备考注册会计师综合阶段英语--ACCA词典(可编辑).doc

1、备考注册会计师综合阶段英语 ACCA词典 Finance?Dictionary xujinchihotmail A Account A collection of investments, either taxable or tax-deferred. Account can be real contains investments actually owned or model hypothetical. Account type can be brokerage, mutual fund, or other a mutual fund can be an account if the fu

2、nd is purchased directly from fund company or it can be an investment within an account, if purchased through a broker. Legally, accounts are set up as taxable or tax deferredThe legal owner of an account can be an individual, joint , corporate, custodian, estate, or trust. See Real Taxable Accounts

3、, Joint Accounts, and Real Tax-Deferred AccountsAccount Description Information that includes Account Type, Tax-deferred, Tax Method, and Account Note. These items are primarily used to classify accounts for tax purposesAccount Note Descriptive text about an account that you can enter for your infor

4、mation, such as for College.Account Type When placing an order through this site, you must be sure to select the proper Account Type for the position you wish to trade. If a particular position resides in your cash account, for example, this site will automatically reject a sell order that specifies

5、 your margin account, and vice versaAccrual Method Accounting method where income and expenses are recorded when items are booked or billed. Contrast with a more common method, cash method, where income and expenses are logged from the time cash is actually spent or receivedAccrued Interest Interest

6、 earned but not yet paid. For most taxpayers, tax is due in year accrued interest is paid. When buying a bond, buyer pays seller any interest accrued since the last payment date. When the buyer eventually sells the bond, the new buyer pays any accrued interest. The accrued interest is subject to tax

7、es for the seller, but reduces the tax liability for the buyer. For example, if a bond buyer paid $30 accrued interest to a seller, then received $150 interest for the rest of the year, the buyer needs to pay taxes on $150 - $30 $120ADR/ADS Stands for American Depository Receipts or Shares. These fi

8、nancial instruments allow stock in a foreign corporation to be traded on a U.S. stock exchange in U.S. currency by representing the actual shares from the native exchangeAdvances/Declines Advances are the number of issues on the New York Stock Exchange that have risen in price since the previous tra

9、ding days closing price. Declines represent those that have fallen in price. Sometimes the advances and declines are expressed as a ratio and plotted as a line graph. A rising A/D line indicates that the market has good breadth a majority of issues are rising in price and that a rising trend is more

10、 likely to be sustainableFinance?Dictionary xujinchihotmail After Tax Real Rate of Return The percentage gain on an investment, account, or portfolio after taxes and inflation have been deductedNote that the after tax real rate of return for money market mutual funds is frequently less than zero, so

11、 you should use these accounts only as temporary cash accountsAll or None Order In brokerage, order instruction, particularly for large orders, to execute the total quantity or noneAmerican-Style Option American-style is an option contract that can be exercised at any time between the date of purcha

12、se and the expiration date. Most exchange-traded options are American-style. All stock options are American-styleAnnual Report Written report to shareholders summarizing the past fiscal years financial results and news items of importance about products, law suits, board members, etc. Prospective sh

13、areholders should also review the annual report because it provides important balance sheet informationAnnualized Return Projects the year to date return over a full 12 month calendar year. Most useful for projecting return for money market funds, CDs, and bonds. Annualized return for equities can b

14、e misleading if YTD return is high and covers a short period of time. See Total ReturnAnnuity An insurance product that pays an income benefit on a specific date, for a specific time, or for the lifetime of the persons receiving the annuity the annuitant. A fixed annuity guarantees fixed payments wi

15、th a constant rate of return. A variable annuitys value fluctuates with that of the assets that are backing itThere is no guaranteed rate of return for a variable annuity; the annuitant bears the investment risk and receives the return actually earned on invested assets less charges assessed by the

16、insurance companyArbitrageA financial transaction where an arbitrageur arb simultaneously purchases in one market and sells in another where there is a slight price differential. Often it is a full hedge, and therefore, a risk-free transaction. Arbs play an important role in keeping markets liquid a

