Encyclopedia

(1) Procedures performed by underwriters in connection with the issuance of a SECURITIES EXCHANGE COMMISSION (SEC) registration statement. These procedures involve questions […]

Wages, salaries, professional fees, and other amounts received as compensation for services rendered.

Compensation arrangement, generally in writing, used by employers in addition to salary or wages. Some plans such as group term life insurance, […]

A document whereby the AUDITOR identifies all significant findings or issues. The document should be as specific as necessary in the circumstances […]

Equity. The difference between a company’s Assets and Liabilities. It shows how much money the owners have invested or re-invested in the company.

Expense. Any money spent by the business, most often for goods or services.

Official promulgations, known as STATEMENTS OF FINANCIAL ACCOUNTING STANDARDS, by the FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) which are part of GENERALLY ACCEPTED […]

Presentation of financial data including BALANCE SHEETS, INCOME STATEMENTS and STATEMENTS OFCASH FLOW, or any supporting statement that is intended to communicate […]

Fixed Assets. Assets that will provide benefits to a company for more than one year, such as real estate, land, or expensive machinery […]

Fixed Cost. An expense that is not usually affected by changes in Revenue. For example, rent and admin salaries tend not to change […]