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directorate 72 directorate directorate /da | rekt(ə)rət/ noun a group of directors Director of the Budget Director of the Budget /da | rektər əv ðə bdt / noun the member of a govern- ment in charge of the preparation of the budget director’s fees director’s fees /da | rektəz fiz/ plural noun money paid to a director for attend- ance at board meetings directorship directorship /da | rektəʃp/ noun the post of director ć She was offered a directorship with Smith Ltd directors’ report directors’ report /da | rektəz r | pɔt/ noun the annual report from the board of directors to the shareholders direct product profitability direct product profitability /da | rekt prɒdkt prɒftə | blti/ noun an assess- ment of the net profit generated by a partic- ular product, which considers costs such as distribution, warehousing and retailing but not the original purchase price. Abbrevia- tion DPP direct share ownership direct share ownership /da | rekt ʃeə əυnəʃp / noun the ownership of shares by private individuals, buying or selling through brokers, and not via holdings in unit trusts direct tax direct tax /da | rekt tks/ noun a tax that is paid directly to the government, e.g. income tax, as distinct from a tax such as VAT that is paid indirectly direct taxation direct taxation /da | rekt tk | seʃ(ə)n/ noun the process in which a government raises revenue in the form of direct taxes ć The government raises more money by direct taxation than by indirect. dirty float dirty float /dti fləυt/ noun the process of floating a currency, in which the govern- ment intervenes to regulate the exchange rate disallow disallow /dsə | laυ/ verb not to accept a claim for insurance ć She claimed £2,000 for fire damage, but the claim was disal- lowed. disallowable disallowable /dsə | laυəb(ə)l/ adjective not able to be allowed for tax relief ć The use of a car for private travel is a disallow- able expense. Opposite allowable disburse disburse /ds | bs/ verb to pay money disbursement disbursement /ds | bsmənt/ noun the payment of money discharge discharge /ds | tʃɑd/ noun /dstʃɑd/ 1. the act of paying a debt ˽ in full dis- charge of a debt as full payment of a debt 2. ˽ in discharge of her duties as director while carrying out her duties as director í verb 1. to pay a debt ˽ to discharge a bank- rupt to release someone from bankruptcy because they have has paid their debts 2. ˽ to discharge a debt, to discharge your lia- bilities to pay a debt or your liabilities in full 3. to dismiss an employee ć to discharge an employee for negligence discharged bankrupt discharged bankrupt /ds | tʃɑdd bŋkrpt / noun a person who has been released from being bankrupt because his or her debts have been paid disclaimer disclaimer /ds | klemə/ noun a legal refusal to accept responsibility disclose disclose /ds | kləυz/ verb to tell some- thing that was previously unknown to other people or secret ć The bank has no right to disclose details of my account to the tax office. disclosure disclosure /ds | kləυə/ noun the act of telling something that was previously unknown to other people or secret ć The dis- closure of the takeover bid raised the price of the shares. disclosure of shareholding disclosure of shareholding /ds | kləυər əv ʃeəhəυldŋ/ noun the act of making public the fact that someone owns shares in a company discount discount noun /dskaυnt/ 1. the percent- age by which the seller reduces the full price for the buyer ć to give a discount on bulk purchases ˽ to sell goods at a discount or at a discount price to sell goods below the normal price ˽ 10% discount for cash, 10% cash discount you pay 10% less if you pay in cash 2. the amount by which some- thing is sold for less than its value í verb / ds | kaυnt/ 1. to reduce prices to increase sales 2. ˽ to discount bills of exchange to buy or sell bills of exchange for less than the value written on them in order to cash them later 3. to react to something which may happen in the future, such as a possible take- over bid or currency devaluation 4. to calcu- late the value of future income or expendi- ture in present value terms discountable discountable /dskaυntəb(ə)l/ adjec- tive possible to discount ć These bills are not discountable. discounted cash flow discounted cash flow /dskaυntd kʃ fləυ / noun the calculation of the fore- cast return on capital investment by dis- counting future cash flows from the invest- ment, usually at a rate equivalent to the com- pany’s minimum required rate of return. Abbreviation DCF discounted value discounted value /dskaυntd vlju/ noun the difference between the face value of a share and its lower market price Accounting.fm Page 72 Tuesday, February 13, 2007 1:40 PM 73 distribute discounter discounter /dskaυntə/ noun a person or company that discounts bills or invoices, or sells goods at a discount discount for cash discount for cash /dskaυnt fə kʃ/ noun same as cash discount discount house discount house /dskaυnt haυs/ noun a financial company which specialises in discounting bills discount rate discount rate /dskaυnt ret/ noun the rate charged by a central bank on any loans it makes to other banks discrepancy discrepancy /d | skrepənsi/ noun a lack of agreement between figures in invoices or accounts discretion discretion /d | skreʃ(ə)n/ noun the ability to decide what should be done discretionary account discretionary account /d | skreʃ(ə)n(ə)ri ə | kaυnt/ noun a client’s account with a stockbroker, where the bro- ker invests and sells at his or her own discre- tion without the client needing to give him specific instructions discretionary client discretionary client /d | skreʃ(ə)n(ə)ri klaənt / noun a client whose funds are managed on a discretionary basis discretionary cost discretionary