17、nd efficientAssigned on an Option Transaction When you sell an option you now have the obligation to sell or purchase stock. You have or may not have to fulfill that obligation. You are considered to be assigned if you are being required to fulfill that obligation. Typically this occurs when the opt

18、ion is in-the-moneyAsk The lowest price at which a seller is willing to offer a security at this timeAssetSomething of value that you own. Appreciating assets, such as stocks, have the potential of increasing inFinance?Dictionary xujinchihotmail value and/or producing income. Depreciating assets, su

19、ch as a car, lose value over time. Assets minus liabilities what you owe equals net worthAsset Allocation The process of deciding what kinds of assets you want to own, and the percentage of each. Tactical asset allocation is a sophisticated form of market timing in which an investor decides how much

20、 to allocate to each asset class based on market indicators, particularly interest rates. As conditions change, the percent allotted to each asset class changesAsset Classes Appreciating assets are put into 7 asset classes: imum capital gain equity, long-term equity, international equity, U.S. gover

21、nment bond, corporate bond, precious metals, and cashAt-The-Money Option When the price of the underlying security is equal to the strike price, an option is at-the-moneyAverage Annual ReturnThe cumulative return divided by the number of years of the life of the investment or account, with the compo

22、unding effect factored in. In reverse, the average annual return times a given number of years equals the cumulative return for that time frame. AAR is used to compare returns of two or more investments of unequal track recordsAverage Daily VolumeThe consolidated trading volume for all exchanges ave

23、raged for the last 20 trading daysAverage CostThe average price plus commissionAverage PriceThe total cost less total commission of all lots you own of a particular security divided by the total number of shares ownedAverage ProceedThe sum of net amounts received from all short open lots divided by

24、the total number of shares short for that security. Average proceeds is for short investments what average cost is for long investmentsB Baby BondOne sold at face amount less than $1,000 to make it attractive to smaller investors. See BondBalance SheetA listing of all assets and liabilities for an i

25、ndividual or a business. The surplus of assets over liabilities is the net worth, or what is owned free of debtFinance?Dictionary xujinchihotmail Balance Sheet ReturnA view in the stock database that displays Sales/Price Ratio, Price/Book Ratio, Book/Share, Return on Equity, Profit Margin, and Repor

26、ting Date. These items are all measures of company value and profitabilityBalance Sheet - Cash & DebtA view in the stock database that displays: Fiscal Year End, QuickRatio, Debt/Equity Ratio, Current Ratio, and Cash/Share. These items measure the financial health of a company, particularly its asse

27、ts and liabilities. Click each item in the Glossary list for definitions of each of these itemsBalanced EquitiesA mutual fund whose holdings are split fairly evenly between stocks and bonds. Balanced funds can change their asset allocation according to market conditions. Balanced funds seek a relati

28、vely steady returnBank InformationDescriptive information about a given bank. A view in the CDs and Money Markets database that displays: Minimum Deposit, City, State, Phone, Out-of-state IndicatorBasisAn accounting term that refers to the cost of an asset including all adjustments and improvements.

29、 For tax purposes, it is the amount you subtract from the net sale price to determine the realized gain or lossFor example, if you paid $150,000 for your home, but added a porch for $25,000, your basis is now $175,000. You have stepped-up the basisBasis PointThe smallest measure used in quoting yiel

30、ds and interest rates. One basis point equals .01%, so a 100 basis point move in a U.S. Treasury bond yield is 1%Bearer CertificateA security whose owner is not registered on the books of the issuer and which is, therefore, payable to the person possessing the certificate. A bearer bond has coupons

31、attached, which the bondholder sends in or presents on the interest date for payment. Bearer stock certificates are negotiable without endorsementBetaA measure of risk commonly used to compare the volatility of mutual funds or stocks to the overall marketThe S&P 500 Index is the base for calculating

32、 beta and carries a value of 1. Securities with betas below 1 are less risky than the market as a whole. Betas above 1 are more risky. A beta of 1.3 is 30% more volatile than the S&P 500. Betas with negative values are inversely related to the S&P 500Note: The beta of precious metals can be low but

