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1. Accounting raunovodstvo -is a service-based profession that provides reliable and relevant financial information useful in making decisions. Accounting also represents the process of recording, measuring, interpreting, and communicating financial data. 2. Accrual nastanak obveze - refers to the recognition of revenues or expenses at some time before cash has been transferred. Examples of accruals are accrued revenues (e.g., interest receivable) or accrued expenses (e.g., accrued rent expense). Accruals represent a concept of accrual (accrual basis) accounting. Recognition of revenues or expenses related to accruals is normally performed at the end of an accounting period by posting adjusting journal entries. 3. Allocation alokacija - is a process of assigning a portion of an entire amount to each of several accounting periods. Allocation includes the assignment of assets to expenses (e.g., recognizing depreciation on fixed assets) and the assignment of liabilities to revenues (e.g., recognizing unearned revenue as earned revenue) over several periods. 4. Accounts payable- This current liability account will show the amount a company owes for items or services purchased on credit and for which there was not a promissory note. This account is often referred to as trade payables (as opposed to notes payable, interest payable, etc.) 5. Accounts receivable - A current asset resulting from selling goods or services on credit (on account). Invoice terms such as (a) net 30 days or (b) 2/10, n/30 signify that a sale was made on account and was not a cash sale. 6. Amortization - The systematic allocation of the discount, premium, or issue costs of a bond to expense over the life of the bond.The systematic allocation of an intangible asset to expense over a certain period of time.The systematic reduction of a loan's principal balance through equal payment amounts which cover interest and principal repayment. 7. Assets imovina- Things that are resources owned by a company and which have future economic value that can be measured and can be expressed in dollars. Examples include cash, investments, accounts receivable, inventory, supplies, land, buildings, equipment, and vehicles. 8. Auditor's report - revizorsko izvjee- A written opinion of an independent certified public accountant that a company's financial statements are a fair representation of the company's financial performance and financial position. The auditor's report is required for each corporation whose stock is publiclytraded. 9. Annuity anuitet- A series of equal amounts at equal time intervals. Also see annuity due, annuity in advance, annuity in arrears, and ordinary annuity. 10. Assets- Imovina- Things that are resources owned by a company and which have future economic value that can be measured and can be expressed in dollars. Examples include cash, investments, accounts receivable, inventory, supplies, land, buildings, equipment, and vehicles. 11. Balance sheet - Bilanca- One of the main financial statements. The balance sheet reports the assets, liabilities, and owner's (stockholders') equity at a

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specific point in time, such as December 31. The balance sheet is also referred to as the Statement of Financial Position. 12. Board of directors Uprava- Individuals elected by the common stockholders of a corporation to represent the stockholders and to establish the policies of the corporation. The board of directors appoints the officers of the corporation and declares dividends for the common and preferred stock. 13. Bond Obveznica- A formal written promise to pay interest every six months and the principal amount at maturity. 14. Budget Budet- A detailed plan with dollar amounts. Examples of budgets used in business include the cash budget, sales budget, production budget, department budgets, the master budget, and the capital expenditures budget. Some budgets are designed to be flexible budgets, while others are static budgets. 15. Bookkeeping Knjigovodstvo- The recording of a company's transactions into the accounts contained in the general ledger. It is usually associated with the accounting tasks prior to the preparation of the trial balance. 16. Book value knjigovodstvena vrijednost - (also called carrying value) is the result of asset and related contra asset accounts offset. Book value is the difference between an asset account and corresponding contra asset account. For example, the book value of a building is its original cost less accumulated depreciation. 17. Basis point bazni poen - One hundredth (1/100) of a percentage point. In other words, one percentage point is equal to 100 basis points. The difference between an interest rate of 6.5% and 6.75% is 25 basis points. 18. Cash - A current asset account which includes currency, coins, checking accounts, and undeposited checks received from customers. The amounts must be unrestricted. 19. Cash account Blagajna- The general ledger account Cash that reports currency, coins, undeposited checks, and the checking accounts of a company. (Could also be a reference to a customer required to pay cash for purchases.) 20. Cash flow statement- izvjee o novanom toku- One of the main financial statements (along with the income statement and balance sheet). The statement of cash flows reports the sources and uses of cash by operating activities, investing activities, financing activities, and certain supplemental information for the period specified in the heading of the statement. 21. Chief executive officer (CEO) Predsjednik uprave - Usually the top ranking officer of the corporation who is charged with executing the policies set by the board of directors. 22. Chart of accounts Kontni plan- A listing of the accounts available in the accounting system in which to record entries. The chart of accounts consists of balance sheet accounts (assets, liabilities, stockholders' equity) and income statement accounts (revenues, expenses, gains, losses).The chart of accounts can be expanded and tailored to reflect the operations of the company. 23. Cost- Troak- In accounting, cost is defined as the cash amount (or the cash equivalent) given up for an asset. Cost includes all costs necessary to get an

