value from brand/reputation.

TRADE SECRETS

Secret information a business uses

LEGAL INTANGIBLES

Intangible assets protected by law.

PATENTS

Exclusive rights to an invention.

COPYRIGHTS

The right to copy and use creative work

TRADEMARKS

Symbols/names identifying products/services.

COMPETITIVE INTANGIBLES

Intangibles giving business advantage.

REPUTATION

How people see the company.

POPULARITY

How much people like something

LOCATION

Where the business is located.

AMORTIZATION

slowly using up the cost of intangible assets.

STRAIGHT-LINE SCHEDULE

Even allocation of cost over time.

การตัดคชจ.แบบเส้นตรง

BROAD-SCALE UNIFORMITY

The same way used by many organizations. (ทำเหมือนกันในหลายองค์กร)

CONSISTENT

Staying the same over time.

สมํ่าเสมอ

GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP)

US standard accounting rules.

RULES-BASED APPROACH

A system that follows strict rules

DISCLOSURE

Giving the needed information in reports.

(ให้ข้อมูลที่จำเป็นในรายงาน)

INTERNATIONAL ACCOUNTING STANDARDS BOARD (IASB)

Global body issuing accounting standards.

PRINCIPLES-BASED APPROACH

A system that follows guiding principles.

FINANCIAL TRANSACTIONS

Exchanges involving money.

การแลกเปลี่ยนที่เกี่ยวข้องกับเงิน

FINANCIAL STATEMENTS

Official records of financial performance.

INCOME STATEMENT

Report showing revenues and expenses.

BOTTOM LINE

Net income/profit.

P & L / PROFIT AND LOSS

Statement of profit or loss.

SALES REVENUE

income from selling goods.

GOODS SOLD

Products sold to customers.

GROSS MARGIN

Revenue minus cost of goods sold.

GENERAL AND ADMINISTRATIVE EXPENSES

Overhead business costs.

OPERATING MARGIN

Operating profit percentage.

อัตรากําไรจากการดําเนินงาน

TAXES

Money that required to be paid to the government.

NET INCOME

Profit after all expenses and taxes.

HOVERED

Stayed at about the same level.

SLIGHTLY

By a small amount.

PLUMMETED SHARPLY

Fell rapidly and steeply.

STABILIZED

Became steady.

STEADILY

In a consistent manner.

always moving or changing little by little

อย่างต่อเนื่อง

INCREASED

became higher

DROPPED DRAMATICALLY

Fell quickly and significantly.

DRAMATICALLY

Fell quickly and significantly.

DECLINE

Decrease in value/amount.

RECOVERED

Returned to a better state.

SEASONAL INCREASES

Regular rises during certain times.

RISE / INCREASE / GO UP

To become higher.

FALL / DECREASE / GO DOWN

To become lower.

STABLE

Unchanging.

UNCHANGED

Stayed the same.

FLUCTUATING

Moving up and down irregularly.

UNSTABLE

Likely to change suddenly.

SHARP INCREASE

Rapid growth.

DRAMATIC INCREASE

Significant and sudden growth.

SKYROCKET

Increase very quickly.

SHARP DECREASE

Rapid drop.

DRAMATIC DECREASE

Significant and sudden drop.

PLUMMET

Fall very quickly.

SALES PRICE

Price at which a product is sold.

MARKUP

the extra amount added to cost to set the selling price.

COST-PLUS METHOD

Pricing method adding a percentage to cost.

BELOW COST

Selling less than product cost.

DUMPING

Selling below cost to eliminate competitors.

PREDATORY

Aggressive pricing to harm competitors.

OUT OF BUSINESS

No longer operating.

SPECIALIZE

Focus on a specific area.

CORPORATE TAX

Tax on company profits.

SALES TAX

Tax added to sale price.

PROPERTY TAX

Tax on property value.

EXCISE TAX

Tax on certain goods.

INHERITANCE TAX

Tax on inherited property.

VALUE-ADDED TAX

Tax at each production stage.

tax added to the price of goods and services

TAX FORMS

Official documents for tax reporting.

IRS

US tax authority.

FILE

Submit documents officially.

DEPRECIATION

Loss of value of an asset over time.

DEPRECIATION METHODS

Ways to calculate depreciation.

STRAIGHT-LINE DEPRECIATION

Even allocation of cost over asset’s life.

DEPRECIABLE ASSET

Asset that loses value over time.

RECOVERY PERIOD

Time over which an asset is depreciated.

ACCELERATED DEPRECIATION

Higher depreciation in early years.

TANGIBLE ASSET

Physical asset with value.

WEAR AND TEAR

Damage from normal use.

SALVAGE VALUE

Residual value