invoice
/ˈɪnvɔɪs/A document that lists goods or services provided and states how much money is owed.
Example: Please pay the invoice within thirty days.
B114 words · Intermediate
Finance & Accounting vocabulary — B1
Accounting vocabulary for the everyday end of the job, including invoices, the ledger, payroll and the petty cash that keeps an office running.
14 questions
Words in this set
14ledger
/ˈlɛdʒər/A book or file where a business records all its financial transactions.
Example:
Every payment is entered in the company ledger.
expense
/ɪkˈspɛns/Money that a business spends in order to operate.
Example:
Travel is her biggest work expense this month.
revenue
/ˈrɛvəˌnu/The total amount of money a business earns from selling goods or services.
Example:
Revenue rose sharply after the new product launched.
payroll
/ˈpeɪˌroʊl/The total amount a company pays its employees, or the system used to pay them.
Example:
The finance team runs payroll on the last Friday of the month.
asset
/ˈæˌsɛt/Something a business owns that has value, such as cash, property or equipment.
Example:
The delivery vans are listed as company assets.
liability
/ˌlaɪəˈbɪlɪti/A debt or financial obligation that a business owes to someone else.
Example:
The unpaid loan appears as a liability on the balance sheet.
budget
/ˈbʌdʒɪt/A plan showing how much money will be spent and on what.
Example:
The team stayed within budget for the new office renovation.
profit
/ˈprɑfət/The money a business keeps after paying all its costs.
Example:
Sales were strong, so profit rose sharply this quarter.
debt
/dɛt/Money that a person or company owes and must pay back.
Example:
The company took on debt to fund its expansion.
receipt
/rɪˈsit/A printed record proving that something has been paid for.
Example:
Without a receipt the claim goes nowhere.
balance sheet
A statement showing what a company owns and owes.
Example:
The balance sheet looked healthier than the bank account.
quotation
/kwoʊˈteɪʃən/A written statement of how much a job will cost.
Example:
The quotation was valid for thirty days and expired unread.
petty cash
A small amount of money kept for minor expenses.
Example:
Everything under ten pounds came out of petty cash.
