Accrual Accounting
The attempt to record the financial effects of transactions and other events in the periods in which those transactions or events occur rather than only in the periods in which ... Read MoreRead More
The attempt to record the financial effects of transactions and other events in the periods in which those transactions or events occur rather than only in the periods in which ... Read MoreRead More
Accrual Basis: Accounting method where revenues and expenses are recorded when they are earned or incurred, not when cash changes hands. ... Read MoreRead More
Accrued Expenses. If an invoice has not been received from a vendor, this is the estimated amount of money that a company owes creditors ... Read MoreRead More
Total DEPRECIATION pertaining to an ASSET or group of assets from the time the assets were placed in services until the date of the FINANCIAL STATEMENT or tax return. This ... Read MoreRead More
Mathematician employed by an insurance company to calculate PREMIUMS, RESERVES, DIVIDENDS, and insurance, PENSION, and ANNUITY rates, using risk factors obtained from experience tables. ... Read MoreRead More
After a taxpayer’s basis in property is determined, it must be adjusted upward to include any additions of capital to the property and reduced by any returns of capital to ... Read MoreRead More
Gross income reduced by business and other specified expenses of individual taxpayers. The amount of adjusted gross income affects the extent to which medical expenses, non business casualty and theft ... Read MoreRead More
A trial balance prepared after all adjusting entries have been recorded and posted to the accounts. Should have equal credit and debit totals. ... Read MoreRead More
An accounting entry made into a subsidiary ledger called the General journal to account for a periods changes, omissions or other financial data required to be reported “in the books” ... Read MoreRead More
National professional membership organization that represents practicing CERTIFIED PUBLIC ACCOUNTANTS (CPAs). The AICPA establishes ethical and auditing standards as well as standards for other services performed by its members. Through ... Read MoreRead More