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bad debt

31

Bb

balance

bad debt noun phrase Vid debt n

bail n 1) security, usually a sum of money, exchanged for the release of an arrested person as a guarantee of that person’s appearance for trial;

2) release from imprisonment provided by the payment of such money;

3) a person who provides this security

bail v 1) to secure the release of someone by providing se- curity;

2) to release (a person) for whom security has been paid;

3) infml, bale out phr v BrE bail out phr v AmE (=to extricate from a difficult situation): After ten years in the business, he is bailing out.| He is always bail- ing you out of trouble.;

4) to transfer (property) to another for a special purpose but without permanent transference of ownership

bale out phr v BrE, bail out phr v AmE infml Vid bail v

bail-out n AmE infml finan- cial help given to a person or a company that is in difficulty

balance n 1) a quality of totals in the debit and credit sides of an account;

2) the difference between such totals, either on the cred- it or the debit side, the differ- ence between the totals of the credit and debit sides of an account

balance v syn.: calculate; compute; count; determine; estimate; gauge; judge; rate; reckon; settle; square; tally; total; work out

1)a/ to compute the credit and debit totals of (an ac- count) in order to determine the difference: He balanced his budget by rigid control over public expenditure.;

b/ to equalize the credit and debit totals of (an account) by making certain entries;

c/ to settle or adjust (an ac- count) by paying any money due;

2){of a business account, bal- ance sheet, etc.} to have the debit and credit totals equal

balance of trade noun phrase syn.: trade balance; trade gap; visible balance the dif- ference in value over a period of time of a country’s imports and exports of merchandise; a nation’s balance of trade is favorable when its exports exceed its imports

balance sheet noun phrase abbrev. B/S a statement that shows the financial position of a business enterprise at a specified date by listing the asset balances and the claims on such assets

bank examiner noun phrase an examiner appointed to audit the accounts of banks in a giv- en jurisdiction

who is concerned with quan- tification, especially to the ex- clusion of other matters;

2) a bureaucrat who is be- lieved to place undue emphasis on the control of expenditures

belongings n pl. sometimes sing. the things that a person owns or has with him; posses- sions; effects

Betterteam n a cloud-based hiring tool designed for small businesses, which enables users to manage the entire recruitment process from begin- ning to end; it provides users with a centralized platform from which to manage ads across multiple job boards

BGN abbrev. Vid beginner n in: novice n

Big Four, the nickname used to refer to the four largest accounting firms in the Unit- ed States, as measured by revenue; they are Deloitte, Ernst& Young (EY), Pricewa- terhouseCoopers (PwC), and

Klynveld Peat Marwick Go- erdeler (KPMG); aside from

auditing services, the Big Four offers tax and management consulting, valuation, mar- ket research, assurance, and legal advisory services. They are the leading source of tax law interpretation and experts on changes in accounting and auditing standards. These four firms audit the financial state- ments for the vast majority of companies in the S&P500.

Commentary

Through industry consolida- tion that began in 1989, what used to be the Big Eight has become the Big Four today. The eight, in alphabetical order, were Arthur Andersen,

Arthur Young, Coopers & Ly- brand, Deloitte Haskin & Sells, Ernst & Whinney, Peat Marwick Mitchell, Price Wa- terhouse, and Touche Ross — all US or UK entities. Arthur Young combined with

Ernst & Whinney and Deloitte Haskin & Sells merged with Touche Ross to reduce the group count to six. Pricewa- terhouse and Coopers & Ly- brand then merged their prac- tices making it five. Following the collapse of Arthur Andersen, where some individuals foolishly thought shredding

Enron documents was a good

idea, the five became the present -day four. According to a 2018 report by the CFA Institute, 30% of the S&P 500 were audited by PwC, 31% by EY, 20% by Deloitte, and 19% by KPMG. As of December 2020, the Big Four employs almost 1million people in the aggregate worldwide or an average of 250,000 employees per firm. According to their published reports, Deloitte reported the highest global revenue with $ 47.2 billion, followed by PwC at $ 43 bil- lion, Ernst & Young at$ 37.2 billion, and KPMG at $ 29.8 billion.

