U 7 list of financial terms accompanied with their explanation

list of financial terms accompanied with their explanation unit 7, Accounting Financial English, Ian MacKenzie (second edition) 2.1, 2.2, 2.3, 2.4, 2.5, 2.7, 2.8, 2.9, 2.10 ANGIELSKI absorption costing

POLSKI absorbcja kosztów

DEFINICJA ANG. the allocation of fixed and variable costs relating to production in the calculation of the price of goods or services

accelerated depreciation

przyspieszona amortyzacja

deducting most of the cost of a capital investment from taxable profit during the first years of use

accountant

księgowy

accounting

księgowość

a person responsible for reporting financial results recording, reporting and analyzing a business’s financial transactions

accounting clerk / bookkeeper / accounts clerk

księgowy

accounting entity assumption

podmiot rachunkowości

accounting equation

równanie rachunkowe

accounting period

rok obrachunkowy

accounting standards

standardy rachunkowości

rules for reporting accounting data in financial statements that are used in a financial statements

accounts payable / creditors

zobowiązania z tyt. dostaw i usług

amounts of money owed to suppliers for purchases made on credit

person who records day-to-day sales and purchases and revenues received and payments made a business is an accounting unit separate from its owners and their personal transactions on a balance sheet: assets= liabilities+ owner's equity a twelve-month period that constitutes an organization's fiscal year

accounts receivable / debtors

należności od odbiorców

amounts of money owed by customers for goods or services sold on credit

accrual basis

zasada memoriałowa

revenue is recognized ( or recorded) when it is earned and expenses are recognised when they are incurred

accrued expenses

naliczone wydatki

an expense that has occurred and been recorded on the balance sheet, but has not yet been paid

accumulated depreciation

skumulowane umorzenie

the total depreciation of a tangible asset up to specific date

activity-based costing (ABC)

kalkulacja kosztów na podstawie aktywności

a way of allocating costs to products according to the different activities they require

actual cost

koszty realne

the real amount paid or incurred, as opposed to as estimated or standard cost expenses to a different period

adjusting entry

przeksięgowania kosztów w inny okres

a bookkeeping entry made at the end of an accounting period to assign income or expenses to a different period

allocated allow amortization

rozliczony dopuszczać amortyzacja

matched with right type of transaction agree depreciating or writing off an intangible asset over its projected life

annual report

sprawozdanie roczne / roczny raport

assets

aktywa

a document sent do shareholders giving details about a company's activities in the preceding year, and financial data organized into financial statement something of value owned by a business and used to generate income

assigned

rozliczony

allocated

audit report

sprawozdanie biegłego rewidenta

a report on a company's accounts written by external auditors

auditing auditor

audyt audytor

reviewing and evaluating financial records a person who review financial statements and ledgers

balance sheet

bilans

a statement showing company's financial position on a particular date, reporting assets, liabilities, and owner's equity

book value / carrying value

wartość księgowa (netto)

the worth of an asset as recorded in a company's accounts (costs minus accumulated depreciation)

bookkeeper

księgowy

person who record transactions in purchase ledgers and sales ledgers

bookkeeping

księgowanie operacji

recording day-to-day sales and purchases, revenue and payments

bookkeeping the ledger

księgowanie operacji

recording day-to-day sales and purchases, revenue and payments

bottom line

górna granica

budgeting bought ledger buy on instalment capital investments cash equivalents

planowanie księga główna zakupów kupować na raty inwestycje kapitałowe aktywa pieniężne

the last line on an income statement or profit and loss account, showing net income or net profit(net loss) planning of a future income and expenses an account book recording purchases made buy something on the instalment plan investments to raise a capital a liquid asset that can quickly be turned into cash, such as short-term investments

cash flow statement

sprawozdanie z przepływów pieniężnych

a financial statement showing the cash generated and used by a company

cashflow

rachunek przepływów pieniężnych

the movement of money in and out of an organization

charge against

odwrotne obciążenie

chart of accounts closing entries

plan kont przeksięgowanie kosztów na WF

financial situation when buyers will have to account for VAT and pay it on account of tax office a list of all the accounts in a general ledger an entry made to a temporary account at the end of the year setting the revenue and expense balances at zero

commission

prowizja

money paid to sales people and agents depending on the amount of goods sold

competitors conservatism consistency principle

konkurenci konserwatyzm zasada porównywalności

a rival in business( the same goods)

consolidated statement

skonsolidowany

the combined financial statements of a parent company and its subsydiary/ies

continuity assumption / going-concern assumption

zasada kontynuacji działania

the supposition that a business will continue indefinitely into the future ( so its assets are not for sale)

