A ratio used to indicate the number of times a COMPANY’s average inventory is sold during an accounting period. Labor costs for production-related activities that cannot be connected with or conveniently and economically traced to a specific end product. Any cost that cannot be conveniently and economically traced to a accounting define specific department; a manufacturing cost that is not easily traced to a specific product and must be assigned using an allocation method. This is the private sector standard-setting body governing the independence of AUDITORs from their public company clients.
- Reporting designed to assist management in decision-making, planning, and control.
- Right to purchase or sell a specified number of shares of stock at specified prices and times.
- A complete and final set of audit documentation should be assembled for retention as of a date not more than 45 days after the report release date.
- The system of accounting helps to ensure that a company’s financial statements are legally and accurately reported.
- However, lenders also typically require the results of an external audit every year as part of their debt covenants.
Discount Bond
Buying or selling a SECURITY to create a false appearance of active trading and thus influence other investors to buy or sell shares. Reporting designed to assist management in decision-making, planning, and control. Form of doing business combining LIMITED LIABILITY for all owners (called members) with taxation as a PARTNERSHIP. An LLC is formed by filing ARTICLES OF ORGANIZATION with an appropriate state official. Owner of property, the temporary use of Online Bookkeeping which is transferred to another (LESSEE) under the terms of a LEASE. Individual or firm that extends money to a borrower with the expectation of being repaid, usually with INTEREST.
Unamortized Bond Discount
- Anyone with the right skills, training, or education can take on the job.
- Valuation determined by applying data inputs to a valuation theory or model.
- It participates with the FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) and the GOVERNMENT ACCOUNTING STANDARDS BOARD (GASB) in establishing accounting principles.
- Accounting is the process of recording, summarizing, and reporting financial transactions to provide useful information for decision-making.
- Agreement between DEBTOR and CREDITOR which amends the terms of a DEBT that has little chance of being paid in accordance with its contractual terms.
- It is a designation that is considered challenging to obtain, with exact requirements varying from state to state.
Fixed Asset – Any tangible ASSET with a life of more than one year used in an entity’s operations. ACCOUNTING method of valuing INVENTORY under which the costs of the first goods acquired are the first costs charged to expense. Circumstance where a business receives more money from a factor than the value of the RECEIVABLES, which is a loan against inventory in anticipation of future sales. An AUDITOR that has a reasonable understanding of audit activities and has studied the company’s industry as well as the accounting and auditing issues relevant to the industry.
GAAP
A material that will become part of a finished product and can be easily and economically traced to specific product units. The labor cost is for specific work that can be easily and economically traced to an end product. A complete and explicit statement of an economic entity’s financial activities and holdings. Financial instruments whose value varies with the value of an underlying asset (such as a stock, BOND, commodity or currency) or index such as interest rates. Financial instruments whose characteristics and value depend on the characterization of an underlying instrument or asset. Qualified child care expenses will allow a taxpayer this computed credit against tax.
Limited Liability Company (LLC)
The average number of days required to sell the current inventory of products available for sale. It is found by dividing the number of days in a year by inventory turnover. Auditing standards encompass the auditor’s professional qualities, as well as his net sales or her judgment in performing an AUDIT and in preparing the AUDITORS’ REPORT. Application of an AUDIT procedure to less than 100% of the items within an account BALANCE or class of transactions for the purpose of evaluating some characteristic of the balance or class. An economic resource that is expected to be of benefit in the future.