firm meaning in accounting
Payment by a business entity to its owners of items such as cash ASSETS, stocks, or earnings. A red herring is not an offer to sell or the solicitation of an offer to buy. (May be referred to as work papers or working papers). Total number of stock shares, bonds, or COMMODITIES futures contracts traded in a particular period. Confirm that the auditor's understanding of the process is complete by determining whether all points in the process at which misstatements related to each relevant financial statement assertion that could occur have been identified. Usually paid through quarterly installments. A technique for analyzing FINANCIAL STATEMENTS that involves the computation of changes in both dollar amounts and percentages from the previous year to the current year. A discount that is given to a buyer for early payment for a sale made on CREDIT. 1. the most important business state in the nation. A taxpayer, whether business or individual, must file a request on a form. ASSET that one can reasonably expect to convert into cash, sell, or consume in operations within a single operating cycle, or within a year if more than one cycle is completed each year. Decline in the prices of goods and services. Convert a schedule of INCOME into a principal amount, called capitalized value, by dividing by a rate of INTEREST. Short-term (generally less than three months), highly liquid INVESTMENTS that are convertible to known amounts of cash. A percentage used to determine the amount of DEPRECIATION to be recorded each ACCOUNTING period for the straight-line method. Federal law enacted in 1971 giving persons the right to see their credit records at credit reporting bureaus. Series of payments, usually payable at specified time intervals. Form of doing business pursuant to a charter granted by a state or federal government. Rate of return that a business could earn if it chose another investment with equivalent risk. Join A formal STATEMENT summarizing the flow of all manufacturing costs incurred during an accounting period. Money or property put into the custody of a third party for delivery to a GRANTEE, only after fulfillment of specified conditions. Similar to EQUITY, the excess of ASSETS over LIABILITIES. BUSINESS COMBINATION that occurs when one entity directly acquires the ASSETS and LIABILITIES of one or more entities and no new corporation or entity is created. EXPENDITURES for making good or whole the portions of property that have deteriorated through use or have been destroyed through accident. A FINANCIAL STATEMENT for external reporting that presents only the major categories of information. Person or entity that has the right to use property under the terms of a LEASE. BOND which accords an issuer the right to redemption before it is due. The ability of each partner in a COMPANY to act as an agent of the company. METHOD OF REVENUE RECOGNITION which recognizes profits after costs are completely recovered. It is a high level of assurance. In the year in which the trust distributes its corpus, it loses its classification as a simple trust. It is used extensively throughout the audit and often is complementary to performing other procedures. Commonly called a MUTUAL FUND, this is a domestic corporation that acts as an investment agent for its shareholders by typically investing in government and corporate securities and distributing the DIVIDENDS andINTEREST income earned from such investments. In any one given accounting period, you should try to match the revenue you are reporting with the expenses it took to generate that revenue in the same time period, or over the periods in which you will be receiving benefits from that expenditure. Available money on hand to pay bills when they are due and to take care of unexpected needs for CASH. Resource Center, Becoming 1. significant matters; Tax imposed to back up the regular income tax imposed on CORPORATION and individuals to assure that taxpayers with economically measured income exceeding certain thresholds pay at least some income tax. COMPANY officer responsible for the receipt, custody, INVESTMENT, and DISBURSEMENT of funds, for borrowings, and, if it is a public company, for the maintenance of a MARKET for its securities. Awards made under an arrangement that is subject to shareholder approval are not deemed to be granted until that approval is obtained unless approval is essentially a formality (or perfunctory), for example, if management and the members of the board of directors control enough votes to approve the arrangement. Any kind of transferable certificate of ownership including EQUITY SECURITIES and DEBT SECURITIES. The simplest form of an ACCOUNT, shaped like the letter T, in which increases and decreases in the account can be recorded. The non technical term used by some to describe any cash or other property that is received in exchange of property that would be otherwise nontaxable. The point at which TOTAL REVENUES equals TOTAL COSTS. NET pretax profits as a percentage of NET SALES. These are a set of rules intended to be a single comprehensive set of rules to govern the capitalization, or inclusion in INVENTORY of direct and indirect cost of producing, acquiring and holding property. Tests directed toward the design or operation of an internal control structure policy or procedure to assess its effectiveness in preventing or detecting material misstatements in a financial report. The amount deposited is not subject to income tax. Change in EQUITY of a business enterprise during a period from transactions and other events and circumstances from sources not shown in the income statement. The TAX that an incorporated business must pay to the federal government and, often, to state and city governments as well. Recurring financial activities reflected in the accounting records in the normal course of business. Amount of tax LIABILITY a taxpayer may expect to pay for the current tax period. ACCOUNT on the books of a lending institution recognizing INTEREST deducted in advance and which will be taken into INCOME as earned over the life of the LOAN. and exclusively for NYSSCPA members.
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