cost /d | skreʃ(ə)n(ə)ri kɒst / noun a cost that can vary greatly within an accounting period and is deter- mined by the appropriate budget holder discretionary funds discretionary funds /d | skreʃ(ə)n(ə)ri fndz / plural noun funds managed on a dis- cretionary basis discretionary trust discretionary trust /d | skreʃ(ə)n(ə)ri trst / noun a trust where the trustees decide how to invest the income and when and how much income should be paid to the beneficiaries diseconomies of scale diseconomies of scale /ds | kɒnəmiz əv skel / plural noun a situation where increased production leads to a higher pro- duction cost per unit or average production cost disequilibrium disequilibrium /dsikw | lbriəm/ noun an imbalance in the economy when supply does not equal demand dishonoured cheque dishonoured cheque /ds | ɒnəd tʃek/ noun a cheque which the bank will not pay because there is not enough money in the account to pay it disinvest disinvest /dsn | vest/ verb to reduce investment by not replacing capital assets when they wear out disinvestment disinvestment /dsn | vestmənt/ noun a reduction in capital assets by not replacing them when they wear out dispensation dispensation /dspen | seʃ(ə)n/ noun arrangement between an employer and the Inland Revenue by which business expenses paid to an employee are not declared for tax disposable personal income disposable personal income /d | spəυzəb(ə)l ps(ə)nəl nkm/ noun the income left after tax and National Insurance have been deducted. Also called take-home pay disposal disposal /d | spəυz(ə)l/ noun a sale ć a disposal of securities ć The company has started a systematic disposal of its property portfolio. ˽ lease or business for disposal a lease or business for sale disposals disposals /d | spəυz(ə)lz/ plural noun assets which have been sold or scrapped disqualification disqualification /ds | kwɒlf | keʃ(ə)n/ noun 1. the act of making someone disqual- ified to do something 2. a court order which forbids a person from being a director of a company. A variety of offences, even those termed as ‘administrative’, can result in some being disqualified for up to five years. disqualify disqualify /ds | kwɒlfa/ verb to make a person unqualified to do something, such as to be a director of a company dissolution dissolution /dsə | luʃ(ə)n/ noun the ending of a partnership dissolve dissolve /d | zɒlv/ verb to bring to an end ć to dissolve a partnership distrain distrain /d | stren/ verb to seize goods to pay for debts distress distress /d | stres/ noun the act of taking someone’s goods to pay for debts distress merchandise distress merchandise /d | stres mtʃəndas / noun US goods sold cheaply to pay a company’s debts distress sale distress sale /d | stres sel/ noun a sale of goods at low prices to pay a company’s debts distributable distributable /ds | trbjυtəb(ə)l/ adjec- tive possible to distribute distributable profits distributable profits /ds | trbjυtəb(ə)l prɒfts / plural noun profits which can be distributed to shareholders as dividends if the directors decide to do so distributable reserve distributable reserve /di | strbjυtb(ə)l r | zv/ noun a reserve fund that is able to be distributed to shareholders in the form of dividends distribute distribute /d | strbjut/ verb 1. to share out dividends ć Profits were distributed among the shareholders. 2. to send out goods from a manufacturer’s warehouse to retail shops ć Smith Ltd distributes for sev- eral smaller companies. ć All orders are distributed from our warehouse near Oxford. Accounting.fm Page 73 Tuesday, February 13, 2007 1:40 PM distributed profits 74 distributed profits distributed profits /d | strbjυtd prɒfts / plural noun profits passed to share- holders in the form of dividends distribution distribution /dstr | bjuʃ(ə)n/ noun the act of sending goods from the manufacturer to the wholesaler and then to retailers ć Stock is held in a distribution centre which deals with all order processing. ć Distribu- tion costs have risen sharply over the last 18 months. ć She has several years’ experience as distribution manager. ‘British distribution companies are poised to capture a major share of the European market’ [Management News] distribution cost distribution cost /dstr | bjuʃ(ə)n kɒst /, distribution expense /dstr | bjuʃ(ə)n k | spens/, distribution over- head / dstr | bjuʃ(ə)n əυvəhed/ noun expenditure involved in warehousing, pack- ing and sending products for sale distribution network distribution network /dstr | bjuʃ(ə)n netwk / noun a series of points or small warehouses from which goods are sent all over a country distribution of income distribution of income /dstrbjuʃ(ə)n əv nkm/ noun the pay- ment of dividends to shareholders distributor distributor /d | strbjυtə/ noun a com- pany which sells goods for another company which makes them distributorship distributorship /d | strbjυtəʃp/ noun the position of being a distributor for a com- pany District Bank District Bank /dstrkt bŋk/ noun one of the 12 US banks that make up the Federal Reserve System. Each District Bank is responsible for all banking activity in its area. diversification diversification /da | vsf | keʃ(ə)n/ noun the process in which a company begins to engage in a new and different type of busi- ness diversify diversify /da | vsfa/ verb 1. to add new types ofbusiness to existing ones ć The company is planning to diversify into new products. 