BKG abbrev. Vid bookkeeping n

BKKG abbrev. Vid bookkeep- ing n

BKKPG abbrev. Vid bookkeep- ing n

blank cheque nounphraseBrE, blank check noun phrase

AmE

1) a cheque that has been signed, but has not had the amount written on it, 2) give sb a blank cheque BrE /check

AmE (=give someone permission to do whatever they

think it necessary in a particu- lar situation)

Blue Book — GAAFR, the noun phrase Governmental Accounting, Auditing, and Fi- nancial Reporting by the Gov- ernment Finance Officers As- sociation (GFOA)

Board, the abbrev. Vid United Nations Board of Auditors, the

a specified future date; it car- ries a fixed rate of interest and is repayable with or without

security at a specified future date;

5) the condition of taxable goods being stored in a ware- house until the taxes or duties owed on them are paid;

6) an insurance contract in which an agency guarantees payment to an employer in the event of unforeseen finan- cial loss through the actions of an employee

bond issue noun phrase bonds sold by a corporation or gov- ernment agency at a particu- lar time and identifiable by date of maturity

bonus n 1) something given, paid, or received above what is due or expected: a Christmas bonus for all employees;

2) chiefly BrE an extra dividend allotted to shareholders out of profits;

3) Ins. BrE a dividend, esp. a percentage of net profits, distributed to policyholders either annually or when the policy matures;

4) BrE colloq. a bribe

book n

1) a set of printed pages that are held together in a cover so that you can read them: The book”Report Writing for Inter-

nal Auditors” by Angela J. Ma- niak is considered a crucial read if you are interested in internal auditing.;

2) a/ a set of sheets of paper heldtogetherinacoversothat you can write on them: notebook n, a. Note Book, or note book noun phrases Vid Audit

Note Book or Audit note book noun phrases; b/ a notebook computer or laptop, desktop

(=a small computer that you can carry with you);

3) a set of things held together inside a paper cover: a cheque book;

4) one of the parts that a very large book such as the Bible is divided into;

5) in my book (=said when giving your opinion): In my book, nothing is more important than auditing.;

6) bring sb to book (=to pun- ish someone for breaking laws or rules, especially when you have been trying to punish them for a long time);

7) M book balance noun phrase (=a company’s cash balance according to its ac- counting records): Book balance can include transactions that have yet to settle or clear through the bank account.;

8)handbook n (= a short book that gives information or instructions about some- thing): ”The Internal Auditing Handbook” by K.H.Spencer Pickett is an invaluable resource when it comes to the internal auditing field.;

9)Vid Blue Book-GAAFR, the; Green Book, the; Red Book, the; Yellow Book, the AmE;

10)by the book (=exactly according to rules or instruc- tions): do/play sth by the book;

11)a closed book noun phrase (=a subject that you do not understand or know anything about);

12)books n pl. a/ ACCT writ- ten records of the financial accounts of a business: An accountant will examine the com- pany’s books. | a small firm that is having problems balancing the books (=keeping its profit and spending equal) | on the books: They have £50 billion worth of orders on the books. close the books BrE ACCT

(=to balance accounts in or- der to prepare a statement or report); close the books AmE ACCT (=to make no further entries, balance the books, and draw up statements from them); | cook the books(=to dishonestly change official re-

cords and figures in order to steal money or give people false information): The firm cooked the books but it did not midlead the auditors.;

b/ the names of people who use a company’s services or who are sent by a company to work for other people; c/ L be on the books (=if a law is on thebooks,itispartofthesetof laws in a country,town,area, etc.) cf. on the books ACCT Vid book n 12) a/

book v, a. reserve v

1) to make arrangements to stay in a place,eat in a restau- rant, go to a theatre ,etc. at a particular time in the future;

2) to arrange for someone to perform on a particular date

bookkeeper, a. book-keeper n someone who records the transactions of a business

bookkeeping n abbrev. BKG, BKKG, BKKPG the practice or profession of recording the accounts and transactions of a business

bookkeeping n abbrev. BKG, BKKG, BKKPG

book value noun phrase syn.: asset [carrying; balancesheet] value the value at

which an asset is carried on a balance sheet; equals cost mi- nus accumulated depreciation

borrow v to obtain or receive (something) on loan with the promise or understanding of returning it or its equivalent

borrower n someone who receives something on the promise to return it or its equivalent

borrowing verbal noun obtain- ing funds from a lender; trans- action; dealing, dealings pawn

bottom line, the n the last line in an audit; the line that shows profit or loss

bourgeois n syn.: businessperson a capitalist who engages in industrial commercial enterprise

B/S abbrev. Vid balance sheet noun phrase

BSR & Co. an auditing firm in India founded by B.S.Raut in Mumbai and bought by

KPMG;in India, regulations do not permit foreign auditing firms to operate.In1992, after India was forced to liberalize as one of the conditions of the

World Bank and IMF bail out, KPMG was granted a license to operate in India as an in-

vestment bank. It subsequent- ly purchased BSR&Co. and conducts audits in India under the name of this firm.

