Unit 3 Vocabulary — Bookkeeping

Noun (thing)
Asset
a resource in the possession of a company which is available for use
The auditors checked the factory to make sure that all the assets listed in the accounts were there.
Verb (infinitive)
Authorize
to give permission to happen
All purchases over five thousand dollars must be authorized by accounts payable.
Noun (thing)
Daybooks
a journal of financial transactions entered on the day that they happened
I hate working with daybooks, it is so much easier to use a computerized accounting system.

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