2. to invest in different types of shares or savings so as to spread the risk of loss divestiture divestiture /da | vesttʃə/ noun the sale of an asset dividend dividend /dvdend/ noun 1. a percent- age of profits paid to shareholders ˽ to raise or increase the dividend to pay out a higher dividend than in the previous year ˽ to omit or pass the dividend to pay no dividend 2. a number or quantity that is to be divided by another number or quantity dividend check dividend check /dvdend tʃek/ noun US same as dividend warrant dividend cover dividend cover /dvdend kvə/ noun the ratio of profits to dividends paid to shareholders dividend forecast dividend forecast /dvdend fɔkɑst/ noun a forecast of the amount of an expected dividend dividend growth model dividend growth model /dvdend rəυθ mɒd(ə)l / noun a financial model that assesses the value of a company using fig- ures for its current and assumed future divi- dend payments dividend mandate dividend mandate /dvdend mndet / noun authorisation by a share- holder to the company, to pay his or her div- idends directly into a bank account dividend payout dividend payout /dvdend peaυt/ noun money paid as dividends to sharehold- ers dividend per share dividend per share /dvdend pə ʃeə/ noun an amount of money paid as dividend for each share held dividend warrant dividend warrant /dvdend wɒrənt/ noun a cheque which makes payment of a dividend (NOTE: The US term is dividend check.) dividend yield dividend yield /dvdend jild/ noun a dividend expressed as a percentage of the current market price of a share dividend yield basis dividend yield basis /dvdend jild bess / noun a method of valuing shares in a company, by which the dividend per share is divided by the expected dividend yield divisional headquarters divisional headquarters /d | v(ə)nəl hed | kwɔtəz/ plural noun the main office of a division of a company divisor divisor /d | vazə/ noun a number divided into another number document document /dɒkjυmənt/ noun a paper, especially an official paper, with written information on it ć He left a file of docu- ments in the taxi. ć She asked to see the doc- uments relating to the case. documentary documentary /dɒkjυ | ment(ə)ri/ adjec- tive in the form of documents ć documen- tary evidence documentary credit documentary credit /dɒkjυment(ə)ri kredt / noun a credit document used in export trade, when a bank issues a letter of credit against shipping documents documentation documentation /dɒkjυmen | teʃ(ə)n/ noun all the documents referring to some- thing ć Please send me the complete docu- mentation concerning the sale. dollar dollar /dɒlə/ noun a unit of currency used in the US and other countries such as Aus- Accounting.fm Page 74 Tuesday, February 13, 2007 1:40 PM 75 draft tralia, Bahamas, Barbados, Bermuda, Bru- nei, Canada, Fiji, Hong Kong, Jamaica, New Zealand, Singapore and Zimbabwe ć The US dollar rose 2%. ć They sent a cheque for fifty Canadian dollars. ć It costs six Austral- ian dollars. dollar area dollar area /dɒlər eəriə/ noun an area of the world where the US dollar is the main trading currency dollar balances dollar balances /dɒlə blənsz/ plural noun a country’s trade balances expressed in US dollars dollar-cost averaging dollar-cost averaging /dɒlər kɒst v(ə)rdŋ / noun pound-cost averag- ing dollar crisis dollar crisis /dɒlə krass/ noun a fall in the exchange rate for the US dollar dollar gap dollar gap /dɒlə p/ noun a situation where the supply of US dollars is not enough to satisfy the demand for them from over- seas buyers dollar millionaire dollar millionaire /dɒlə mljə | neə/ noun a person who has more than one mil- lion dollars dollar stocks dollar stocks /dɒlə stɒks/ plural noun shares in US companies domestic production domestic production /də | mestk prə | dkʃən/ noun the production of goods for use in the home country domicile domicile /dɒmsal/ noun the country where someone lives or where a company’s office is registered í verb ˽ she is domi- ciled in Denmark she lives in Denmark officially donation donation /dəυ | neʃ(ə)n/ noun a gift, espe- cially to a charity donee donee /dəυ | ni/ noun a person who receives a gift from a donor donor donor /dəυnə/ noun a person who gives, especially someone who gives money dormant dormant /dɔmənt/ adjective no longer active or no longer operating dormant account dormant account /dɔmənt ə | kaυnt/ noun a bank account which is no longer used dormant company dormant company /dɔmənt kmp(ə)ni/ noun company which has not made any transactions during an accounting period dot.com dot.com /dɒt kɒm/, dot-com /dɒt kɒm/ noun a business that markets its prod- ucts through the Internet, rather than by using traditional marketing channels double-entry bookkeeping double-entry bookkeeping /db(ə)l entri bυkkipŋ/ noun the most com- monly used system of bookkeeping, based on the principle that every financial transac- tion is accounted for on both the credit and debit side of an account double taxation double taxation /db(ə)l tk | seʃ(ə)n/ noun the act of taxing the same income twice double taxation agreement double taxation agreement /db(ə)l tk | seʃ(ə)n ə | rimənt/, double taxa- tion treaty / db(ə)l tk | seʃ(ə)n triti/ noun an agreement between two countries that a person living in one country shall not be taxed in both countries on the income earned in the other country double taxation relief double taxation relief /db(ə)l tk | seʃ(ə)n r | lif/ noun a reduction of tax payable in one country by the amount of tax on income, profits or capital gains already paid in another country doubtful doubtful /daυtf(ə)l/ adjective ˽ doubtful debt a debt which may never be paid ˽ doubtful loan a loan which may never be repaid doubtful debt provision doubtful debt provision /daυtf(ə)l det prə | v(ə)n/ noun bad debt provi- sion doubtful loan doubtful loan /daυtf(ə)l ləυn/ noun a loan which may never be repaid downgrade downgrade /daυnred/ verb 1. to reduce the status of an employee or position ć The post was downgraded in the company reorganisation. 