Financial Accounting Vocabulary

noun the way in which someone stands or walks, especially as an indication of their health or feelings

• The architect ensured that the building was constructed on a solid footing to prevent any structural issues.
• I tripped over a rock and lost my footing while hiking up the trail.
• I had to find my footing in the new job before I felt comfortable with my responsibilities.
• After the breakup, she struggled to find her footing and navigate her emotions.

noun something that is intangible; an intangible asset

adjective not able to be touched or grasped; not having physical presence

• The concept of happiness is often considered intangible and difficult to measure.
• His love for her was intangible, but everyone could see it in the way he looked at her.
• I can't explain it, but there's just something intangible about her that makes her stand out.
• The artist tried to capture the intangible essence of freedom in her painting.

noun a retroactive law or provision

adjective relating to or affecting things that have happened in the past

• The new law will not be retroactive, meaning it will only apply to future cases.
• They can't make the rule retroactive, that wouldn't be fair to those who already followed it.
• It's like trying to pull a retroactive fast one on us, but we're not falling for it.
• Her apology felt like a retroactive attempt to fix things, but the damage was already done.

noun A type of security that represents ownership in a corporation and gives shareholders voting rights and a share of profits

adjective Describing something that is typical, ordinary, or shared by many

• Investors who purchase common stock are entitled to vote on company decisions and receive dividends.
• If you buy common stock, you can vote on stuff and get dividends.
• Common stock is like owning a piece of the company and getting some cash back.
• Think of common stock as your ticket to being part of the company's inner circle.

adjective describing something that is not subject to taxation

• Certain items purchased by nonprofit organizations may be nontaxable.
• Hey, did you know that gift cards are nontaxable?
• I love shopping online because most of the time the items are nontaxable!
• Her kindness towards others is like a nontaxable gift that keeps on giving.

noun the maintenance of a set of records or documents

• Accurate recordkeeping is essential for regulatory compliance in the financial industry.
• Make sure you keep good recordkeeping of all your expenses for tax purposes.
• I always forget about recordkeeping until tax season rolls around.
• In life, good recordkeeping can help you keep track of your progress and achievements.

noun A person who assesses or makes adjustments, especially insurance claims or mechanical devices.

• The insurance adjuster will assess the damage to your property and determine the appropriate coverage.
• I had to meet with the adjuster to go over the details of the car accident.
• The adjuster said my claim was 'on fleek' and would be processed quickly.
• Sometimes life throws unexpected challenges at us, and we have to be our own adjuster to adapt and overcome.

verb to change or alter in order to fit or conform

• The engineer is adjusting the settings on the machine to improve efficiency.
• I'm still adjusting to my new job, but I think I'll get the hang of it soon.
• She's always adjusting her outfit to make sure she looks on point.
• Life is all about adjusting to the unexpected changes that come our way.

noun a person who assesses or makes adjustments to something, such as an insurance adjustor who evaluates and settles claims

• The insurance adjustor carefully reviewed the damage to the vehicle.
• I had to meet with the adjustor to discuss my claim.
• The adjustor said my car was totaled, so now I have to find a new one.
• She was like an emotional adjustor, helping me navigate through my feelings.