33、these funds have high price volatility. You cannot compare the beta of bond funds against the beta of equity funds, because the bond fund beta is calculated using the Shearson Long Bond Index rather than the S&P 500 IndexFinance?Dictionary xujinchihotmail BidThe highest price a buyer is willing to p

34、ay for a security at this timeBlock TradeUsually, a trade of 10,000 shares or more. For bonds, a $200,000 face amount or more. Block trades are often executed through a special section of a brokerage firm called the Block Desk. Using the Block Desk may result in a better priceBond A debt security th

35、at represents the obligation of the issuer to pay interest to the creditor or bond holder and return the principal at maturity. Bonds backed by collateral are termed secured while those that are not secured are called debentures. A sinking fund bond obligates the issuer to set aside some of its earn

36、ings to retire bonds periodically. A bond is usually identified by its maturity date and its coupon rate, which is the interest rate stated on the bond. The price of the bond is equal to its face value when issued, which is called the par price. After that, the price fluctuates in the market. Bonds

37、selling above original price are selling at a premium to par while those selling below original price are selling at a discount to par. Prices vary inversely with interest rates, as the prices of old bonds must adjust so that their current yield will stay competitive with those of newly issued bonds

38、. A bond does not represent ownership. See Baby Bond, Callable, Junk Bond, Municipal Bond, US Govt Issues, Zero Coupon Bond, Convertible Bond, Corporate BondBond PricesView in the bond database that displays: Maturity, Outstanding Bond Amount, Latest Price, Current Year High and Low Prices. For late

39、st price, see Price Trade BondsBond TypeThe bond pays fixed interest amounts over its term. The bond price, however, can change as prevailing market interest rates change over time. Zero coupon bonds, or zeroes, do not pay interest. They are sold at deep discount to their par value, which is returne

40、d at maturity. Interest is internally compounded to produce the stated yield to maturity. With floating rate, the interest rate paid on the bond can change as prevailing market interest rates changeBook/ShareThe current fiscal year book value or net equity for the corporation per share of common sto

41、ckBroker/DealerIn the broadest sense, an agent who facilitates trades between a buyer and a seller and receives a commission for his services. Dealers buy and sell for their own account and keep their own inventory of securities on which they can profit or incur losses. Most stock brokerage firms re

42、ally act as brokers and dealers. Brokers are also classed as Full Service or Discount, the former using a commission-based sales force and the latter using salaried brokers onlyBroker Call RateInterest rate at which brokerage firms borrow from banks to finance their clients security positionsFinance

43、?Dictionary xujinchihotmail BusinessDescribes the primary product or service offered by a given corporationBuysA transaction type for the purchase of a security. A buy creates an open lot which is part of a holding of a given security that you currently own. Buys is also a filter for displaying only

44、 buy transactionsBuy-to-CoverA transaction type that is a closing transaction for a short sell and which creates a closed lotBuys-to-Cover is also a filter for displaying only buy-to-cover transactionsBuying PowerValue of margin eligible securities that may be purchased in a margin account. Determin

45、ed by doubling the sum of the cash held in the brokerage account and the loan value of margined securitiesC Call OptionA call option gives the owner the right, but not the obligation, to buy the underlying stock at a given price the strike price by a given time the expiration date. The owner of the

46、call is speculating that the underlying stock will go up in value, hence, increasing the value of the option. The purpose can be to speculate with the option hope it goes up and sell for a profit, to invest in the underlying stock at a locked in price if the stock price goes high enough, or to gener

47、ate income. Each option contract equals 100 shares of stock. For example, an AAA MAR 65 call, would give the owner the right to buy 100 shares of AAA at $65 strike price per share between now and the third Friday in March expiration dateCallableA security redeemable by the issuer before the schedule

48、d maturity. The issuer must pay the holder a premium price if the security is retired early. Most Corporate and Municipal Bonds are callable. US Government issues are generally not callable. They are called when interest rates fall so significantly that the bond issuer can save money by floating new bonds at the lower rate. The first call date is the date to or after which a specific call price will be offered by the issuer, usually a premium price to par, as an incentiv