Business Accounting

noun a person whose profession is inspecting and managing financial accounts

• The accountant prepared the financial statements for the company.
• I heard the accountant is crunching numbers for the annual report.
• The number-cruncher at the firm is the accountant.
• The accountant is the gatekeeper of the company's financial health.

noun a financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time

• The balance sheet is a financial statement that shows a company's assets, liabilities, and shareholders' equity at a specific point in time.
• I need to update the balance sheet with the latest financial data for our meeting tomorrow.
• I'm crunching numbers for the balance sheet - it's a real headache!
• In life, we all have a personal 'balance sheet' of our accomplishments and failures.

noun a book in which the records of transactions involving cash are kept

• The accountant diligently recorded all financial transactions in the cashbook.
• Hey, can you update the cashbook with today's sales?
• I totally forgot to fill in the cashbook, oops!
• Keeping a mental cashbook of all the favors people owe you can be exhausting.

noun financial obligations or debts of a company or individual

• The company's balance sheet includes a detailed list of its assets and liabilities.
• Make sure you understand your financial liabilities before making any big purchases.
• I can't believe how many liabilities I have to deal with this month.
• Emotional baggage can be seen as a type of liability in relationships.

noun a book in which financial transactions are recorded

• The accountant meticulously recorded all transactions in the account book.
• I need to update my account book with all the recent expenses.
• I can't find my account book anywhere, it's driving me crazy!
• Her memory was like an accurate account book, never forgetting a detail.

noun an amount of money owed by a customer to a business for goods or services provided on credit

• The company's financial statements show a high level of account receivable, indicating a strong sales performance.
• We need to follow up on those account receivable to make sure we get paid on time.
• I heard the boss is cracking down on late account receivable, so we better stay on top of it.
• Account receivable is like a ticking time bomb - if we don't manage it properly, it could blow up in our faces.