Accounting

Annual financial statements - Correct Answersthe set of accounts which are prepared each year Auditor - Correct Answersa specialist whose job is to carefully check the accounts and accounting practices of a company CA (chartered accountant) - Correct Answersa fully qualified accountant, holding current certification Code of conduct - Correct Answersa set of rules (often used within a company) which show the correct way to behave Confidentiality - Correct Answersthe state of being secret and/or kept secret Creative accounting - Correct Answersthe use of holes in financial law to have an advantage or to show figures in a deceptive way. Income tax - Correct Answersthe tax which is due on personal earnings Local accounting standards - Correct Answersthe set of rules and laws for a country which govern how accounts should be prepared management accountant - Correct Answersa senior member of the accounting team, who liaises with company owners / directors and advises on the financial aspects of any planned action - Correct Answers payroll clerk - Correct Answersthe member of the accounting team who deals with employees purchase ledger clerk - Correct Answersthe member of the accounting team who deals with suppliers, issues payment for goods and services and keeps track of expenditure Sales ledger clerk - Correct Answers(U.S. accounts receivable) the member of the accounting team who deals with sales, raises invoices and collects payment. - Correct Answers Tax advisor - Correct Answersa specialist who is able to give advice on matters of taxation VAT (value added tax) - Correct Answersthe tax which is due on the difference between the value of a product or service and the cost of its production Balance sheet - Correct Answersa document which summarizes the assets, liabilities and equity of a business entity at a given time CPA (certified public accountant) - Correct Answersthe American and Australian equivalent of a Chartered accountant CFO (chief financial officer) - Correct Answersthe most senior financial manager, responsible for overseeing the financial activities of the entire company Credits - Correct Answersan entry showing the amount of money owed to the company by its customers Debit - Correct Answersan entry showing an amount owed (due to be paid by the company), entered on the left hand side Deferral - Correct Answersthe state for postponing the recognition of an asset or liability until a future time Double taxation - Correct Answersthe state where income tax is paid twice (often to two different governments) on one income Due diligence - Correct Answersreasonable actions taken by a person to satisfy a law or regulation Foreign currency - Correct Answersthe money used in another country. - Correct Answers In excess of - Correct Answersmore than, greater than