Business English

bank deposit

money that people and organizations have in bank in bank accounts

salary

money paid monthly by an employe

wages

money paid by the day or the hour, usually received weekly

income

all the money a person receives or earns as payment

overtime

money received for working extra hours

commission

money paid to salespeople and agents —a certain percentage of the income the employee generates

bonus

extra money given for meeting a target or for good financial results

fees

money paid to professional people such as lawyers and architects

social security

money paid by the government to unemployed and sick people

pension

money paid by a company or the government to a retired person

outgoings

amounts of money that people have to spend regularly arc outgoings

living expenses

money spent on everyday needs such as tood, clothes and public transport

bills

requests for the payment of money owed for services such as electricity, gas and telephone connections

health insurance

financial protection against medical expenses for sickness or accidental injuries

tax

money paid to finance government spending

bookkeeper

work in a company's back-office, They record everything the organization earns or spends.

tax accountant

help their clients fill out tax returns

internal auditor

check their employer's records for accuracy

budget analyst

manage a company's financial plans

financial advisor

help people make smart investment

file clerk

trainee

to set up a company

to start a company

capital

money you need for starting a company

interest

the amount paid to borrow the money

shareholder

someone who invest money in shares

share capital

money that shareholders provide

to buy bonds

to buy loans that pay interest and are repaid at a fixed future date

liabilities

companies' debts called by the accounting

working capital

money that a business uses for everyday expenses

expenses

money you minus from revenue to get profit

net income

profit

financial statements

information about a company's financial situation

balance sheet

shows the company's assets

profit and loss account

shows the company's revenues and expenses during a particular period

accounting

involves recording and summarizing an organization's transactions or business deals and reporting them in the form of financial statements

bookkeeping

the day-to-dax recording of transactions

financial accounting

includes bookkeeping and preparing financial statements for shareholders and creditors

management accounting

involves the use of accounting data by managers for making plans and decisions

auditing

means examining a company's systems of control and the accuracy of its records

true and fair view

financial statements must give a correct and reasonable picture of the company's current condition

double-entry bookkeeping

a system that records two aspects of every transaction: debit and credit.

raw materials

the substances used to make products

debtors

customers who owe money for goods or services purchased

day books

for accounts with a large number of transactions

nominal ledger

main books of account

bought ledger

creditors are recorded in it

accounting period

an exact time of accounting

trial balance

the report of ending balances