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asset in place and ready for use. For example, the cost of an item in inventory also includes the item's freight-in cost. The cost of land includes all costs to get the land ready for its use. 24. Cashier's check - A check drawn on a bank. A cashier's check leaves no doubt that the funds represented by the check are real. A bank money order or a certified check would also assure the payee that the funds are in the bank. 25. Consignment - Sending merchandise to another party (an agent, consignee) in order to sell the merchandise. 26. Contribution margin doprinos pokria - The result of subtracting all variable expenses from revenues. It indicates the amount available from sales to cover the fixed expenses and profit. 27. Cost accounting - trokovno raunovodstvo - The accounting focused on determining the cost per unit of a manufacturer in order to value inventory and cost of goods sold. It is also used to determine unit costs of items processed in service businesses, such as a bank's cost to process a check or deposit. 28. Cost drivers uzronik troka -(also called activity bases or activity drivers) are activities that cause change of costs over a given period of time. Examples of cost drivers include direct labor hours, machine hours, and beds occupied. 29. Current assets tekua imovina - are cash and other resources that are reasonably expected to be realized in cash or sold or consumed within one year of the balance sheet date or the entity's operating cycle, whichever is greater. Current assets are presented in the assets section of the balance sheet. Examples of current assets include cash, accounts receivable, prepaid expenses, and other short-term assets. 30. Current liabilities - kratkorone obveze - are obligations that are reasonably expected to be paid from existing current assets or through the creation of other current liabilities. Current liabilities are presented in the liabilities section of the balance sheet. Examples of current liabilities include accounts payable, short-term notes payable, salaries payable, and short-term accrued expenses. 31. Creative accounting - is an attempt by management to manipulate transactions in order to produce required financial outcomes. 32. Debit Dugovna strana- The accounting term that means an entry will be made on the left side of an account. 33. Depreciation Amortizacija materijalna imovina- The systematic allocation of the cost of an asset from the balance sheet to depreciation expense on the income statement over the useful life of the asset. (The depreciation journal entry includes a debit to Depreciation Expense and a credit to Accumulated Depreciation, a contra asset account). The purpose is to allocate the cost to expense in order to comply with the matching principle. It is not intended to be a valuation process. In other words, the amount allocated to expense is not indicative of the economic value being consumed. Similarly, the amount not yet allocated is not an indication of its current market value. 34. Dividend dividenda - A distribution of part of a corporation's past profits to its stockholders. A dividend is not an expense on the corporation's income statement.

