Accounting Terms

noun the action or process of adding something to something else

adjective denoting or involving addition

preposition used to introduce a further item or statement

• In addition to the main course, the restaurant also offers a selection of appetizers.
• I'll pick up some snacks for the party in addition to the drinks.
• I decided to splurge on a new pair of shoes, and in addition, I got a matching purse.
• His dedication to his work is admirable; in addition, he always goes above and beyond what is expected.

verb to find out or discover with certainty

• The results of the experiment helped us ascertain the accuracy of our hypothesis.
• I finally ascertained the truth after talking to multiple sources.
• I had to do some digging to ascertain what really happened.
• Through careful observation, she ascertained the underlying emotions behind his words.

verb to declare the truth or existence of something; to provide evidence or proof of something

• The witness will attest to the accuracy of the document.
• I can attest that the restaurant serves delicious food.
• I swear, I can attest that the party was lit!
• His actions attest to his commitment to the cause.

noun a book in which a bank records the depositor's current account transactions

• She kept meticulous records of her finances in her bankbook.
• I need to update my bankbook with the latest transactions.
• I lost my bankbook, now I have no idea how much money I have.
• His bankbook of memories was filled with moments of joy and sorrow.

noun a point at which gains equal losses

verb to reach a point where gains equal losses

• The company needs to increase sales in order to break even this quarter.
• We won't make any profit until we break even on our investment.
• We're not gonna see any money until we hit that break-even point.
• Sometimes in life, you have to endure tough times before you can break even and start seeing success.

verb to combine several things into a single more effective or coherent whole

adjective formed or made by the combination of many different parts or people

• The company's financial statements included a consolidated balance sheet.
• All the data from the different departments was consolidated into one report.
• Let's consolidate all our notes before the exam.
• She consolidated her power by forming alliances with other leaders.

adjective describing two or more events occurring at the same time

• The contemporaneous accounts of the event provided valuable insight into what truly happened.
• The contemporaneous photos from the party are all over social media.
• I need some contemporaneous updates on the situation ASAP.
• Their friendship is like a contemporaneous dance, always in sync with each other.

noun the action or process of determining the total number of something

verb to determine the total number of something by assigning numbers or numerals to individual items

• The accountant spent the entire day counting the company's financial transactions.
• I lost track of how many times I've been counting down the days until my vacation.
• I've been counting on my best friend to help me with my homework.
• She's always counting her blessings, no matter how tough things get.

noun An entry recording a sum received, listed on the right-hand side or column of an account.

verb Publicly acknowledge someone as a participant in the production of (something published or broadcast).

• The bank approved her application for a credit card.
• I used my credit to buy a new laptop.
• I don't have enough credit to get that new phone.
• Her hard work and dedication deserve all the credit for the success of the project.

noun A word that refers to a person, place, thing, event, substance, or quality.

• Please ensure you have completed all sections before submitting your entry.
• Don't forget to fill out all the boxes before sending in your entry.
• Make sure you've filled in everything before you enter.
• Your entry into the competition will open up new opportunities for you.

noun a sum of money saved or made available for a particular purpose

• The organization is currently seeking additional funds to support their new project.
• I need to check my funds before deciding to go on a shopping spree.
• I'm low on funds this month, so I can't afford to eat out.
• His emotional funds were depleted after dealing with the loss of his pet.

noun a person or thing that is entering or moving inward

adjective describing something that is entering or moving inward

• The ingoing tenant must complete a thorough inspection of the property before signing the lease agreement.
• Before you move in, make sure to check out all the ingoing details of the apartment.
• I heard the ingoing rent for that place is a steal!
• The ingoing of new ideas into the company's culture has brought about positive changes.

noun the state of being insolvent; inability to pay debts

• The company declared insolvency after failing to meet its financial obligations.
• The business went bankrupt because it couldn't pay its debts.
• The company went belly up due to insolvency.
• His reckless spending habits led to his personal insolvency.

noun a person or organization that is insolvent

adjective having insufficient assets to cover debts or liabilities; bankrupt

• The company declared itself insolvent and filed for bankruptcy.
• I heard that John's business is insolvent and he's in financial trouble.
• She's completely broke, basically insolvent.
• His spirit felt insolvent after the devastating loss.

noun a reduction in price

verb to reduce the price of an item

• The retailer decided to mark down the prices of their products in order to attract more customers.
• I heard they're going to mark down those shoes you've been wanting to buy.
• Let's wait until they mark down the new video game before we buy it.
• She couldn't help but mark down all the ways in which he had changed since they first met.

preposition A word that shows the relationship between a noun or pronoun and other words in a sentence. 'On account of' is a prepositional phrase that indicates the reason or cause of something.

• The event was canceled on account of the inclement weather.
• We decided to stay in on account of the rain.
• I bailed on the party on account of feeling tired.
• He missed the deadline on account of his procrastination.

noun a deficit in a bank account caused by drawing more money than the account holds

• The customer incurred fees for going into overdraft on their checking account.
• I accidentally went into overdraft last week and had to pay a fee.
• I'm always in my overdraft, it's like a never-ending cycle.
• His emotions were in overdraft, constantly draining him of energy and positivity.

verb past participle of the verb 'overdraw', which means to draw more money from a bank account than is available

adjective excessively drawn or stretched beyond the normal limits

• The customer's account was overdrawn due to an unauthorized transaction.
• I accidentally overdrawn my account by spending too much last month.
• I totally overdrawn my account and now I'm broke.
• Her emotions were overdrawn after the breakup, causing her to retreat from social activities.

adjective An adjective is a word that describes or modifies a noun or pronoun. In this case, 'overdue' describes something that is not completed or paid by the expected time or deadline.

