Accounting Concepts

verb to accumulate or increase over time, typically through interest or investment

• Interest will accrue on the principal amount over time.
• The more hours you work, the more vacation days you accrue.
• I'm trying to accrue enough points to win the game.
• Kindness is a currency that accrues value with each act.

noun a sum of money paid regularly to a person, typically to meet specified needs or expenses

verb not applicable

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• The company provides a monthly travel allowance for employees who commute long distances.
• My parents give me a weekly allowance for doing chores around the house.
• I blew my entire allowance on video games this month.
• Having a sense of humor is like having an emotional allowance to navigate life's challenges.

noun a Latin word meaning 'year', used in English to refer to a period of one year

• The company reported a revenue of $1 million per annum.
• She earns $50,000 a year.
• I make 100k yearly.
• His wisdom grows like a tree, adding a new ring each annum.

adjective describing a quality or characteristic that can be attributed to someone or something

• The increase in sales can be directly attributable to the new marketing campaign.
• The success of the event is mostly attributable to all the hard work put in by the team.
• His good grades are attributable to his ability to cram the night before exams.
• The beauty of the painting is attributable to the artist's creative vision.

noun justice according to natural law or right; specifically : freedom from bias or favoritism

• The company's board of directors discussed the issue of equity among the employees.
• We need to make sure there's fairness and equity in how we distribute the workload.
• I heard that the new manager is all about equity and making sure everyone gets a fair shake.
• In the game of life, we must strive for equity in opportunities and outcomes.

noun the cost required for something; the money spent on something

• The company is reviewing its expenses to identify areas for cost reduction.
• I can't go on that trip, it's too much of an expense right now.
• I can't hang out tonight, I'm low on funds and can't afford the expense.
• His constant negativity is an emotional expense that I can no longer afford.

noun the value of something as it is stated or appears, without considering any other factors

adjective referring to the stated or apparent value of something

• It is important to consider the face value of the data before drawing any conclusions.
• Don't just take things at face value, there might be more to it than meets the eye.
• You can't judge a book by its cover, always look beyond face value.
• Her smile may seem genuine at face value, but there could be hidden emotions underneath.

noun a particular place or point in a sequence or series

• The candidate applied for the fee position at the prestigious law firm.
• She snagged the fee position at the accounting firm.
• He scored the fee position at the tech startup.
• Securing the fee position in the project team, she became the leader.

noun the total amount of money made in a specific period of time

• The gross income of the company was calculated before deducting any expenses.
• I heard that Bob's gross income is pretty high, even after taxes.
• That side hustle is bringing in some serious gross income, dude.
• Her dedication to her craft resulted in a gross income of respect from her peers.

noun a word (other than a pronoun) used to identify any of a class of people, places, or things

adjective a word naming an attribute of a noun, such as sweet, red, or technical

preposition a word governing, and usually preceding, a noun or pronoun and expressing a relation to another word or element in the clause

article a particular item or object, typically one of a specified type

• The company's financial statements show that they are consistently in the red.
• My bank account is always in the red by the end of the month.
• I can't go out tonight, I'm in the red until payday.
• Her emotions were in the red after the argument with her friend.

noun things that cannot be touched or physically measured, such as ideas, emotions, or qualities

• The company's balance sheet includes both tangibles, such as buildings and equipment, and intangibles, such as patents and trademarks.
• When evaluating a business, it's important to consider intangibles like brand reputation and customer loyalty.
• I can't put a price on the intangibles that come with working at this company - the sense of community and support is priceless.
• Love is one of those intangibles that can't be measured or quantified, but its impact is undeniable.

noun the value of all assets, including cash and investments, minus all liabilities or debts

• His net worth is estimated to be in the millions.
• I heard his net worth is through the roof!
• She's got a crazy net worth, like ballin' status.
• Her net worth in terms of friendships is immeasurable.

verb to spend more money than is available or than is considered appropriate

• It is important for individuals to track their expenses to avoid overspending.
• I always overspend when I go shopping with my friends.
• I tend to splurge and overspend whenever I see a sale.
• His generosity knows no bounds, often leading him to overspend on gifts for others.

noun the value assigned to a security when it is issued

• The bonds were issued at par value, meaning they were sold for their face value.
• I bought the shares at par value because I believe they are worth it.
• I snagged these stocks at par value, can't believe my luck!
• Her kindness towards others is truly at par value, unmatched by anyone else.

noun a sum of money paid or a bill settled

• The payment for the goods must be made in full before delivery.
• Don't worry, I'll make the payment for the tickets online.
• I'll Venmo you the payment for the pizza later.
• Hard work is the payment for success.

noun a reassessment or reevaluation of something, especially the value of a financial asset

• The company conducted a revaluation of its assets to reflect their current market value.
• They had to revaluate the prices of their products after seeing the competition's rates.
• I did a reval on my wardrobe and realized I have way too many clothes.
• After the accident, she went through a revaluation of her priorities in life.

noun acronym for General Ledger, a primary accounting record used to track financial transactions

verb could be used as a verb form of 'glow', meaning to shine brightly or emit light

adjective could be used as an abbreviation for 'good luck', expressing well wishes or positive sentiments

• The GL code is used to identify specific transactions in the accounting system.
• Make sure you include the GL code when submitting your expense report.
• I can't find my GL code, can you help me out?
• His mind works like a GL code, organizing thoughts and actions with precision.

noun Capital expenditure, funds used by a company to acquire, upgrade, and maintain physical assets such as property, buildings, equipment, or technology.

• The company is planning to invest in new machinery with a significant capex allocation.
• The company is putting a lot of money into new equipment, it's their capex for the year.
• The boss said we need to spend some serious cash on upgrades, that's our capex for the quarter.
• Investing in your education is a form of personal capex that will pay off in the long run.

noun the quality or state of being able to be received or accepted

• The receivability of the application will be determined by the admissions committee.
• Whether or not you get in depends on the receivability of your application.
• Your chances of getting accepted hinge on how receivable your application is.
• The receivability of her message was crystal clear to everyone in the room.

noun A word that represents a person, place, thing, or idea. In this case, 'account day' is a noun as it represents a specific day related to accounting or financial matters.

• On account day, all financial transactions are carefully reviewed and recorded.
• Account day is when we have to go through all the boring paperwork for the month.
• I hate account day, it's such a drag having to deal with all the numbers.
• For me, account day is like facing a mountain of paperwork that never seems to end.

noun account days - refers to a specific period of time designated for accounting purposes

• The company's payment terms are net 30 account days.
• You have 30 days to settle the bill.
• You've got a month to pay up.
• Time's ticking on those account days.

adjective relating to or characterized by accretion, the process of growth or increase by gradual accumulation

• The merger is expected to be accretive to the company's earnings per share.
• Adding more hours to your work week can be accretive to your paycheck.
• Investing in that stock could be accretive to your portfolio.
• Each positive action you take towards your goal is accretive to your success.

noun a liability that has been incurred but not yet paid

adjective accrued (accumulated or added over time) is describing the type of liability

• The company's accrued liability for employee benefits increased significantly this quarter.
• The amount the company owes for employee benefits went up a lot this quarter.
• The company's tab for employee benefits really piled up this quarter.
• The weight of the company's accrued liability is starting to feel heavy on their balance sheet.