budget n 1) an itemized sum- mary of expected income and expenditure of a country, company, etc., over a speci- fied period, usually a financial year;

2) an estimate of income and a plan for domestic expendi- ture of an individual or a fam- ily, often over a short period, such as a month or a week;

3)a restriction on expenditure

(esp. in the phrase on a bud- get);

4)the total amount of money allocated for a specific pur- pose during a specified period;

5)arch. a stock, quantity, or supply

budget v 1) to enter or provide for in a budget;

2) to plan the expenditure of

(money, time, etc.); 3) to make a budget

Bureau of the Budget, the Vid

Office of Management and

Budget, the

CA abbrev. BrE Vid chartered accountant noun phrase BrE

CAAT abbrev. Vid computerassisted audit techniques, Computer-Assisted Audit Techniques, a. Computer Assisted Audit Techniques noun phrases

CAATs abbrev. Vid computerassisted audit tools, Comput- er-Assisted Audit Tools noun phrases

CAATTs abbrev. Computer Assisted Audit Tools and Techniques noun phrase Vid computer-assisted audit techniques, Computer-Assisted Audit Techniques, a. Computer Assisted Audit Techniques noun phrases

CAE abbrev. Vid chief audit executive, the

calculation n 1) a/ the act, pro- cess, or result of calculating; b/ an estimate based on prob- abilities;

2) careful, often cunning esti- mation and planning of likely outcomes, especially to ad- vance one’s own interests

capital n 1) a/ wealth in the form of money or property, used or accumulated in a busi- ness by a person, partnership, or corporation;

b/ material wealth used or available for use in the pro- duction of more wealth;

c/ human resources considered in terms of their contri- butions to an economy: The swift unveiling of his plans pro- voked a flight of human capital.;

2) the remaining assets of a business after all liabili- ties have been deducted; net worth;

3) capital stock;

4) capitalists considered as a group or class;

5) an asset or advantage: He profited from political capital accumulated by others.

capital assets noun phrase pl. assets which are purchased for long-term use and are not likely to be converted quickly into cash, such as land, buildings, and equipment

capital [industrial; manufactured] goods noun phrase pl. goods that are used in producing other goods, rather than being bought by consumers

capital reserve(s) noun phrase sing. & pl.Vid reserve(s) n sing. & pl.

capital stock noun phrase

1) ACCT & BKG the par value of the total share capital that a company is authorized to is- sue;

2) the total physical capital existing in an economy at any moment of time

carry-forward, carry-over n the accumulated and undi- vided profits of a corporation after provision has been made for dividends and reserves

cash n 1) Bank & FIN banknotes and coins, esp. in hand or readily available; money or ready money;

2) Bus./ Com. immediate payment, in full or part, for goods or services (esp. in the phr. cash down);

3) of, for, or paid by cash: a cash transaction;

4) Can. a checkout counter

cash v to obtain or pay ready money for: to cash a cheque; cf. cash in, cash up phr v

cash money noun phrase money in coins or notes, as distinct from cheques, money orders, or credit

amounts of cash received in individual sales

certification n sing. & pl. the formal attestation or confir- mation of certain character- istics of an object, person, or

organization; this confirma- tion is often, but not always, provided by some form of external review, education, as- sessment, or audit: In the IT industry there are different cer- tifications available for software tester.

certified public accountant noun phrase abbrev­ . CPA an accountant who has passed certain examinations and met other statutory and licens- ing requirements of a United States state to be certified by that state

Commentary

In the United States, certified public accountants are the only authorized non-govern- mental type of external auditors who may perform audits and attestations on an entity’s financial statements and pro- vide reports on such audits for public review. In addition to accounting and auditing, CPAs also prepare tax returns for individuals and corpora- tions. The certified public ac- countants are audited by the State Board of Accountancy and in case they are found guilty of not following the standards set, their certifica- tions may be revoked.

certify v 1) to state something is correct or true, esp. after some kind of test : The ­accounts were certified by an auditor.;

2) to give an official paper to someone which states that they have completed a course of training for a profession

CFD abbrev. Chief Financial Di- rector, chief financial director noun phrases Vid chief finan- cial officer noun phrase

CFO abbrev. Vid chief financial officer noun phrase

charge n 1) a price charged for some article or service; cost; 2) a financial liability, such as a tax;

3) a debt or a book entry re- cording it;

4) L an accusation or allega- tion, such as a formal accusa- tion of a crime in law

charge v 1) to set or demand (a price): He charges too much for his services.;

2) to hold financially liable; enter a debit against;

3) to enter or record as an ob- ligation against a person or his account;

4) L to accuse or impute a fault to (a person, etc.), as formally in a court of law;