• The library charges a fee for overdue books.
• I forgot to return my library book on time, so now it's overdue.
• I totally spaced on returning that book, now it's hella overdue.
• The project deadline is looming and our progress is overdue.

verb to write a date on a document that is later than the current date

adjective having a date that is later than the current date

• The customer requested a postdated check for next month's rent.
• I asked the landlord if I could write a postdated check for the security deposit.
• I'll just postdate the check so it doesn't bounce.
• Her promises were like postdated checks, never to be fulfilled.

noun a presentation or exhibition

• The grand jury returned a presentment against the suspect for embezzlement.
• The police made a presentment of evidence to the court.
• The lawyer's presentment was so convincing, it blew everyone away.
• The artist's presentment of emotions through his painting was truly captivating.

adjective able to be rated or assessed; capable of being evaluated or compared

• The property tax is calculated based on the ratable value of the house.
• The insurance premium is determined by the ratable factors of the car.
• I heard that the rent is pretty high in that area because it's ratable.
• Her performance at work is definitely ratable, she always gives her best effort.

verb to send back or transmit (money, payment, etc.)

adjective canceled or forgiven (a debt, punishment, etc.)

• The patient's symptoms have remitted after receiving the appropriate treatment.
• Luckily, the pain has remitted since taking the medication.
• I can't believe how quickly my cold remitted with that new medicine!
• The tension between the two countries has remitted slightly since the peace talks began.

verb Subtracted is a past tense verb that means to take away or deduct a certain amount from a total.

• The total cost of the project was calculated by adding all expenses and then subtracting the revenue generated.
• I added up all my expenses and then subtracted how much money I made to see if I broke even.
• I did the math by adding everything together and then subtracting what I earned to figure out my profit.
• In life, sometimes we have to subtract negative influences in order to add positivity and growth.

verb to impose a tax on (someone or something)

• The government taxed the citizens based on their income levels.
• I heard they taxed the heck out of that new luxury car.
• Man, they really taxed us for those concert tickets.
• The stress of work really taxed her mental health.

noun a business deal or action; the act of conducting business or other dealings

verb none

adjective none

adverb none

pronoun none

preposition none

conjunction none

interjection none

article none

• The bank requires a signature for every transaction over $1,000.
• I'll Venmo you for our lunch transaction later.
• Let's make this transaction quick and easy, no need to drag it out.
• Their friendship was built on a transactional basis, always expecting something in return.

adjective describing something that has not been used or spent

• The unspent funds from last year's budget will be carried over to the next fiscal year.
• I still have some unspent money left over from my last paycheck.
• I totally forgot about the unspent cash in my wallet.
• Her unspent energy was evident as she sat quietly in the corner, waiting for something to happen.

noun a person who is a petty officer in the navy

• The PO will be responsible for overseeing the department's budget.
• Hey, did you hear that the PO got promoted?
• I can't believe the PO is making us work late again.
• She's like the PO of our friend group, always organizing everything.

noun the money held in a demand deposit account

• A demand deposit is a type of account where funds can be withdrawn at any time without prior notice.
• I keep my emergency savings in a demand deposit account so I can access it quickly if needed.
• I always make sure to have some cash in my demand deposit for a rainy day.
• Her trust in him was like a demand deposit, always there when she needed it the most.

noun an official record of financial transactions

adjective referring to the most recent status or balance of an account

• Please submit your account current for review by the finance department.
• Make sure to update your current account before the deadline.
• Don't forget to check your account status before it's too late.
• Keeping your account current is like staying on top of your financial game.

noun a statement or report of money received and paid out for a particular period

verb to present or submit an account or report

• The accountant will need to account render the financial statements for the board meeting.
• I have to account render all my expenses before I can go on vacation.
• I'll need to get my act together and account render my taxes before the deadline.
• She had to account render her actions and apologize for her mistake.

verb To acquaint or make familiar with something or someone.

• I acquainted myself with the new policies before the meeting.
• I got acquented with the new guy at work.
• I'm trying to get acquented with the latest trends in fashion.
• She slowly acquainted herself with the idea of moving to a new city.

noun a word that refers to a person, place, thing, event, substance, or quality

adjective a word that describes or modifies a noun

• The company issued an active bond to raise funds for its expansion project.
• I heard that the company is offering an active bond for investors to buy.
• Have you checked out the new active bond that's available for purchase?
• Their partnership formed an active bond that could not be broken.

noun A word that represents a person, place, thing, or idea. In this case, 'actual' can also function as a noun, representing something that is real or existing in fact.

adjective A word that describes or modifies a noun. In this case, 'actual' is an adjective that specifies that the cost being referred to is real or factual, as opposed to estimated or projected.

• The actual cost of the project turned out to be higher than initially estimated.
• I didn't realize the actual cost of the concert tickets until I checked my bank statement.
• I was shocked when I found out the actual cost of the repairs - it was way more than I expected.
• The actual cost of pursuing your dreams may be higher than you anticipate, but it's worth it in the end.

verb A word that expresses an action or a state of being. In this case, 'added up' is a verb phrase indicating the act of combining numbers or quantities to find a total.

• The accountant carefully added up all the expenses to ensure accuracy.
• I just added up all the costs and it's more than I expected.
• I added up the prices and they're through the roof.
• When you consider all the factors, it really added up to a successful outcome.

verb Adding up is a verb phrase that means to calculate the total of a set of numbers or items.

• The accountant spent hours meticulously adding up all the expenses to ensure they were accurately recorded.
• I was just quickly adding up how much money I spent on groceries this month, it's way too much!
• I was adding up all the likes on my latest post, and it's blowing up!
• The evidence against him was really adding up, it was clear he was guilty.