Vocabulary Words Every Bookkeeper Should Know
Vocabulary Words Every Bookkeeper Should Know | English A1 Level (Beginner / Elementary)
20 Word
Book
Definition: A set of written pages bound together.
- I am reading a storybook.
- She borrowed a book from the library.
- He wrote a book about history.
Money
Definition: Paper or coins used to buy things.
- I need money to buy a new book.
- He saved his money for a new bike.
- We use money to pay for food.
Sell
Definition: To give something to someone in exchange for money.
- I want to sell my old toys at the yard sale.
- The shop will sell fresh fruits and vegetables.
- He decided to sell his bike because he needed money.
Buy
Definition: To get something by paying money.
- I want to buy a new phone.
- She bought a gift for her friend.
- They buy fresh vegetables from the market.
Cost
Definition: The amount of money needed to buy something.
- The cost of the book is ten dollars.
- She checked the cost of the concert tickets.
- It may cost more to travel during the holidays.
Price
Definition: The amount of money required to buy something.
- The price of the shirt is ten dollars.
- I found a good price for my favorite book.
- Prices change depending on the store.
Cash
Definition: Money in the form of coins or banknotes.
- I prefer to pay in cash.
- He kept some cash in his wallet.
- They accepted cash for the ticket.
Bank
Definition: A place where money is kept or managed.
- I need to go to the bank to deposit my allowance.
- The bank offers loans for buying homes.
- He has a savings account at the bank.
Pay
Definition: To give money for goods or services.
- I will pay for my lunch today.
- She forgot to pay the bill on time.
- They need to pay for their movie tickets.
Save
Definition: To keep something safe or to store for later.
- I save money for a new bike.
- Please save your work before turning off the computer.
- They save energy by using less electricity.
Bill
Definition: a statement of money owed
- He received a bill for his phone service.
- The bill was higher than expected.
- She paid the bill at the restaurant.
Total
Definition: the complete amount or sum
- The total cost of the items is $50.
- She calculated the total for the bill.
- Understanding total helps in math.
Earn
Definition: To receive money or reward for work done.
- She wants to earn money for a new bike.
- He hopes to earn a good grade this semester.
- You can earn points by completing tasks.
Spend
Definition: To use money to buy something; to use time doing something.
- I want to spend my allowance on a new game.
- They decided to spend the weekend at the beach.
- She likes to spend time reading books.
Work
Definition: activity involving mental or physical effort
- He has a lot of work to do this week.
- She enjoys her work as a teacher.
- They finished their work ahead of schedule.
Job
Definition: a paid position of regular employment
- He found a job at the local library.
- She enjoys her job as a teacher.
- Many students are looking for summer jobs.
Account
Definition: A record of financial transactions; a personal description of events.
- She opened an account at the bank.
- He shared his account of what happened.
- The account showed all his expenses.
List
Definition: A series of items written down.
- I made a grocery list before shopping.
- Can you add your name to the list?
- He read the list of names aloud.
Item
Definition: A single object or thing; a specific piece of a list.
- I bought an item from the store.
- She wrote down each item she needed.
- The item was on sale for a limited time.
Date
Definition: A specific day of the month or year.
- What date is your birthday?
- We have a meeting scheduled for that date.
- She wrote the date down in her planner.
Vocabulary Words Every Bookkeeper Should Know | English A2 Level (Pre-Intermediate)
13 Word
Balance
Definition: A state of stability; an equal distribution of weight or amount.
- It's important to maintain a balance between work and play.
- She tries to balance her studies and hobbies.
- The scale showed a perfect balance.
Credit
Definition: Recognition or acknowledgment, often for work done.
- She received credit for her hard work.
- You need to give credit to the author.
- He got credit for his contribution to the project.
Debt
Definition: Money owed to someone; an obligation to pay back.
- He is trying to pay off his debt.
- She learned about managing debt in finance class.
- Living within your means helps avoid debt.
Expense
Definition: The cost incurred in the course of doing business or personal activities.
- She tracked her monthly expenses carefully.