cost accounting

rachunek kosztów

the determination of the cost of goods and services including indirect expenses

cost of goods sold (COGS)

koszt własny sprzedaży

the sum of the expenses involved in producing and selling goods

credit creditors

kredyt wierzyciele

an arrangement to receive goods but pay later accounts payable, vendors

the same methods (of inventory valuation, depreciation, etc.) must be used from one accounting period to the next

current assets

aktywa obrotowe

assets that will be consumed or turned into cash in the ordinary course of business in the next year

current liabilities

zobowiązania krótkoterminowe

debts to be paid within one year of the date of the balance sheet

debit

strona debet

an amount entered on the left-hand side of an account , recording a payment made, to make a such entry

deduct deferred expenses

odjąć koszty przyszłych okresów

to subtract an amount from a total a cost that is paid in advance of being incurred(e.g. rent, insurance premiums)

depreciations

umorzenie

reducing the recorded value of an asset over the length of its estimated useful life

direct cost

koszty bezpośrednie

the cost of raw materials and labour/labor involved in manufacturing

distributor

dystrybutor

a company that sells a manufacturer’s products to customers

dividends

dywidendy

a share in the annual profits of a limited company paid to stockholders an shereholders

double-entry bookkeeping

zasada podwójnego zapisu

a system that records transactions in two journals, for payments made and payments received

earn EBIT= earnings before interest and tax

zarabiać zysk przed odsetkami i opodatkowaniem.

to gain earnings before interest and tax

EBITDA= earnings before interest, tax and depreciation and amortization

zysk przed odliczeniem odsetek, podatków i amortyzacji

earnings before interest, tax and depreciation and amortization

economic entity

podmiot rachunkowości

expenditure

wydatki

another name for the accounting entity assumption spending; money that spent

expense accounts external audit

konta wydatków zewnętrzny audyt

accounts of expenses a review of financial statements and accounting records by accountants not belonging to the firm; verify that a company's published financial statements give a true and fair view of its profit, its assets and its liabilities

fee

opłata

money paid to banks, lawyers, auditors, etc. for professional services

financial accounting

rachunkowość finansowa

the preparation of financial statements for shareholders, creditors, etc.

financial report financial statements

sprawozdanie finansowe sprawozdanie finansowe

financial statement documents giving financial information that companies have to provide to stockholders

financial year financing financing activities

rok finansowy finansowanie operacje finansowe

fiscal year funding borrowing money, issuing an repaying debt, issuing stocks paying dividends, etc.

fixed assets

aktywa trwałe

buildings, land, plant, machinery, etc. Used in productive activities

fixed costs

koszty stałe

costs and overheads incurred by production that do not change with production volume

full costing / absorption costing

pelna kalkulacja kosztów / absorpcji kosztów

the allocation of all fixed and variable costs relating to production in the calculation of the price of goods or services

full-disclosure principle

zasada pełnego ujawnienia

financial reporting must include all significant information

funds flow statement

sprawozdanie z przepływów pieniężnych

a financial statement showing the cash generated and used by a company

gain general ledger / nominal ledger

uzyskać księga główna

a profit made on a transaction a book containing all the balance sheet accounts (assets, liabilities, and equity) and income statement accounts (revenues and expenses)

generally accepted accounting principles (GAAP)

MSR - ogólne przyjęte standardy rachunkowości

widely accepted accounting standards that accountants must adopt

going-concern assumption

założenie kontynuacji działalności

the supposition that a business will continue indefinitely into the future (so its assets are not for sale)

goodwill

nabyta wartość firmy

the value to a company of loyal customers, a good reputation, etc.; the amount by which the purchase price of a company exceeds the value of its net assets

gross gross profit / gross margin historical cost principle IFRS – International Financial Reporting Standards

brutto zysk brutto / marża brutto zasada kosztu historycznego MSSF - Międzynarodowe Standardy Sprawozdawczości Finansowej

includes net with VAT a business's total sales minus the cost of sales accounts record the initial price paid for assets

income

przychód

an alternative name for a company's earnings; all the money received by an individual during a given period

income statement

rachunek zysków i strat

US term for a profit and loss account: the financial statement showing net income or net profit (or possibly net loss)

income tax

podatek dochodowy

tax paid to the government on an individual's earnings and a company's net profit

incur

ponieść

to do something that makes the business liable for an expense

indirect costs / indirect expenses

koszty pośrednie

regular and necessary costs involved in operating a business

indirect tax input

podatek pośredni wkład

a tax levied on the sale of goods and services something that is put into a system or process, and transformed into an output

instalment intangible assets

raty wartości niematerialne i prawne (niewidzialne)

money paid in a few parts things of value that cannot be physically touched, such as brand names, copyrights, trademarks and patents

interest cover / times interest earned interim financial statements

wskaźnik pokrycia odsetek śródrocznes prawozdanie finansowe

EBIT divided by interest expenses statements for shorter periods published during the fiscal year or financial year

internal audit

wewnętrzny audyt

a control of accounts by a company's own accountants, checking for completeness, accuracy, reliability, etc.