2. to revise an earlier assess- ment of a company’s future financial posi- tion, or of the return on an investment, to give a less favourable likely outcome down payment down payment /daυn pemənt/ noun part of a total payment made in advance ć We made a down payment of $100. downside factor downside factor /daυnsad fktə/, downside potential / daυnsad pə | tenʃ(ə)l/ noun the possibility of making a loss in an investment downside risk downside risk /daυnsad rsk/ noun the risk that an investment will fall in value. Opposite upside potential down time down time /daυn tam/ noun the time when a machine is not working or not avail- able because it is broken or being mended downturn downturn /daυntn/ noun a downward trend in sales or profits ć a downturn in the market price ć The last quarter saw a down- turn in the economy. DPP DPP abbreviation direct profit profitability draft draft /drɑft/ noun 1. an order for money to be paid by a bank ć We asked for payment by banker’s draft. 2. a first rough plan or docu- ment which has not been finished ć The finance depart ć A draft of the contract or The draft contract is waiting for the MD’s comments. ć He drew up the draft agree- Accounting.fm Page 75 Tuesday, February 13, 2007 1:40 PM drafting 76 ment on the back of an envelope. í verb to make a first rough plan of a document ć to draft a letter ć to draft a contract ć The contract is still being drafted or is still in the drafting stage. drafting drafting /drɑftŋ/ noun an act of prepar- ing the draft of a document ć The drafting of the contract took six weeks. drain drain /dren/ noun a gradual loss of money flowing away ć The costs of the London office are a continual drain on our resources. í verb to remove something gradually ć The expansion plan has drained all our profits. ć The company’s capital resources have drained away. draw draw /drɔ/ verb 1. to take money away ć to draw money out of an account 2. to write a cheque ć She paid the invoice with a cheque drawn on an Egyptian bank. (NOTE: drawing – drew – has drawn) draw up phrasal verb to write a legal docu- ment ć to draw up a contract or an agree- ment ć to draw up a company’s articles of association drawback drawback /drɔbk/ noun 1. something which is not convenient or which is likely to cause problems ć One of the main draw- backs of the scheme is that it will take six years to complete. 2. a rebate on customs duty for imported goods when these are then used in producing exports drawdown drawdown /drɔdaυn/ noun the act of drawing money which is available under a credit agreement drawee drawee /drɔ | i/ noun the person or bank asked to make a payment by a drawer drawer drawer /drɔə/ noun the person who writes a cheque or a bill asking a drawee to pay money to a payee drawing account drawing account /drɔŋ ə | kaυnt/ noun a current account, or any account from which the customer may take money when he or she wants drawings drawings /drɔŋz/ plural noun money or trading stock taken by a partner from a part- nership, or by a sole trader from his or her business drawings account drawings account /drɔŋz ə | kaυnt/ noun an account showing amounts drawn by partners in a partnership drop drop /drɒp/ noun a fall ć a drop in sales ć Sales show a drop of 10%. ć The drop in prices resulted in no significant increase in sales. í verb to fall ć Sales have dropped by 10% or have dropped 10%. ć The pound dropped three points against the dollar. ‘…while unemployment dropped by 1.6 per cent in the rural areas, it rose by 1.9 per cent in urban areas during the period under review’ [Business Times (Lagos)] ‘…corporate profits for the first quarter showed a 4 per cent drop from last year’s final three months’ [Financial Times] ‘…since last summer American interest rates have dropped by between three and four percentage points’ [Sunday Times] droplock bond droplock bond /drɒplɒk bɒnd/ noun a floating rate bond which will convert to a fixed rate of interest if interest rates fall to some level. ı debt-convertible bond dry goods dry goods /dra υdz/ plural noun cloth, clothes and household goods DTI DTI abbreviation Department of Trade and Industry dual currency bond dual currency bond /djuəl krənsi bɒnd/ noun a bond which is paid for in one currency but which is repayable in another on redemption dual listing dual listing /djuəl lstŋ/ noun the list- ing of a share on two stock exchanges dual pricing dual pricing /djuəl prasŋ/ noun the practice of setting different prices for a given product in the different market in which it is sold dual resident dual resident /djuəl rezd(ə)nt/ noun a person who is legally resident in two coun- tries dud dud /dd/ noun, adjective referring to a coin or banknote that is false or not good, or something that does not do what it is sup- posed to do (informal) ć The £50 note was a dud. dud cheque dud cheque /dd tʃek/ noun a cheque which cannot be cashed because the person writing it does not have enough money in the account to pay it due due /dju/ adjective owed ć a sum due from a debtor ˽ to fall or become due to be ready for payment ‘…many expect the US economic indica- tors for April, due out this Thursday, to show faster economic growth’ [Australian Financial Review] due date due date /dju det/ noun the date on which a debt is required to be paid due diligence due diligence /dju dldəns/ noun the examination of a company’s accounts prior to a potential takeover by another organisation. This assessment is often undertaken by an independent third party. dues dues /djuz/ plural noun orders taken but not supplied until new stock arrives dumping dumping /dmpŋ/ noun the act of get- ting rid of excess goods cheaply in an over- seas market ć The government has passed Accounting.fm Page 76 Tuesday, February 13, 2007 1:40 PM 77 duty-paid goods anti-dumping legislation. ć Dumping of goods on the European market is banned. Dun & Bradstreet Dun & Bradstreet /dn ən brdstrit/ noun an organisation