Financial Terminology for Finance Officers

Financial Terminology for Finance Officers

-Dr. Lalit Kumar Setia*

There are various financial terms used frequently in business newspapers, articles of economics, and financial stuff available online. Each Drawing and Disbursing Officer, Financial Manager, Economist, Bureaucrat, and Minister should aware of these terms to perform their functions more confidently. After compiling the information, such terms have been collected, researched and described as under:

·                 Abatement – 

It refers complete or partial cancellation of a levy imposed by a government. The abatements apply to tax levies, special assessments, and service charges.

·                 Accrual – 

Accrual means which has happened but receipt or payment for which has not been processed. In other words, those expenses which have been incurred but payment is not made will be accrued expenses and those incomes which have been earned but amount is not received yet, will be accrued incomes.

·                 Amalgamation – 

A process of consolidation or merger in which two or more entities are merged and transformed to a single entity.

·                 Anomaly – 

Something different from common rule, happens irregularly and becomes difficult to be explained with any particular theory or rules. For example, in fixation of pay, sometimes pay is fixed but it is fixed wrongly and challenged by the affected person; known as anomalies in pay fixation.

·                 Appraisal – 

It is evaluation of usefulness of person or entity. Performance Appraisal will be evaluation of performance. Project Appraisal will be evaluation of Project. Usually, appraisals are made to support the decision-making.

·                 Arbitrator - 

A person assigned with the task of arbitration (sorting out any dispute). He or she listens both parties of the dispute and gives a ruling which seems fair to both parties, in that case.

·                 Audit – 

It refers to the process of checking or verifying records relating to rules and regulations. The person associated with the task of audit, is known as auditor.

·                 Automatic teller machine (ATM) – 

A machine which dispenses cash and also allows banking customers to perform a set of financial transactions with the help of debit or credit cards.

Continued..... 

*Copyright © 2018 Dr. Lalit Kumar. All rights reserved. 

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