metaDescription: 'Improve your English for accounting and finance. Master vocabulary for audits, tax discussions, financial reporting, and client advisory conversations.
Practice Roleplays“Let me walk you through your income statement for the quarter.”
Starting a financial review
“Your revenue grew by 12% year over year, but your operating expenses also increased significantly.”
Highlighting key metrics
“The bottom line is that your net profit margin has decreased from 18% to 14%.”
Summarizing impact
“Based on the current tax code, you may be eligible for a research and development tax credit.”
Advising on deductions
“I'd recommend deferring this income to the next fiscal year to optimize your tax liability.”
Tax planning
“The deadline for filing your annual return is April 15th, but we can request an extension if needed.”
Deadline management
“We've identified a discrepancy in the accounts receivable reconciliation that needs further investigation.”
Flagging issues
“Could you provide supporting documentation for these journal entries?”
Requesting evidence
“Our sampling methodology covers 80% of the balance by value.”
Explaining audit approach
“We need to close the books by the 5th of next month. Can everyone confirm their reconciliations are complete?”
Month-end coordination
“I've noticed an unusual variance in the travel and entertainment account. Can someone look into that?”
Flagging anomalies
“Let's standardize the way we're categorizing these expenses across all entities.”
Process improvement
“The cash flow forecast indicates we'll need to secure additional financing by Q3.”
Delivering a forecast
“I'd like to draw your attention to the working capital ratio, which has been declining for three consecutive quarters.”
Flagging a trend
“In summary, while revenue is strong, the cost structure needs attention.”
Concluding a presentation
“accounts receivable”
Money owed to a company by customers
/uh-KOWNTS rih-SEE-vuh-bul/
“accrual”
Recording revenue/expenses when earned/incurred, not when cash changes hands
/uh-KROO-ul/
“depreciation”
Allocating the cost of an asset over its useful life
/deh-pree-shee-AY-shun/
“amortization”
Spreading the cost of an intangible asset over time
/am-or-tih-ZAY-shun/
“reconciliation”
Matching two sets of records to ensure they agree
/rek-un-sil-ee-AY-shun/
“ledger”
A book or system for recording financial transactions
/LEJ-er/
“equity”
Ownership value in a company
/EK-wih-tee/
“liabilities”
Financial obligations or debts
/ly-uh-BIL-ih-teez/
“fiduciary”
Acting in the best interest of a client
/fih-DOO-shee-air-ee/
“audit trail”
A record of all transactions for verification
/AW-dit trayl/
“variance”
The difference between budgeted and actual amounts
/VAIR-ee-unts/
“fiscal year”
A 12-month period used for accounting purposes
/FIS-kul yeer/
“write-off”
Removing an uncollectible amount from the books
/RYT-awf/
“provision”
An amount set aside for a probable future expense
/pruh-VIZH-un/
“retained earnings”
Profits kept in the company rather than distributed
/rih-TAYND UR-ningz/
| Word | ❌ Common Error | ✅ Correct | Tip |
|---|---|---|---|
| revenue | reh-VEN-oo | REV-en-yoo | Stress on the first syllable: REV-. |
| fiduciary | fih-DOO-see-ary | fih-DOO-shee-air-ee | The 'ci' makes a 'sh' sound: '-shee-air-ee'. |
| accrual | AK-roo-al | uh-KROO-ul | Stress on the second syllable, and the first vowel is a schwa. |
| depreciation | dep-REE-see-ay-shun | deh-PREE-shee-AY-shun | The 'ci' sounds like 'shee': deh-PREE-shee-AY-shun. |
| expenditure | ex-PEN-di-chure | ik-SPEN-dih-cher | Four syllables — 'ik-SPEN-dih-cher'. |
“The balance sheet is not tallied.”
“The balance sheet doesn't balance.”
Why: In English, we say the balance sheet 'balances' or 'doesn't balance,' not 'tallies'.
“We need to do the audit until March.”
“We need to complete the audit by March.”
Why: 'By' indicates a deadline; 'until' means continuously up to that point.
“The profit has been reduced with 15%.”
“The profit has decreased by 15%.”
Why: Use 'by' with percentages and 'decreased' rather than 'reduced with'.
“I will revert to you with the numbers.”
“I will get back to you with the numbers.”
Why: 'Revert' means to return to a previous state, not to reply. Use 'get back to you'.
“The company is making losses since two years.”
“The company has been making losses for two years.”
Why: Use 'for' with duration and present perfect continuous tense.
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