which produces reports on the financial rating of companies, and also acts as a debt collection agency. Abbreviation D&B duty duty /djuti/ noun a tax that has to be paid ć Traders are asking the government to take the duty off alcohol or to put a duty on ciga- rettes. ‘Canadian and European negotiators agreed to a deal under which Canada could lower its import duties on $150 million worth of European goods’ [Globe and Mail (Toronto)] ‘…the Department of Customs and Excise collected a total of N79m under the new advance duty payment scheme’ [Business Times (Lagos)] duty-free duty-free /djuti fri/ adjective, adverb sold with no duty to be paid ć She bought duty-free perfume at the airport. ć He bought the watch duty-free. duty-paid goods duty-paid goods /djuti ped υdz/ plural noun goods where the duty has been paid Accounting.fm Page 77 Tuesday, February 13, 2007 1:40 PM E e- e- /i/ prefix referring to electronics or the Internet EAA EAA abbreviation European Accounting Association e. & o.e. e. & o.e. abbreviation errors and omissions excepted early withdrawal early withdrawal /li wð | drɔəl/ noun the act of withdrawing money from a deposit account before the due date ć Early with- drawal usually incurs a penalty. earmark earmark /əmɑk/ verb to reserve for a special purpose ć to earmark funds for a project ć The grant is earmarked for com- puter systems development. earn earn /n/ verb 1. to be paid money for working ć to earn £100 a week ć How much do you earn in your new job? 2. to produce interest or dividends ć a building society account which earns interest at 10% ć What level of dividend do these shares earn? earned income earned income /nd nkm/ noun income from wages, salaries, pensions, fees, rental income, etc., as opposed to ‘unearned’ income from investments earnest earnest /nst/ noun money paid as an initial payment by a buyer to a seller, to show commitment to the contract of sale earning capacity earning capacity /nŋ kə | psti/, earning power / nŋ paυə/ noun the amount of money someone should be able to earn earning potential earning potential /nŋ pə | tenʃəl/ noun 1. the amount of money a person should be able to earn in his or her profes- sional capacity 2. the amount of dividend which a share is capable of earning earning power earning power /nŋ paυə/ noun the amount of money someone should be able to earn ć She is such a fine designer that her earning power is very large. earnings earnings /nŋz/ plural noun 1. salary, wages, dividends or interest received ć High earnings in top management reflect the heavy responsibilities involved. ć The cal- culation is based on average earnings over three years. 2. the profit made by a company ‘…the US now accounts for more than half of our world-wide sales. It has made a huge contribution to our earnings turna- round’ [Duns Business Month] ‘…last fiscal year the chain reported a 116% jump in earnings, to $6.4 million or $1.10 a share’ [Barrons] earnings before interest, taxes, depreciation and amortisation earnings before interest, taxes, depreciation and amortisation /nŋz b | fɔ ntrəst tksz d | priʃieʃ(ə)n ənd ə | mɔta | zeʃ(ə)n/ plu- ral noun the earnings generated by a busi- ness’s fundamental operating performance, frequently used in accounting ratios for comparison with other companies. Interest on borrowings, tax payable on those profits, depreciation, and amortisation are excluded on the basis that they can distort the under- lying performance. Abbreviation EBITDA earnings before interest and tax earnings before interest and tax /nŋz b | fɔ ntrəst ən tks/ noun the amount earned by a business before deduc- tions are made for tax and interest payments. Abbreviation EBIT earnings cap earnings cap /nŋz kp/ noun the upper limit on the amount of salary that can be taken into account when calculating pen- sions earnings growth earnings growth /nŋz rəυθ/ noun an increase in profit per share earnings performance earnings performance /nŋz pə | fɔməns/ noun a way in which shares earn dividends earnings per share earnings per share /nŋz pə ʃeə/ plural noun the money earned in dividends per share, shown as a percentage of the mar- ket price of one share. Abbreviation EPS earnings-related contributions earnings-related contributions /nŋz r | letd kɒntr | bjuʃ(ə)nz/ plu- ral noun contributions to social security which rise as the employee’s earnings rise earnings-related pension earnings-related pension /nŋz r | letd penʃən/ noun a pension which is linked to the size of a person’s salary Accounting.fm Page 78 Tuesday, February 13, 2007 1:40 PM 79 economic model earnings surprises earnings surprises /nŋz sə | prazz/ plural noun an announced income level for a company that is significantly higher or lower than that forecast by analysts earnings yield earnings yield /nŋz jild/ noun the money earned in dividends per share as a percentage of the current market price of the share ease ease /iz/ verb to fall a little ć The share index eased slightly today. easy market easy market /izi mɑkt/ noun a mar- ket where few people are buying, so prices are lower than they were before easy money easy money /izi mni/ noun 1. money which can be earned with no difficulty 2. a loan available on easy repayment terms easy money policy easy money policy /izi mni pɒlsi/ noun a government policy of expanding the economy by making money more easily available, e.g. through lower interest rates and easy access to credit easy terms easy terms /izi tmz/ plural noun financial terms which are not difficult to accept ć The shop is let on very easy terms. EBIT EBIT /ibt/ abbreviation earnings before interest and tax EBITDA EBITDA /ibt | dɑ/ abbreviation earnings before interest, taxes, depreciation and amortisation EBRD EBRD abbreviation European Bank for Reconstruction