VOCABULARY

Analyst. An expert who studies financial data (on credit or securities or sales or financial patterns etc.) and recommends appropriate business actions.

Financial analysis. An analyst who studies the financial performance of corporations

Audit. An official examination and verification of accounts and records, esp. of financial accounts.

Tax audit. Audit by the Internal Revenue Service(IRS), or state or local tax collecting agency, to determine if a taxpayer paid the correct amount of tax.

Idle capacity. The component of operable capacity that is not in operation and not under active repair, but capable of being placed in operation within 30 days; and capacity not in operation but under active repair that can be completed within 90 days.

Cost accounting. The process of identifying and evaluating production costs. Cost accounting is frequently used to facilitate internal decision making and provides tools with which management can appraise performance and control costs of doing business.

Taxpayer. One who is assessed and pays a tax.

SOURCE: word take of a book of accounting.

Guajardo,Gerardo, Financial Accounting,4ed.,Mexico,McGrawHill,2006.

REFLEXION: in this activity learn new words that I will be using later in my career.