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Business Vocabulary
Accounting
Once the transactions have been entered into the journal they are ..... or transferred into their individual General Ledger accounts.
a
noted
b
lifted
c
allocated
d
posted
..... accounts are accounts for your sources of business-generated income.
liability
revenue
balance
drawing
Prices can vary from customized multimillion dollar systems to ..... software that costs less than $100.
prefabricated
preinstalled
prepackaged
prepared
Accounting systems have to track ..... in three business processes: order entry/sales, billing/accounts receivable/cash receipts, and purchasing/accounts payable/cash.
sequences
steps
transactions
transfers
Financial accounting and reporting rules are part of a country's capital ..... regulations.
acquisition
asset
gains
market
The rules must be susceptible to ..... by taxpayers and control and enforcement by tax authorities.
comparison
complaints
complaisance
compliance
Our efforts to develop a global financial reporting structure have been guided by the ..... principle underlying our system of regulation - pursuing our mandate of investor protection by promoting informed investment decisions through full and fair disclosure.
bedrock
cornerstone
keynote
landmark
High quality accounting standards are critical ..... the development of a high quality global financial reporting structure.
of
over
to
under
Also, the audit is an important element of the financial reporting structure because it subjects information in the financial statements to independent and objective ....., increasing the reliability of those financial statements.
autonomy
calumny
legality
scrutiny
A ..... swaption gives the buyer the right to receive the swap's fixed rate of interest and pay the floating rate of interest; this is a bullish position in bonds, as you profit if rates fall in the future.
call
put
rate
take
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