and Development e-business e-business /i bzns/ noun a general term that refers to any type ofbusiness activ- ity on the Internet, including marketing, branding and research ć E-business is a ris- ing part of the economy. ‘…the enormous potential of e-business is that it can automate the link between sup- pliers and customers’ [Investors Chroni- cle] ECB ECB abbreviation European Central Bank ECGD ECGD abbreviation Export Credit Guaran- tee Department e-commerce e-commerce /i kɒms/ noun a general term that is usually used to refer to the proc- ess of buying and selling goods over the Internet ‘…the problem is that if e-commerce takes just a 3 per cent slice of the market that would be enough to reduce margins to rib- bons’ [Investors Chronicle] ‘…the new economy requires new com- pany structures. He believes that other blue-chip organizations are going to find that new set-ups would be needed to attract and retain the best talent for e-commerce’ [Times] econometrics econometrics / | kɒnə | metrks/ noun the study of the statistics of economics, using computers to analyse these statistics and make forecasts using mathematical models economic economic /ikə | nɒmk/ adjective 1. pro- viding enough money to make a profit ć The flat is let at an economic rent. ć It is hardly economic for the company to run its own warehouse. 2. referring to the financial state of a country ć economic trends ć Economic planners are expecting a consumer-led boom. ć The economic situation is getting worse. ć The country’s economic system needs more regulation. ‘…each of the major issues on the agenda at this week’s meeting is important to the government’s success in overall economic management’ [Australian Financial Review] economical economical /ikə | nɒmk(ə)l/ adjective saving money or materials or being less expensive ć This car is very economical. ˽ an economical use of resources the fact of using resources as carefully as possible Economic and Monetary Union Economic and Monetary Union /ikənɒmk ən mnt(ə)ri junjən/ noun same as European Monetary Union economic crisis economic crisis /ikənɒmk krass/, economic depression / ikənɒmk d | preʃ(ə)n/ noun a situation where a country is in financial collapse ć The government has introduced import controls to solve the current economic crisis. economic cycle economic cycle /ikənɒmk sak(ə)l/ noun a period during which trade expands, then slows down and then expands again economic development economic development /ikənɒmk d | veləpmənt/ noun improvements in the living standards and wealth of the citizens of a country ć The government has offered tax incentives to speed up the economic devel- opment of the region. ć Economic develop- ment has been relatively slow in the north, compared with the rest of the country. economic forecaster economic forecaster /ikənɒmk fɔkɑstə / noun a person who says how he or she thinks a country’s economy will per- form in the future economic growth economic growth /ikənɒmk rəυθ/ noun the rate at which a country’s national income grows economic life economic life /ikənɒmk laf/ noun the extent of trade and manufacturing in a country, regarded as a measure of its relative prosperity economic model economic model /ikənɒmk mɒd(ə)l/ noun a computerised plan of a country’s Accounting.fm Page 79 Tuesday, February 13, 2007 1:40 PM economic order quantity 80 economic system, used for forecasting eco- nomic trends economic order quantity economic order quantity /ikənɒmk ɔdə kwɒntti / noun the quantity of stocks which a company should hold, calculated on the basis of the costs of warehousing, of lower unit costs because of higher quantities purchased, the rate at which stocks are used, and the time it takes for suppliers to deliver new orders. Abbreviation EOQ economic planning economic planning /ikənɒmk plnŋ/ noun plans made by a government for the future financial state of a country economics economics /ikə | nɒmks/ noun the study of the production, distribution, selling and use of goods and services í plural noun the study of financial structures to show how a product or service is costed and what returns it produces ć I do not understand the economics of the coal industry. (NOTE: [all senses] takes a singular verb) economic sanctions economic sanctions /ikənɒmk sŋkʃ(ə)nz / plural noun restrictions on trade that foreign governments impose with the aim of influencing the political situation of a country ć to impose economic sanctions on a country economic stagnation economic stagnation /ikənɒmk st | neʃ(ə)n/ noun a lack of expansion in the economy economic value added economic value added /ikənɒmk vlju dd / noun a way of judging finan- cial performance by measuring the amount by which the earnings of a project, an oper- ation or a company exceed or fall short of the total amount of capital that was origi- nally invested by its owners. Abbreviation EVA economies of scale economies of scale / | kɒnəmiz əv skel / plural noun the cost advantages of a company producing a product in larger quantities so that each unit costs less to make. Compare diseconomies of scale economies of scope economies of scope / | kɒnəmiz əv skəυp / plural noun the cost advantages of a company producing a number of products or engaging in a number of profitable activities that use the same technology economist economist / | kɒnəmst/ noun a person who specialises in the study of economics ć Government economists are forecasting a growth rate of 3% next year. ć An agricul- tural economist studies the economics of the agriculture industry. economy economy / | kɒnəmi/ noun 1. an action which is intended to stop money or materials from being wasted, or the quality of being careful not to waste money or materials ˽ to introduce economies or economy meas- ures into the system to start using methods to save money or materials 2. the financial state of a country, or the way in which a country makes and uses its money ć The country’s economy is in ruins. economy drive economy drive / | kɒnəmi drav/ noun a vigorous effort to save money or materials ECP ECP abbreviation Eurocommercial paper ecu ecu /ekju/, ECU abbreviation European Currency Unit ED ED abbreviation exposure draft EDI EDI abbreviation electronic data inter- change EEA EEA abbreviation European Economic Area effect effect / | fekt/ noun 1. a result ć The effect of the pay increase was to raise productivity levels. 