Lord of Sipan University

Facem
Accounting

Name and surname: Daly Danitza Peralta Vasquez.

Teacher: Juan Jose

Course: English

Pimentel - 2018
 Words that are used in the accounting career

Arbitration: Legal mechanism that resolves disputes

between companies when violations of contractual
commitments occur.

Assets: Set of assets and rights that the company owns

and that are expected to produce benefits.

Bank: Institutions engaged in monetary relations:

monetary circulation; credit relationships; financial
registration and control; loans, payments and
collections, etc.

Capital: In the economic sense is equivalent to capital

goods, that is, to the set of goods of production (physical
quantity rather than monetary value) accumulated, or
wealth represented by the surplus of production over
consumption.

Check: A check is "a bill of exchange drawn against a

bank, payable at sight".

Circulating or current assets An asset that is expected

to be converted into cash, sold or consumed, during
the next twelve months, or within the normal business
cycle if this is more than one year, without interfering
with the normal operation of the business
Debt: Debt, obligation to pay something. Annotation
registered in the debit of an account

Fiscal Year: Term that is used to indicate the

accounting year and distinguish it from the calendar
year, with which it may or may not coincide.

Guarantee: Guarantee that occurs on a commercial

effect or at the time of the granting of a credit, by a third
party that agrees to pay the amount in case it is not
settled by the signatory or the beneficiary. v

Long-term assets: An asset other than current assets.

Accounts whose term expires in a term greater than 12
months

Owner's Equity: The right that the owner of a business has

over its assets. It is also known as Capital.

Safe: Wardrobe or armored room, equipped with a

security lock, used to store money, securities, etc.

Seat: Annotation, inscription in a book, record, account, etc.

Shares: (Capital Shares). In capital companies, the
participation of their partners is represented by
negotiable instruments called shares

Small Fund: A fund that contains a small amount of

cash that is used to pay for minor expenses.

Stock Exchange: Economic institution in which public or

commercial procurement of all kinds of securities takes
place: actions, obligations, public funds, etc.

Tariff: Tax imposed on each unit of a merchandise imported

into a country.