inventory

inwentarz

a company's stock of products waiting to be sold, and raw materials and work-in-process

investing

inwestowanie

buying securities, property, machines, etc., in order to produce income or profits

investing activities

działania inwestycyjne

(on a cash flow statement) buying or selling property, plant and equipment

job-order cost accounting

system ustalania kosztów danej partii produktów dla konkretnego klienta

a system for determining the cost of a particular batch of products for a specific customer

journal

dziennik

a bookkeeping record of transactions in the order that they take place

labour / labor

praca

productive work, done for money, that provides goods and services

ledger liabilities

księga główna zobowiązania

a book of accounts amounts of money owed that will have to be paid in the future

long-term

długoterminowy

in finance, refers to a period or maturity of more than one year

(to) lose management accountants

stracić księgowi zarządczy

management accounting

rachunkowość zarządcza

the provision of financial information for the use of a company's managers

managerial accounting

rachunkowość zarządcza

the provision of financial information for the use of a company's managers

manufacturing

produkcja

making products from raw materials and components

manufacturing overheads manufacturing support costs / factory burden matching principle

koszty produkcji koszty produkcji zasada dopasowania

fixed, indirect, factory-related costs in production fixed, indirect, factory-related costs in production the revenues generated in an accounting period are identified with related costs whenever they were incurred

materiality minority interests

materialność udziały mniejszości

net net loss

netto strata netto

use accounting data to make decisions about how the business should proceed

this part of the net assets of the subsidiary, which is part owned by external shareholders value gross without tax an excess of expenses over revenues during an accounting period

net profit / net income

zysk netto

the excess of all revenues in a period over all expenses and losses

non-cash expense objectivity principle

bezgotówkowy / niewydatkowany e.g. deposits, depreciation zasada obiektywizmu all accounting data recorded must be verifiable and free from bias

obsolete

przestarzały

not used any more, or replaced by something newer and better

operating activities / operations

działania operacyjne

(on a cash flow statement) a business's ordinary day-to-day activities

output

wydajność

something produced by a system or process; the quantity of goods and services produced by a company, or in an economy

overheads / overhead / indirect expenses

koszty ogólne / narzut / koszty pośrednie

regular and necessary costs involved in operating a business

paid payment pension fund

płatny zapłata fundusz emerytalny

periodicity

okresowość

plant premium

urządrzenie stosowane w przemyśle rata/składka

pre-paid expenses / deferred expense

wydatki opłacone z góry

a sum of money paid a financial institution that invests money that will later provide retirement income an alternative term for the time-period assumption machines used in industry a price higher than face value; the price of an insurance contract; the fee the writer of an option receives from the buyer a cost that is paid in advance of being incurred (e.g. rent, insurance premiums)

prime cost / direct cost

podstawowa cena

the cost of raw materials and labour/labor involved in manufacturing

process cost accounting

rachunek kosztów procesu

a way of determining and allocating costs for products whose manufacture involves a continuous process

profit and loss account (P&L)

rachunek zysków i strat

British term for an income statement: the financial statement showing net income or net profit (or possibly net loss)

property property, plant and equipment

własność własność, fabryka i wyposażenie

something that someone owns buildings, machines, vehicles, etc. recorded on a balance sheet

purchasing

dział zajmujący się zakupami

the department in a company that buys components, raw materials, etc.

