Glossary

abatement

complete removal of an amount due

accountant

person skilled in the recording and the reporting of financial transactions

accrual

the recognition of an expense revenue that has occured but has not yet been recorded

allocate

to set aside for a specific reason

annuity

series of payments, usually payable at specified time intervals

budget

financial plan that serves as an estimate of future cost, revenues or both

close

to clear the balances of temporary accounts in order to be ready for the next accounting period

compensate

to pay or make payment for something

commission

pourcentage of the selling price of the property, paid by the seller

entrepreneur

person who takes on the risks of starting a new business

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