- The expense report was submitted for approval.
- Understanding expense management is crucial for budgeting.
Income
Definition: The money received for work or through investments.
- Her income helps support the family.
- He saved part of his income for a vacation.
- They discussed ways to increase their income.
Invoice
Definition: A document that itemizes and records a transaction between a buyer and a seller.
- The company sent an invoice for the services provided.
- She checked the invoice for any errors before paying.
- An invoice is usually due within 30 days.
Loan
Definition: Money borrowed that is expected to be paid back.
- He took a loan to buy a car.
- The bank offered her a loan for school.
- She is paying off her loan slowly.
Payment
Definition: Money given for goods or services.
- I made my payment for the concert tickets.
- The payment is due at the end of the month.
- We can process your payment online.
Receipt
Definition: A document acknowledging that something has been received, especially in transactions.
- He kept the receipt for his new shoes.
- She asked for a receipt after buying the groceries.
- Understanding receipts is important for budgeting.
Savings
Definition: Money that has been set aside or saved for future use.
- She deposited her savings in a bank account.
- His savings helped him buy a new bike.
- Understanding savings is important for financial planning.
Tax
Definition: A compulsory financial charge imposed by the government.
- Everyone pays tax on their income.
- He learned about tax rates in his economics class.
- Taxes fund public services like schools and roads.
Transaction
Definition: an instance of buying or selling something
- The transaction was completed online.
- He received a receipt for the transaction.
- They tracked the transaction in their records.
Value
Definition: The importance or worth of something.
- Honesty has great value in life.
- The value of gold is very high.
- She understands the value of hard work.
Vocabulary Words Every Bookkeeper Should Know | English B1 Level (Intermediate)
11 Word
Accounting
Definition: The process of recording and analyzing financial transactions.
- He studies accounting to understand business finances.
- Accounting is important for keeping track of money.
- She works in accounting for a large corporation.
Budget
Definition: A plan for managing money; an estimate of income and expenses.
- I need to create a budget for my monthly spending.
- We saved money by sticking to our budget.
- The school has a budget for supplies and activities.
Debit
Definition: An entry recording an amount owed or payment made, often in a bank account.
- The debit from my account was for groceries.
- She checked her bank statement for recent debits.
- Understanding debits is important for managing money.
Journal
Definition: A personal record of thoughts, experiences, or observations.
- She writes in her journal every night.
- The journal helps him reflect on his day.
- Keeping a journal can improve writing skills.
Ledger
Definition: A book or digital record used for keeping financial accounts.
- The accountant keeps a ledger of all transactions.
- We reviewed the ledger to find the expenses.
- The ledger helps track income and spending.
Profit
Definition: The financial gain made after subtracting expenses.
- The business made a profit last year.
- They hope to increase their profit this quarter.
- His hard work led to a profit for the company.
Statement
Definition: A clear expression of something in speech or writing.
- The teacher asked for a statement about the project.
- He made a statement about his favorite book.
- She wrote a statement to explain her opinion.
Asset
Definition: Something valuable owned by a person or company.
- The house is their biggest asset.
- Her skills are a great asset to the team.
- Investing in education is an important asset.
Liability
Definition: the state of being responsible for something, especially in law
- He accepted liability for the accident.
- The company has a liability to its employees.
- Understanding liability is important in business.
Equity
Definition: Fairness or justice in the way people are treated; ownership in a property.
- They believe in equity for all students.
- The company focuses on promoting equity in the workplace.
- She discussed equity in education during the meeting.
Payroll
Definition: The list of employees and the amount of money they are paid.
- The company updates its payroll every month.
- She works in the payroll department.
- They need to check the payroll for accuracy.
Vocabulary Words Every Bookkeeper Should Know | English B2 Level (Upper Intermediate)
7 Word
Capital
Definition: The city where a government is based; also refers to wealth used for investment.
- London is the capital of England.
- The company needs capital to expand its business.
- Understanding the concept of capital is important in economics.
Cash Flow
Definition: The movement of money in and out of a business or personal account.
