To pass this unit, please study the 15 vocabulary words below.
- additional
- assist
- benchmarks
- budgeting
- draft
- entity
- forecast
- in-depth
- indicate
- management accounting
- overheads
- period
- risk
- takeover
- variance
USA
UK
USA
UK
in addition to, extra
USA
UK
"His promotion will mean additional work, but also additional pay."
USA
UK
USA
UK
help or make easier
USA
UK
"Having correct and timely financial information assists in making operational decisions."
USA
UK
USA
UK
a standard by which something can be measured or assessed
USA
UK
"The recently released benchmark figures show that CPAs are earning more."
USA
UK
USA
UK
the process of creating set financial targets which should be met
USA
UK
"A lot of companies fell short of the budgeting expectations because of the unexpected impact of the financial crisis."
USA
UK
USA
UK
to prepare a written version of something
USA
UK
"The lawyer drafted the contract and sent it to his client for approval."
USA
UK
USA
UK
a person, partnership, organization, or business that has a legal and separately identifiable existence
USA
UK
"A limited company is a separate legal entity from its members."
USA
UK
USA
UK
to estimate or calculate in advance
USA
UK
"By studying the previous year's accounts and considering any changes in the market, you can forecast the financial state of the company 12 months in advance."
USA
UK
USA
UK
carefully worked out, detailed or thorough
USA
UK
"Management accountants need an in-depth knowledge of finance and management as well as accountancy to be successful."
USA
UK
USA
UK
to show, or be a sign of something
USA
UK
"The financial report indicates that the company has exceeded its expectations."
USA
UK
USA
UK
the process of preparing management reports and accounts that provide accurate financial and statistical information
USA
UK
"The management accounting team finished their analysis of production costs and presented their findings to the board of managers."
USA
UK
USA
UK
the ongoing administrative expenses of a business which cannot be matched to any specific business activity
USA
UK
"In an attempt to try and reduce overheads the company switched water suppliers and cancelled the 'free lunch' programme for staff."
USA
UK
USA
UK
an interval of time characterized by the occurrence of a certain condition or event
USA
UK
"The accounting period for tax reporting is 12 months from the 1st of January."
USA
UK
USA
UK
the possibility of suffering harm or loss
USA
UK
"It is important to minimize the risk to a company by having all the relevant information before making a decision."
USA
UK
USA
UK
the transfer of control of a firm from one group of shareholders to another group of shareholders
USA
UK
"AOL's takeover of Time Warner was one of the largest acquisitions in business history."
USA
UK
USA
UK
the difference between two figures
USA
UK
"The company expected costs to be 100,000 but the actual costs were 120,000 so the director asked about the reason for the variance."