Specializational English - Unit 1

The process of identifying, measuring, recording, and communicating economic transactions

The recording of all financial transactions undertaken by an individual or organization

The system designed to record the accounting transactions and events of a business and account for them in a way that complies with its policies and procedures. The basic elements of the accounting system are concerned with collecting, recording, evaluating, and reporting transactions and events.

One that keeps, audits, and inspects the financial records

of individuals or business concerns and prepares financial and tax reports.

A person employed to keep the books of account for a business.

A ...is responsible for ensuring that all transactions are recorded

in the correct daybook, suppliers ledger, customer ledger and general ledger

The unit for which accounting records are maintained

and for which financial statements are prepared.

The top managerial and financial accountant.

The controller supervises theaccounting department

and assists management in interpreting and utilizing

managerialaccounting information

Those to whom an organization or an individual owes money.

The balance on the ...' ledger control

account is included in the balance sheet.

The branch of accounting concerned. with classifying,

measuring, and recording the transactions of a business.

The branch of accounting which is mainly concerned

with providing information helpful to managers running a business.