- Monitoring cash flow is important for financial health.
- He created a cash flow plan for his new business.
- Understanding cash flow helps in budgeting and planning.
Depreciation
Definition: the decrease in value of an asset over time
- The car's depreciation means it's worth less than when we bought it.
- Understanding depreciation helps in calculating taxes.
- He learned about depreciation in his finance class.
Financial
Definition: Related to money or the management of money.
- She took a course in financial planning.
- The company is in a strong financial position.
- He needs financial advice for his budget.
Revenue
Definition: The income generated from normal business operations.
- The company's revenue increased this year.
- They need to find ways to boost their revenue.
- Government revenue comes from taxes.
Audit
Definition: An official examination of accounts or financial records.
- The school will conduct an audit of its budget.
- An audit helps ensure that everything is accurate.
- They hired a company to perform the audit for transparency.
Surplus
Definition: An amount that is more than what is needed; extra.
- They had a surplus of food after the event.
- The surplus in the budget allowed for new projects.
- Understanding surplus is important in economics.
Vocabulary Words Every Bookkeeper Should Know | English C1 Level (Advanced)
7 Word
Accrual
Definition: The accumulation of something over time.
- Accrual of interest can increase savings.
- The accountant explained the accrual process.
- Accrual accounting reflects financial realities.
Amortization
Definition: The process of gradually paying off a debt over time.
- Amortization schedules help manage loan payments.
- He learned about amortization in finance class.
- Understanding amortization is important for budgeting.
Expenditure
Definition: the amount of money spent
- The expenditure for the trip was higher than expected.
- She tracked her monthly expenditure carefully.
- Understanding expenditure helps in financial planning.
Fiscal
Definition: Related to government revenue, spending, and financial matters.
- The government announced a new fiscal policy.
- Fiscal responsibility is important for a healthy economy.
- She studied fiscal management in her finance course.
Inventory
Definition: A list of items in stock or available.
- The store keeps an inventory of all products.
- We need to check the inventory before ordering more.
- His job is to manage the inventory of supplies.
Reconciliation
Definition: The process of restoring friendly relations or resolving differences.
- They sought reconciliation after their argument.
- Reconciliation is important for maintaining friendships.
- The reconciliation of their views led to a better understanding.
Variance
Definition: The difference between what is expected and what actually occurs.
- The variance in test scores surprised the teacher.
- Understanding variance can help improve future performance.
- The financial report showed a variance in expenses.
Vocabulary Words Every Bookkeeper Should Know | English C2 Level (Proficiency / Mastery)
7 Word
Accounts
Definition: Records of financial transactions; also refers to user profiles on platforms.
- She checked her bank accounts for any new transactions.
- The company has many accounts on social media.
- They reviewed the accounts before the meeting.
Financial Statement
Definition: A formal record of the financial activities of a business or individual.
- The financial statement showed a profit for the year.
- She reviewed the company's financial statement carefully.
- Understanding financial statements is crucial for investors.
Forecast
Definition: a prediction about future events
- The weather forecast says it will rain tomorrow.
- We reviewed the economic forecast for next year.
- The forecast showed sunny skies ahead.
Profit Margin
Definition: The difference between sales and costs.
- The profit margin for that product is quite high.
- They are working to improve their profit margin.
- A higher profit margin means better financial health.
Solvency
Definition: The ability of an individual or organization to meet its long-term financial obligations.
- The company’s solvency was assessed during the audit.
- Maintaining solvency is crucial for business success.
- He learned about solvency in his finance class.
Valuation
Definition: the process of determining the value of an asset
- The valuation of the company was conducted last week.
- He learned how to perform a business valuation.
- Valuation helps in making investment decisions.
Working Capital
Definition: the funds available for day-to-day operations
- A business needs working capital to operate smoothly.
- Understanding working capital is crucial for financial health.
- They managed their working capital carefully.
The word usage examples above have been gathered from various sources to reflect current and historical usage of the word . They do not represent the opinions of TranslateEN.com.
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