Encyclopedia

A Misstatement is Inconsequential If a reasonable person would conclude after considering the possibility of further undetected misstatements that the misstatement either […]

Any reimbursement or other expense allowance arrangement of an employer that meets all of the following requirements (therefore excluding it from gross […]

Formal document that communicates an independent accountant’s: (1) expression of limited assurance on FINANCIAL STATEMENTS as a result of performing inquiry and […]

Accounting: The process of recording, classifying, summarizing, and interpreting financial transactions.

Recording and reporting of financial transactions, including the origination of the transaction, its recognition, processing, and summarization in the FINANCIAL STATEMENTS.

Senior technical committee of the AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS (AICPA) which issued pronouncements on accounting principles from 1959-1973. The APB […]

Accounts Payable. The amount of money a company owes but has not yet paid to creditors (vendors, suppliers, etc.) after goods and/or services […]

Accounts Payable (A/P): Money a business owes to its suppliers or creditors.

Accounts Receivable. The amount of money owed to the company by customers or clients after goods or services have been sold.

Accounts Receivable (A/R): Money owed to a business by its customers for goods or services sold.