Economy and Business Terms - Charlie, your teacher of English
Acceptance: 1.It's a drawee’s promise to pay either a time draft or sight draft. Typically, the
acceptor signs his name after writing the word “accepted” on the bill along with the date. Instead of
“accepted,” similar wording indicating an intention to pay would also suffice to show a desire to
honor the bill at maturity. The acceptance of a bill in effect makes it a promissory note: the acceptor
is the maker and the drawer is the endorser.
2. It's a banker’s acceptance.
3.binding contract effected when one party to a business arrangement accepts the offer of another.
Acceptance may be in written or oral form.
Accountable: Someone who is liable to account for one's actions; for example, "governments
must be accountable to someone beside themselves"; or "fully accountable for what they
did"; other examples are, "the court held the parents answerable for their minor child's acts of
vandalism"; or "he was answerable to no one"
Accountability: It's an employee's responsibility for the exercise of certain duties and the
requirement to report to his superiors on his performance of them. In recent years, many managers
have attempted to strengthen lines of accountability so as to achieve improvements in the job
performance of their subordinates.
One approach to this has been the creation of profit centers. The profit performance of these
subunits of the organization can be closely monitored by organizational leaders, thereby increasing
the accountability of those working in the profit centers. In so far as creation of profit centers
involves a measure of decentralization of decision-making, decentralization of responsibility and
AUTHORITY can be coupled with increased accountability.
Accounting Measurement: It is the computation of economic or financial activities in terms of
money, hours or other units. An accounting measurement is a unit of some measurable element
that is used to compare and evaluate accounting data. Accounting is often measured in terms of
money; for example, when a company records weekly sales at $10,000. The same company could
record those transactions in terms of units sold; for instance 5,000 units (that is, $2.00 per unit.)
Accounts Payable (AP): These are bills to be paid as part of the normal course of business. This is
a standard accounting term, one of the most common liabilities, which normally appears in the
Balance Sheet listing of liabilities. Businesses receive goods or services from a vendor, as well as
an invoice, and until that invoice is paid the amount is recorded as part of “Accounts Payable.”
Actuary: Actuaries are employed by insurance companies and pension providers to calculate
factors such as life expectancy, accident rates and likely payouts by using complex mathematical
formulas.
The profession also includes statisticians who provide expert data analysis on risk assessment and
risk management for the financial services sector. Actuaries are most often employed within the
insurance industry, but also prepare and assess data for commercial and investment banks,
retirement and pension fund administrators, or are self-employed as consultants. Specific data
prepared by actuaries is often presented in the form of actuarial tables (mortality tables) that
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