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35. Deferral odgoda - refers to the recognition of revenues or expenses at some time after cash has been transferred. Examples of deferrals are unearned revenue (e.g., unearned service revenue) or prepaid expenses (e.g., prepaid rent expense). Deferrals represent a concept of accrual (accrual basis) accounting. Recognition of revenues or expenses related to deferrals is normally performed at the end of an accounting period by posting adjusting journal entries. 36. Direct labor - troak direktnog rada -is the cost of wages for individuals who work on specific products, or in other words, the cost of wages of employees who are directly involved in converting raw materials into finished goods. Direct labor is included in manufacturing costs. 37. Employee reimbursement - Employee reimbursement occurs when an employee incurs business-related expenses on behalf of an employer and pays for them out of his or her pocket. The employer then reimburses the employee for such expenses. 38. Equity Kapital - The difference between assets and liabilities, such as stockholders' equity, owner's equity, or a nonprofit organization's net assets. Also used to indicate an owner's interest in a personal asset. For example, the owner of a $200,000 house with a $75,000 mortgage loan is said to have equity of $125,000. 39. Extraordinary loss- izvanredni rashod -A loss that is unusual in nature and infrequent in occurrence. This item is reported in a separate section of the income statement and is reported at an amount that is net of (reduced by) the associated reduction in income tax expense. 40. Financial statements Temeljna financijska izvjea - Usually financial statements refer to the balance sheet, income statement, statement of cash flows, statement of retained earnings, and statement of stockholders' equity.The balance sheet reports information as of a date (a point in time). The income statement, statement of cash flows, statement of retained earnings, and the statement of stockholders' equity report information for a period of time (or time interval) such as a year, quarter, or month. 41. Financial accounting financijsko raunovodstvo - provides information that is designed to satisfy the needs of external users of accounting information. Financial accounting information is developed using generally accepted accounting principles. Financial information is provided via financial statements which normally include the balance sheet, income statement, statement of changes in equity, statement of cash flows, and notes to financial statements. 42. Financial reporting financijsko izvjeivanje -is a process through which an entity communicates financial data to the public. Financial data includes information about the entity's financial position, operating performance, and cash flows. Financial reporting may be performed via financial statements (income statement, balance sheet, statement of changes in equity, cash flow statement, and notes to financial statements). 43. Fixed costs - fiksni trokovi- are expenses that remain constant in total as the level of activity (cost driver) changes within a relevant range. Examples of

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fixed costs include insurance and rent. Fixed cost per unit changes as the level of activity changes. 44. Gross profit Bruto profit - Net sales revenues minus the cost of goods sold. 45. Gross salaries bruto plaa -An employee's pretax compensation that is based on annual or monthly amounts rather than an hourly rate. 46. Goodwill - is the excess of the price paid for an entity (as a whole) over the value of all net assets purchased (i.e., value of assets less value of liabilities). Goodwill can only be recorded under the purchase method in a business combination. Goodwill is an intangible asset with an indefinite life. Goodwill is not amortized but is subject to a periodic impairment test. 47. Income Prihod - This term is used in several ways. Some use the word interchangeably with revenues. Others use the word to signify a net amount, such as income from operations (revenues minus expenses in the company's main operating activities). Still others use it when referring to nonoperating revenues, such as interest income. 48. Income statement Raun dobiti i gubitka - One of the main financial statements (along with the balance sheet, the statement of cash flows, and the statement of stockholders' equity). The income statement is also referred to as the profit and loss statement, P&L, statement of income, and the statement of operations. The income statement reports the revenues, gains, expenses, losses, net income and other totals for the period of time shown in the heading of the statement. If a company's stock is publicly traded, earnings per share must appear on the face of the income statement. 49. Incremental cost - The additional cost of an additional quantity. It is similar to marginal cost, except that marginal cost refers to the cost of the next unit. Incremental cost might be the additional cost from the next 200 units. 50. Indirect cost indirektni troak - A cost or expense that is not directly traceable to a department, product, activity, customer, etc. As a result indirect costs and expenses are often allocated to the department, product, etc. 51. Insolvent - The inability to pay liabilities as they become due. Some consider a company to be insolvent when its current liabilities exceed its current assets. 52. Inventory zalihe - A current asset whose ending balance should report the cost of a merchandiser's products awaiting to be sold. The inventory of a manufacturer should report the cost of its raw materials, work-in-process, and finished goods. The cost of inventory should include all costs necessary to acquire the items and to get them ready for sale 53. Interest kamata - is excess of money over the initial invested amount (principal). Interest is usually set as a percentage to the principal. Interest can also represent a charge that a lender levies on a borrower for using borrowed funds. In general, the amount of interest depends on the principal (P), interest rate (i), and time (n). 54. Journal - The record of journal entriesappearing in order by date. Some refer to the journal as the book of original entry, since the entries are first recorded in a journal. From the journal the entries will be posted to the designated accounts in the general ledger.

