- Industri: Accounting
- Number of terms: 7464
- Number of blossaries: 0
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pending, ex. a request for ticket is ''pending need'', this is request has not been fulfilled yet, or 'pending tax'', tax that hasn't been paid yet.
Industry:Accounting
An allowance for daily expenses. Often used to reimburse employees for estimated expenses as opposed to accounting for each small component of the expenses.
Industry:Accounting
includes items of continuing accounting significance, such as the analysis of balance sheet accounts and contingencies. Such information from a prior year is used in the current audit and updated each year. Sometimes called the continuing file.
Industry:Accounting
An inventory accounting system updated for each addition to inventory and each issuance from inventory, so the records indicate the exact quantity on hand at any moment. The alternative is a periodic inventory system where actual inventory on hand is determined only once a year.
Industry:Accounting
of individuals present assets and liabilities at estimated current value on an individual's balance sheet (statement of financial condition). A statement of changes in net worth presents major changes in net worth during a period. The accrual basis is used for assets and liabilities, which are presented in order of liquidity and maturity, without classification as to current and noncurrent. The cash value of life insurance less the amount of loans against it is an asset. Deferred income tax on the difference between the income tax basis and estimated current values is presented between liabilities and equity.
Industry:Accounting
An action, such as a step performed as part of an audit program or as part of the client's internal controls.
Industry:Accounting
An internal control included in computer software designed to assure that all transactions are handled as authorized and none omitted or added.
Industry:Accounting
The portion of an entity that acquires resources and converts them to the product or service for customers.
Industry:Accounting
