Term
|
Definition
| Method that records greater depreciation than straight-line depreciation in the early years and less depreciation than straight-line in the later years of an asset’s holding period. |
|
|
Term
|
Definition
| Formal record that represents, in words, money or other unit of measurement, certain resources, claims to such resources, transactions or other events that result in changes to those resources and claims. |
|
|
Term
|
Definition
| Amount owed to a creditor for delivered goods or completed services |
|
|
Term
|
Definition
| Claim against a debtor for an uncollected amount, generally from a completed transaction of sales or services rendered. |
|
|
Term
|
Definition
| Formal document that communicates an independent accountant’s: (1) expression of limited assurance on financial statements as a result of performing inquiry and analytic procedures (Review Report); (2) results of procedures performed (Agreed-Upon Procedures Report); (3) non-expression of opinion or any form of assurance on a presentation in the form of financial statements information that is the representation of management (Compilation Report); or (4) an opinion on an assertion made by management in accordance with the Statement on Standards for Attestation Engagements (Attestation Report). An accountant’s report does not result from the performance of an audit. |
|
|
Term
|
Definition
| Recording and reporting of financial transactions, including the origination of the transaction, its recognition, processing, and summarization in the financial statements. |
|
|
Term
|
Definition
| Change in (1) an accounting principle; (2) an accounting estimate; or (3) the reporting entity that necessitates disclosure and explanation in published financial reports. |
|
|
Term
| Accounting Principles Board (APB) |
|
Definition
| Senior technical committee of the American Institute of Certified Public Accountants (AICPA) which issued pronouncements on accounting principles from 1959-1973. The APB was replaced by the Financial Accounting Standards Board (FASB). |
|
|