purchases ledger quarter

księga głowna zakupów kwartał / jednaczwarta

an alternative name for a bought ledger a three-month period for which a company issues interim financial statements

raw materials realization principle record reduce replace research and development expenses (R&D) resources

surowce zasada realizacji rekord zredukować wymienić wydatki na badania i rozwój zasoby

substances used to manufacture products an alternative name for the revenue principle

restate

przekształcenia

changing the company's legal form ; the transformation is to align the legal form of the company to run current operations and to changing economic conditions

e.g. decrease the value an alternative name for change, replace, etc. expenses on research and development useful or valuable materials or qualities possessed by an organization

retained earnings

zyski zatrzymane

the part of a company's profits not distributed to stockholders

revenue

dochód

money received by a business for goods sold and services provided

revenue principle

zasada realizacji

revenue is realized at the moment when goods are sold or when services are provided, not when the payment is received

sales sales ledger

sprzedaż księga sprzedaży

revenues received for goods and services an account book recording transactions made by customers

sales tax scrap value

podatek od sprzedaży wartość cząstkowa

a tax on goods and services the price at which at asset can be sold at the end of its useful life

selling, general and administrative expenses (SG&A)

sprzedaży , koszty ogólne i administracyjne

the costs of service departments such as administration, marketing, research and development, finance, etc.

senior accountant

starszy księgowy

separate entity assumption

odrębny podmiot

settle settlement day

rozstrzygać dzień rozliczenia

interpret the transactions recorded by bookkeepers another name for the accounting entity assumption an alternative name for square, arbitrate the day on which stocks purchased on an exchange have to be paid for

shareholders

akcjonariusze

one of the part-owners of a company, who has bought some of its shares

shareholders’ equity / stockholders'/owners' equity / net assets

kapitał własny

a company's combined share capital and accumulated retained earnings

share

akcje

British term for a certificate representing partownership of a company

share capital

kapitał zakładowy

short-term standard cost

krótkoterminowy standardowy koszt

money a company has received from issuing shares in finance, means a period of a year or less an expected or average cost of materials, labour/labor and overheads used in cost accounting, rather than actual costs

statement of cash flows

sprawozdanie z przepływów pieniężnych sprawozdanie z przepływów pieniężnych

a financial statement showing the cash generated and used by a company a financial statement showing the cash generated and used by a company

funds flow statement

sprawozdanie z przepływów pieniężnych

a financial statement showing the cash generated and used by a company

source and application of funds statement

sprawozdanie z przepływów pieniężnych sprawozdanie z sytuacji finansowej / bilans

a financial statement showing the cash generated and used by a company alternative US name for a balance sheet

statement of operations stocks

sprawozdanie z działalności akcje

an alternative name for an income statement US term for a certificate representing partownership of a company; an alternative British term for inventory

straight line method

metoda liniowa/ prosta

supplier

dostawca

a way of depreciating an asset by charging an equal sum each year during the asset's expected life a business that sells materials or goods to other companies

tangible assets

rzeczowe aktywa trwałe

cash flow statement

statement of financial positions

part of the assets of the entity that has material form (as opposed to intangible assets)

tax

podatek

a compulsory monetary contribution imposed by a government on individual's and organizations' income and expenditure

tax accounting taxation

rachunkowość podatkowa opodatkowanie

the calculation of liabilities for tax the transfer of money from individuals and companies to the government to finance its expenditure

tax avoidance

unikanie podatku

tax deductible

odpisać od podatku

reducing tax liabilities to a minimum by legal means describes a sum that can be subtracted from profits before tax is paid

tax evasion tax haven

unikanie podatów raj podatkowy

making false tax declarations a financial centre offering low taxes to nonresidents, in which multinational companies are encouraged to set up offices

taxable profit

dochód do opodatkowania

the size of which is income minus allowable deductions and deductions law (e.g. for loss from previous years)

time-period assumption / periodicity

okres czasu

an ongoing business reports financial data for particular periods (years, quartets, months, etc.)

total sales / turnover

całkowita sprzedaż

a business's total revenue from the sale of goods and services

transaction trial balance

transakcja obrotów i sald

a business deal, a trade or exchange a test to determine whether the total amount of debit balances in the general ledger is equal to the total amount of credit balances

unit cost

cena jednostkowa / koszt produkcji jednej jednostki dobra , w tym kosztów pośrednich i kosztów ogólnych

the cost of producing one unit of a good, including indirect costs or overheads

unit-of-measure assumption

jednostka miary -założenie

all transactions are accounted for in the currency of the country where the organization reports its operations

value-added tax / VAT

podatek od towarów i usług

a sales tax collected at each stage of production, excluding the already-taxed costs from previous stages

variable costs

koszty zmiennie

production costs which change in proportion to the volume of production

variance

zmienność

the difference between the standard cost and the actual cost of an input or output

(to) wear out working capital / funds (to) write off

zniszczyć kapitał obrotowy anulować/ zredukować

to become damaged and unusable over time current assets minus current liabilities to cancel a worthless asset or a bad debt from an account; to reduce the value of an asset by charging part of its value against earnings or profits