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55. Joint cost - A common cost. Often refers to the costs prior to the point where several products emerge from a common process. 56. Kiting - is an illegal practice of issuing checks to cover cash shortage when there is insufficient money. Kiting exploits the time it requires for a check to clear. 57. Ledger glavna knjiga-A "book" containing accounts. is a collection of all accounts an entity maintains in its accounting system. With the development of computerized accounting systems, ledgers are often in the form of electronic records (databases). 58. Liabilities- obveze - Obligations of a company or organization. Amounts owed to lenders and suppliers. Liabilities often have the word "payable" in the account title. Liabilities also include amounts received in advance for a future sale or for a future service to be performed. 59. Loss gubitak - The result of the sale of an asset for less than its carrying amount; the write-down of assets; the net result of expenses exceeding revenues. 60. Managerial accounting menadersko raunovodstvo -provides information that is useful in running a company by internal users. Such reporting is usually accomplished through custom designed reports. Managerial accounting information is not required to be in conformity with generally accepted accounting principles because such information is not provided to external users. 61. Mixed costs mjeoviti troak - (also called semivariable costs or semifixed costs) are costs that contain components of both variable and fixed cost behavior patterns. An example of a mix cost is retail office rent which includes a flat rent amount and an additional amount calculated as a percentage of the store's sales. 62. Marginal cost granini troak -The cost of the next unit. Is the change in total costs with a change in volume. For instance, when production of one additional unit results in a $20 increase in total costs, the marginal cost is $20. 63. Market share trini udio -A company's sales in a market as compared to the total sales in that market. For example, General Motors share of the U.S. market has decreased from more than 50% in the 1960's to its present market share of less than 30%. 64. Mortgage- hipoteka -A lien on real estate to protect a lender. The loan made with such security is referred to as a mortgage loan. 65. Net income (also called net profit or earnings) is the excess of revenues over expenses for an accounting period. 66. Noncontrollable costs nekontrolabilni trokovi - are costs that cannot be controlled by a manager on whom the responsibility of the cost is vested. Such costs are not influenced by the actions of a specific executive or employee. 67. Nonmonetary asset - Assets other than cash, accounts receivables, and notes receivables. Holders of nonmonetary assets could avoid holding losses during periods of inflation.

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68. Operating expenses Operativni trokovi- Operating expenses consist of selling and administrative expenses. Operating expenses are deducted from gross profit to arrive at income from operations. 69. Operating income - A company's profit before nonoperating or other items. Other or nonoperating items include interest income, interest expense, and gains and losses on sale of assets used in the business, loss on lawsuit, etc. 70. Opportunity cost- oportunitetni troak- The next best benefit foregone. The opportunity lost. Often measured as the contribution margingiven up by not doing an activity. 71. Outsourcing - Sending work to another organization instead of processing the work in-house. Often payroll is outsourced to a company that specializes in payroll processing. 72. Overdraws - A term that refers to a negative checking account balance. It arises when a company writes checks in excess of the amount it has on deposit in its checking account. 73. Overhead costs- opi trokovi-Usually refers to manufacturing overhead costs such as factory supplies, factory depreciation, indirect factory labor, etc. 74. Operating activities - are day-to-day business activities of a company which determine the company's net income. Examples of operating activities include selling goods, providing services, wages expenses, utility expenses, and taxes. 75. Petty cash - A current asset account that represents an amount of cash for making small disbursements for postage due, supplies, etc. 76. Prepaid expense- A current asset representing amounts paid in advance for future expenses. As the expenses are used or expire, expense is increased and prepaid expense is decreased. 77. Prime costs - The combination of direct materials and direct labor. 78. Profitability- profitabilnost - a word to describe whether a company is able to earn more revenues than expenses. 79. Profit center profitni centar - A division or department of a business whose managers are responsible for both revenues and expenses. 80. Profit margin - Net income divided by net sales. 81. Receipts primitak - Cash received. Receipts are different from revenues. 82. Reliability - A qualitative characteristic in accounting. It is achieved when information is verifiable, objective (not subjective) and you can depend on it. 83. Repairs and maintenance expense trokovi popravaka i odravanja - The costs incurred to bring an asset back to an earlier condition or to keep the asset operating at its present condition (as opposed to improving the asset). For example, if a company truck is damaged, the cost to repair the damage is immediately debited to repairs and maintenance expense. 84. Residual income (RI) - A division's operating income after deducting a charge for the cost of the corporation's capital being used by the division. 85. Return on investment (ROI) - A performance measure used to evaluate the efficiency of an investment or to compare the efficiency of a number of

