TOEIC Vocabulary Flashcard

Accounting is the process or work of keeping financial accounts.

• I recently started a small business on the side, and I really need some advice on accounting.
• I am considering a career in accounting.
• I have an undergraduate degree in accounting and finance.
• My brother is an auditor for a big accounting firm.
• Our priority is the modernization and upgrade of the accounting system.
• Small business owners benefit from accounting software because it helps them track accounts receivable and accounts payable. As a result, small business owners will have a clear understanding of their profitability.
• Advances in information technology have affected traditional accounting methods and practices. The most significant impact IT has made on accounting is the ability of companies to use computerized systems to track and record financial transactions.

People or organizations that go bankrupt do not have enough money to pay their debts.

Debt  is something that is owed, such as money, goods, or services (Noun). The following phrases are often used:  (1) Run up debts (2) Get into debt (3) Be in debt (4) Get out of debt (5) Be in debt to + someone (6) Pay off debts

Overhead (US) or overheads (UK) = the regular and necessary costs, such as rent, heat, electricity, and telephone, involved in operating a business (Noun)

• Many businesses are moving out of New York because the overheads there are so high.
• Their offices are in London so the overheads are very high.

Overhead costs = overhead expenses (Compound noun)

• One way of increasing profit margins is to cut overhead costs.
• Companies should review overhead costs regularly to determine how to increase profitability. If business becomes quiet, cutting back on overhead usually becomes the easiest way to reduce expenses.
• There are a substantial number of overhead costs associated with running a movie theater, including the salaries of the projectionists, concession workers, ticket sellers, ushers, managers, and maintenance crews. That is why snacks cost so much in movie theaters.

1. Payroll = a list of the people employed by a company showing how much each one earns (Countable Noun)

• They cut her from their payroll.

Be on the payroll = be employeed at a company

• His company has over 3,000 employees on the payroll.
• Lucy is currently on the payroll of a small advertising agency.

2. Payroll = the total amount of money paid to the people employed by a particular company (Countable Noun)

• The company has cut its total payroll by 12% since the merger.
• The annual payroll of the college is about $ 4 million.
• The firm is growing fast with a monthly payroll of $1 million.

Quarterly = occurring once every quarter of a year.

Quarterly as an adjective

Quarterly as an adverb

1. Audit = make an official examination of the accounts of a business and produce a report (Verb)

• They audit our company's accounts each year.
• We have finished auditing our company's account. Everything seems to be correct

2. Audit = an official examination of the accounts of a business (Countable noun)

• The audit of our company's account was completed yesterday.
• We carry out a full internal audit once a year.
• We are going to conduct an audit of the accounts for the year 2019/20 tomorrow. 

3. Audit = go to a class without being tested or receiving a grade at the end  (Verb)

• To audit a class you need to go through the registration process. To sit-in in a class, you only need to talk to the instructor before the class starts.
• Many colleges allow auditing in their courses. But since you're paying for it, you might as well go the extra mile and get credit for your work. 

Auditer = someone whose job is to carry out an official examination of the accounts of a business and to produce a report

• The company's accounts were checked twice over, the second time by an independent auditor.
• My brother is an auditor for a big accounting firm.

Bookkeeping = the activity or occupation of keeping records of the financial affairs of a business. (Noun)

Deficit =  the amount by which money spent is more than money received. (Countable Noun)

Trade deficit = the amount by which the cost of a country's imports exceeds the value of its exports.

 trade surplus = ​the amount by which the value of a country's exports exceeds the cost of its imports.

Expenditure is money spent on something. Expenditure is often used when people are talking about budgets. It is the government's job to decide what to do with tax money collected, or in other words, to determine the expenditure of public funds. The word is more than a long way of saying expense.  In business, expenditure implies an investment, something that will bring value over time. 

Here are some example sentences using the word expenditure:

• There's a significant increase in military expenditure last year.
• In 2020, the total expenditure on education in Taiwan increased to around 928.4 billion New Taiwan dollars.
• The company allocated a huge part of its expenditure on its expansion project.

An expense is a cost, but you can also use this word to mean the figurative cost of something. When you give one thing up in order to get something else, its cost or sacrifice is the expense of getting what you want.  Take a look at these sentences using the word expense to represent

• Overhead expenses are what it costs to run a business, including rent, insurance, and utilities.
• Many businesses are moving out of New York because the overhead expenses there are so high.
• The company's cost-cutting program is expected to reduce expenses by $20 million next year.
• Our company will reimburse employees for travel expenses.
• I'm concerned about the project's hidden expenses.
• Our paychecks barely cover our monthly expenses.
• Their expenses were getting far ahead of their income.
• Our biggest expense this year was our Christmas holiday.
• According to the Ministry of Finance, the basic living expenses per person for 2021 are NT$192,000, which applies to deductions on individual income tax to be filed in May of 2022

The word expense is often used after the preposition “at”. For example:

• These items were imported at considerable expense. 
• We were able to fix the problem at very little expense.

There are several phrases used with the word expense. Let's take a look:

• at the expense of
• at someone's expense
• go to (the) expense

The first phrase, “at the expense of” means in a way that harms (something or someone).

Here are some example sentences:

• Malls flourished at the expense of small stores downtown.
• She acquired power at the expense of friendships.

The second phrase, “at someone's expense” means paid for by someone. Take a look at the example sentences below:

• The tour is free, but all meals are at your own expense. [=you must pay for your meals]

The last phrase, “go to the expense” means to spend money on something.

Ok! Let's look at some examples:

• Why go to the expense of installing something you'll never use?
• She went to great expense to have this party.

Reimburse = pay back money to someone who has spent it for you or lost it because of you

(1) Reimburse + person + for + the amount of money

(2) Reimburse + the amount of money

• The airline will reimburse me for the amount they have overcharged me.
• The airline will reimburse the airfare.
• The insurance company will reimburse you for your car damage.

When a company reimburse an employee for certain expenses, the company pays back an employee for money they spent out of their pocket for business expenses such as expenses spent on a business trip.

• Our company will reimburse employees for travel expenses.
• Our company will reimburse travel expenses.

1. Reimbursement = the act of paying back money to someone who has spent it for you or lost it because of you, or the amount that is paid back:

• I just received reimbursement from the insurance company the day before yesterday
• Insurance companies will not provide any reimbursement before the insurance premium is paid in full.

2. Reimbursement = compensation paid by an organization for out-of-pocket expenses incurred or overpayment made by an employee 

More example sentences

• I want to claim reimbursement for my travel expenses.
• I want my travel expenses to be reimbursed.
• I want to be reimbursed for my travel expenses.
• I want to claim reimbursement.
• I want to file a claim for reimbursement.