2. an operation ˽ termsof a contract which take effect or come into effect from January 1st terms which start to operate on January 1st 3. meaning ˽ a clause to the effect that a clause which means that í verb to carry out effective effective / | fektv/ adjective 1. actual, as opposed to theoretical 2. ˽ a clause effec- tive as from January 1st a clause which starts to be applied on January 1st 3. produc- ing results ć Advertising in the Sunday papers is the most effective way of selling. ć She is an effective marketing manager. ı cost-effective effective annual rate effective annual rate / | fektv njuəl ret / noun the average interest rate paid on a deposit for a period of a year. It is the total interest received over 12 months expressed as a percentage of the principal at the begin- ning of the period. effective date effective date / | fektv det/ noun the date on which a rule or contract starts to be applied, or on which a transaction takes place effective demand effective demand / | fektv d | mɑnd/ noun demand for a product made by individ- uals and institutions with sufficient wealth pay for it effective exchange rate effective exchange rate / | fektv ks | tʃend ret/ noun a rate of exchange for a currency calculated against a basket of cur- rencies effective price effective price / | fektv pras/ noun a share price which has been adjusted to allow for a rights issue effective rate effective rate / | fektv ret/ noun the real interest rate on a loan or deposit, i.e., the APR Accounting.fm Page 80 Tuesday, February 13, 2007 1:40 PM 81 embargo effective tax rate effective tax rate / | fektv tks ret/ noun the average tax rate applicable to a given transaction, whether it is income from work undertaken, the sale of an asset, or a gift, taking into account personal allowances and scales of tax. It is the amount of money generated by the transaction divided by the additional tax payable because of it. effective yield effective yield / | fektv jild/ noun actual yield shown as a percentage of the price paid after adjustments have been made efficiency ratio efficiency ratio / | fʃ(ə)nsi reʃiəυ/ noun a measure of the efficiency of a busi- ness, expressed as expenditure divided by revenue efficiency variance efficiency variance / | fʃ(ə)nsi veəriəns / noun the discrepancy between the actual cost of making a product and the standard cost Efficient Market Hypothesis Efficient Market Hypothesis / | fʃ(ə)nt mɑkt ha | pɒθəss/, Efficient Markets Hypothesis / | fʃ(ə)nt mɑkts ha | pɒθəss/ noun the hypothesis that all relevant information is immediately reflected in the price of a security. Abbrevi- ation EMH EFT EFT abbreviation electronic funds transfer EFTA EFTA abbreviation European Free Trade Association EFTPOS EFTPOS /eftpɒz/ abbreviation electronic funds transfer at point of sale EIB EIB abbreviation European Investment Bank eighty/twenty law eighty/twenty law /eti twenti rul/, 80/20 law noun the rule that a small percent- age of customers may account for a large percentage of sales. ı Pareto’s Law EIS EIS abbreviation Enterprise Investment Scheme elastic elastic / | lstk/ adjective able to expand or contract easily because of small changes in price elasticity elasticity /l | ststi/ noun the ability to change easily in response to a change in cir- cumstances eldercare eldercare /eldəkeə/ noun assurance serv- ices sold to elderly people and their families -elect -elect /lekt/ suffix referring to a person who has been elected but has not yet started the term of office electronic banking electronic banking /elektrɒnk bŋkŋ / noun the use of computers to carry out banking transactions such as with- drawals through cash dispensers or transfer of funds at point of sale electronic data interchange electronic data interchange /elektrɒnk detə ntətʃend/ noun a standard format used when business docu- ments such as invoices and purchase orders are exchanged over electronic networks such as the Internet. Abbreviation EDI electronic funds transfer electronic funds transfer /elektrɒnk fndz trnsf / noun the system used by banking organisations for the movement of funds between accounts and for the provi- sion of services to the customer. Abbrevia- tion EFT electronic funds transfer at point of sale electronic funds transfer at point of sale /elektrɒnk fndz trnsf ət pɔnt əv sel / noun the payment for goods or services by a bank customer using a card that is swiped through an electronic reader on the till, thereby transferring the cash from the customer’s account to the retailer’s or service provider’s account. Abbreviation EFTPOS Electronic Lodgement Service Electronic Lodgement Service /elektrɒnk lɒdmənt svs/ noun a British system for filing your tax return elec- tronically. Abbreviation ELS electronic point of sale electronic point of sale /elektrɒnk pɔnt əv sel / noun a system where sales are charged automatically to a customer’s credit card and stock is controlled by the shop’s computer. Abbreviation EPOS electronic version of the tax return electronic version of the tax return /elektrɒnk vʃ(ə)n əv ðə tks r | tn/ noun a method of making an individual’s tax return using email. Abbreviation EVR ELS ELS abbreviation Electronic Lodgement Service email email /imel/, e-mail noun 1. a system of sending messages from one computer termi- nal to another, using a modem and telephone lines ć You can contact me by phone or email if you want. 2. a message sent elec- tronically ć I had six emails from him today. í verb to send a message from one compu- ter to another, using a modem and telephone lines ć She emailed her order to the ware- house. ć I emailed him about the meeting. embargo embargo /m | bɑəυ/ noun 1. a govern- ment order which stops a type of trade ˽ to impose or put an embargo on trade with a country to say that trade with a country must not take place ć The government has put an embargo on the export of computer equipment. 