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different investments. To calculate ROI, the benefit (return) of an investment is divided by the cost of the investment; the result is expressed as a percentage or a ratio. 86. Revenues prihod - Fees earned from providing services and the amounts of merchandise sold. Under the accrual basis of accounting, revenues are recorded at the time of delivering the service or the merchandise, even if cash is not received at the time of delivery. Often the term income is used instead of revenues. 87. Restricted cash - is cash not available for immediate use. Restricted cash cannot be used by an entity until a certain point or event in the future. 88. Retained earnings - form a component of owners' equity resulting from earning activities. Dividends are paid out from retained earnings. 89. Responsibility accounting raunovodstvo odgovornosti - is a method of managing costs by assigning profits, costs, income, and investments to organizational units. Profit centers are responsible only for profits. Cost centers are responsible only for costs. Investment centers are responsible for income (i.e., revenues and costs) and investments. 90. Quality costs Trokovi kvalitete - are costs incurred in preventing poor quality, assessing the level of quality, or because poor quality does actually exist. Quality cost categories include prevention, appraisal, and failure costs. 91. Quarterly report kvartalno izvjee- is a financial report issued every three months. Usually quarterly reports also have a business overview. 92. Quick asset - is a current asset that can quickly be converted into cash. Examples of current assets include cash, marketable securities (stocks, bonds), accounts receivable (adjusted for bad debt and write-offs), and certificates of deposit. Quick assets do not include such current assets as inventory and prepaid expenses. 93. Salaries - are periodic payments for employee services based on a monthly or yearly remuneration rate. 94. sole proprietorship obrtnik - A simple form of business where there is one owner. 95. spot price - The current price for a commodity or other item to be delivered immediately. 96. Stockholder dioniar- Also referred to as a shareholder. The owner of shares of stock in a corporation. Every corporation has common stock and those owners are known as common stockholders. Some corporations also issued preferred stock and those corporations will have both common stockholders and preferred stockholders. 97. Sunk cost - is a cost that has already been incurred and will not be changed or avoided in the future. Sunk costs are not relevant in making decisions about replacement of items associated with such costs. For example, the cost of equipment purchased in the past is a sunk cost. 98. Supplies - is an asset account used to keep track of supplies (e.g. pencils, paper). The supplies account is increased when new supplies are acquired and decreased when supplies are used or expensed (usually in a single

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adjusting entry at period end). Supplies normally represent a current asset in the assets section of the balance sheet. 99. T account T konto - is an individual accounting record that shows information about increases and decreases in one balance sheet or income statement account. 100. Tangible assets- materijalna imovina - are those which one can touch and include natural resources, machinery, tools, equipment, buildings and land, among others. Tangle assets have a useful life greater than one year. 101. Transfer price transferna cijena - The price at which one division or subsidiary of a company transfers products to another division or subsidiary of the company. 102. Traditional costing - The allocation of manufacturing overhead (indirect manufacturing costs) to products on the basis of a volume metric such as direct labor hours or production machine hours. 103. Useful life korisni vijek trajanja - is a term of service during which an asset is expected to provide benefits to a entity. This term is usually applied to fixed assets. 104. Utilities expense- this account reports the cost of the electricity, heat, sewer, and water used during the period indicated in the heading of the income statement. 105. Unearned revenue(s)- A liability account that reports amounts received in advance of providing goods or services. When the goods or services are provided, this account balance is decreased and a revenue account is increased. 106. Variable cost- varijabilni troak- is a cost that changes in direct proportion to changes in the level of activity (cost driver). Examples of variable costs include direct materials. 107. Variable cost pricing - is an approach to pricing which defines a cost base as all variable costs and excludes fixed manufacturing costs and fixed selling and administrative costs. 108. Variable expenses- Expenses that vary with some activity. For example, sales commissions expense and cost of goods sold will be greater when sales are greater; electricity expense will decrease when machine hours are reduced. 109. Wages - The compensation earned by employees who are paid on an hourly basis. 110. Withholdings Obustave- The term associated with payroll deductions from an employee's gross wages or gross salary.

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