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Appendix F: Glossary

Overview​

This glossary provides definitions of key accounting, tax, and business terms used throughout this textbook, with translations in French, German, and English.

Format​

Each entry includes:

  • English term (primary)
  • French translation (FR)
  • German translation (DE)
  • Definition
  • Context/Usage

A​

Account / Compte / Konto​

A record in the chart of accounts used to classify and summarize transactions.

Accounting Cycle / Cycle Comptable / Buchungskreis​

The complete process of recording and processing accounting transactions from initial entry to financial statement preparation.

Accounts Payable / Comptes Fournisseurs / Verbindlichkeiten​

Amounts owed to suppliers for goods or services purchased on credit.

Accounts Receivable / Comptes Clients / Forderungen​

Amounts owed to the business by customers for goods or services sold on credit.

Accrual Basis / Comptabilité d'Exercice / Periodenrechnung​

Accounting method that records revenues and expenses when they are earned or incurred, regardless of when cash is received or paid.

Adjusted Trial Balance / Balance Vérifiée / Überprüfte Bilanz​

A trial balance prepared after adjusting entries have been recorded.

Amortization / Amortissement / Abschreibung​

The systematic allocation of the cost of an intangible asset over its useful life.

Annual Accounts / Comptes Annuels / Jahresabschluss​

Financial statements prepared at the end of each fiscal year, including balance sheet, income statement, and notes.

Assets / Actif / Aktiva​

Resources owned by a business that have economic value.

B​

Balance Sheet / Bilan / Bilanz​

Financial statement showing assets, liabilities, and equity at a specific point in time.

Bank Reconciliation / Réconciliation Bancaire / Bankabstimmung​

Process of matching bank statement with company records to identify discrepancies.

Book Value / Valeur Comptable / Buchwert​

The value of an asset as recorded in the accounting records (cost minus accumulated depreciation).

C​

Capital / Capital / Kapital​

Owner's investment in the business; equity.

Cash Basis / Comptabilité de Caisse / Kassenbuchhaltung​

Accounting method that records revenues and expenses when cash is received or paid.

Chart of Accounts / Plan Comptable / Kontenplan​

A list of all accounts used by a business to record transactions.

Closing Entries / Écritures de Clôture / Abschlussbuchungen​

Journal entries made at the end of an accounting period to transfer balances from temporary accounts to permanent accounts.

Cost of Goods Sold (COGS) / Coût des Marchandises Vendues / Wareneinsatz​

Direct costs attributable to the production of goods sold by a company.

Credit / Crédit / Haben​

Right side of an account; increases liabilities, equity, and revenue; decreases assets and expenses.

Current Assets / Actif Circulant / Umlaufvermögen​

Assets expected to be converted to cash or used within one year.

Current Liabilities / Passif Circulant / Kurzfristige Verbindlichkeiten​

Obligations due within one year.

D​

Debit / Débit / Soll​

Left side of an account; increases assets and expenses; decreases liabilities, equity, and revenue.

Depreciation / Amortissement / Abschreibung​

The systematic allocation of the cost of a tangible asset over its useful life.

Double-Entry Bookkeeping / Comptabilité en Partie Double / Doppelte Buchführung​

Accounting system where every transaction affects at least two accounts, maintaining the accounting equation balance.

E​

eCDF / eCDF / eCDF​

Electronic Collection of Financial Data - Luxembourg's platform for electronic filing of VAT returns and annual accounts.

Equity / Capitaux Propres / Eigenkapital​

Owner's interest in the business; assets minus liabilities.

Expense / Charge / Aufwand​

Costs incurred in the operation of a business.

F​

FAIA / FAIA / FAIA​

Fichier d'Audit Informatisé AED - Computerized audit file required by Luxembourg tax authorities (based on OECD SAF-T standard).

Financial Statements / États Financiers / Jahresabschluss​

Reports summarizing the financial position and performance of a business (balance sheet, income statement, cash flow statement).

Fiscal Year / Exercice Fiscal / Geschäftsjahr​

The 12-month period used for accounting and tax purposes.

Fixed Assets / Immobilisations / Anlagevermögen​

Long-term assets used in business operations (buildings, equipment, etc.).

G​

General Ledger / Grand Livre / Hauptbuch​

Complete record of all accounts and transactions.