2. a period of time during which specific information in a press release must not be published (NOTE: The plural is embargoes.) í verb 1. to stop trade, or not to allow something to be traded ć The gov- ernment has embargoed trade with coun- tries that are in breach of international agreements. 2. not to allow publication of Accounting.fm Page 81 Tuesday, February 13, 2007 1:40 PM [...]... system of laws, the system of British law which developed in parallel with the common law to make the common law fairer, summarised in the maxim ‘equity does not suffer a wrong to be without a remedy’ equity accounting / ekwiti ə kaυntiŋ/ noun a method ofaccounting which puts part of the profits of a subsidiary into the parent company’s books equity capital / ekwiti k pit(ə)l/ noun the nominal value of. .. level of activity or production for a given year expected value /ik spektid v lju / noun the future value of a course of action, weighted according to the probability that the course of action will actually occur If the possible course of action produces income of £10,000 and has a 10% chance of occurring, its expected value is 10% of £10,000 or £1,000 expenditure /ik spenditʃə/ noun the amount of money... kɒsts/ plural noun costs of gas, electricity, etc., as shown in accounts end product energy costs Accounting. fm Page 83 Tuesday, February 13, 2007 1:40 PM 83 enforce /in fɔ s/ verb to make sure something is done or that a rule is obeyed ć to enforce the terms of a contract enforcement /in fɔ smənt/ noun the act of making sure that something is obeyed ć enforcement of the terms of a contract engagement... business were sold ex officio / eks ə fiʃiəυ/ adjective, adverb because of an office held ć The treasurer is ex officio a member or an ex officio member of the finance committee expand /ik sp nd/ verb to get bigger, or make something bigger ć an expanding economy ć The company is expanding fast ć We have had to expand our sales force expansion /ik sp nʃən/ noun an increase in size ć The expansion of. .. equities and dropped out of favour as a result’ [Investors Chronicle] equity / ekwiti/ noun 1 the right to receive dividends from the profit of a company in which shares are owned 2 the value of a company that is the property of its shareholders, calculated as the value of the company’s assets minus the value of its liabilities, not including the ordinary share capital 3 the value of an asset minus any... sound a company which is profitable and has strong assets financial management /fai n nʃəl m nid mənt/ noun the management of the acquisition and use of long- and shortterm capital by a business financial position /fai n nʃəl pə ziʃ(ə)n/ noun the state of a person’s or company’s bank balance in terms of assets and debts financial projection /fai n nʃəl prə d ekʃən/ noun business planning that deals... business of which is the management and transfer of money Financial Services Act /fai n nʃəl s visiz kt/ noun an Act of the British Parliament which regulates the offering of financial services to the general public and to private investors Financial Services Authority /fai n nʃ(ə)l s visiz ɔ θɒrəti/ noun an independent non-governmental body formed in 1997 as a result of reforms in the regulation of. .. realignment of all the currencies in the system exchange rate parity /iks tʃeind reit p riti/ noun the existence of uniform exchange rate levels between a group of countries, such that a basket of goods costs the same in the currencies of these countries exchange transaction /iks tʃeind tr n z kʃən/ noun a purchase or sale of foreign currency Exchequer /iks tʃekə/ ȣ the Exchequer 1 the fund of all money... multiple business operations, e.g personnel, the financial accounting system, production and distribution, and can also connect the business with its suppliers and customers Abbreviation ERP enterprise zone / entəpraiz zəυn/ noun an area of the country where businesses are encouraged to develop by offering special conditions such as easy planning permission for buildings or a reduction in the business. .. Eurozone Accounting. fm Page 86 Tuesday, February 13, 2007 1:40 PM euronote 86 euronote / jυərəυ nəυt/ noun a shortterm Eurocurrency bearer note euro-option / jυərəυ ɒpʃ(ə)n/ noun an option to buy European bonds at a later date Europe / jυərəp/ noun 1 the continent of Europe, the part of the world to the west of Asia, from Russia to Ireland ć Most of the countries of Western Europe are members of the . in breach of international agreements. 2. not to allow publication of Accounting. fm Page 81 Tuesday, February 13, 20 07 1:40 PM embezzle 82 information for a period of time ć The news of the merger. diseconomies of scale economies of scope economies of scope / | kɒnəmiz əv skəυp / plural noun the cost advantages of a company producing a number of products or engaging in a number of profitable. ownership of a property only to some specific persons enterprise enterprise /entəpraz/ noun 1. a system of carrying on a business 2. a business enterprise accounting enterprise accounting