Gross Profit / Bénéfice Brut / Rohertrag​

Revenue minus cost of goods sold.

I​

Income Statement / Compte de Résultat / Gewinn- und Verlustrechnung​

Financial statement showing revenues, expenses, and net income over a period.

Input VAT / TVA Récupérable / Vorsteuer​

VAT paid on purchases that can be recovered from VAT collected on sales.

Inventory / Stock / Lagerbestand​

Goods held for sale or materials used in production.

J​

Journal / Journal / Journal​

Chronological record of all transactions.

Journal Entry / Écriture Comptable / Buchungssatz​

Record of a transaction showing accounts debited and credited.

L​

Ledger / Livre / Buch​

Collection of accounts showing all transactions affecting each account.

Liability / Passif / Passiva​

Obligations owed by the business.

Liquidity / Liquidité / Liquidität​

Ability to convert assets to cash quickly.

N​

Net Income / Résultat Net / Nettogewinn​

Total revenue minus total expenses; profit.

Net Profit / Bénéfice Net / Reingewinn​

See Net Income.

P​

PCN / PCN / PCN​

Plan Comptable Normalisé - Luxembourg's standardized chart of accounts (PCN 2020 is current version).

Posting / Report / Übertragung​

Process of transferring journal entries to ledger accounts.

Prepaid Expense / Charge Constatée d'Avance / Rechnungsabgrenzungsposten​

Expense paid in advance but not yet incurred.

Profit / Profit / Gewinn​

Excess of revenue over expenses.

Provision / Provision / Rückstellung​

Liability of uncertain amount or timing.

R​

RCS / RCS / RCS​

Registre de Commerce et des Sociétés - Luxembourg's commercial register where companies must file annual accounts.

Revenue / Chiffre d'Affaires / Umsatz​

Income earned from business operations.

S​

SARL / SARL / SARL​

Société à Responsabilité Limitée - Limited Liability Company (LLC) in Luxembourg.

SA / SA / AG​

Société Anonyme - Public Limited Company (Corporation) in Luxembourg.

SNC / SNC / OHG​

Société en Nom Collectif - General Partnership in Luxembourg.

Social Charges / Charges Sociales / Sozialabgaben​

Employer and employee contributions to social security, health insurance, and pension systems.

Statement of Cash Flows / Tableau des Flux de Trésorerie / Kapitalflussrechnung​

Financial statement showing cash inflows and outflows over a period.

T​

T-Account / Compte en T / T-Konto​

Visual representation of an account showing debits on left and credits on right.

Trial Balance / Balance / Probebilanz​

List of all account balances to verify that total debits equal total credits.

V​

VAT / TVA / MwSt​

Value Added Tax - Tax on the value added at each stage of production and distribution.

VAT Payable / TVA à Payer / Zu zahlende MwSt​

VAT collected on sales that must be paid to tax authorities.

VAT Recoverable / TVA Récupérable / Vorsteuer​

See Input VAT.

W​

Working Capital / Fonds de Roulement / Working Capital​

Current assets minus current liabilities; measure of short-term liquidity.

Luxembourg-Specific Terms​

Cetrel / Cetrel / Cetrel​

Luxembourg payment card processing system (now part of Worldline).

Commission des Normes Comptables (CNC) / Commission des Normes Comptables / Rechnungslegungskommission​

Luxembourg's accounting standards board responsible for PCN.

Fiduciaire / Fiduciaire / Treuhänder​

Licensed accounting firm in Luxembourg providing accounting and tax services.

Guichet.lu / Guichet.lu / Guichet.lu​

Luxembourg's official government portal for business information and services.

Impôt Commercial / Impôt Commercial / Gewerbesteuer​

Municipal business tax in Luxembourg.

Ordre des Experts-Comptables (OEC) / Ordre des Experts-Comptables / Kammer der Wirtschaftsprüfer​

Professional organization of certified public accountants in Luxembourg.

Usage Notes​

  • Terms are listed alphabetically in English
  • French and German translations are provided for key terms
  • Some terms may have multiple translations; the most common is listed
  • Luxembourg-specific terms are included in a separate section
  • This glossary focuses on terms used in this textbook
  • For comprehensive accounting dictionaries, consult professional resources

Resources​

Multilingual Accounting Dictionaries​

Luxembourg Official Sources​