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الجمعة، 15 مارس 2013

Auditing Dictionary of Terms part one

Auditing Dictionary of Terms

acceptance sampling is sampling to determine whether internal control compliance is greater than or less than the tolerable deviation rate.
accounting and review services are governed by official pronouncements covering compilation and review engagements. Compilation is presenting in the form of financial statements information that is the representation of management (owners) without expressing assurance. Review is inquiry and analytical procedures to provide the accountant a basis for expressing limited assurance that there are no material modifications that should be made to the statements for them to be in conformity with U.S. generally accepted accounting principles.
accounting data includes journals, ledgers and other records, such as spreadsheets, that support financial statements. It may be in computer readable form or on paper.
accounting estimate An approximation of a financial statement element. Estimates are included in historical financial statements because some amounts are uncertain pending outcome of future events and relevant data about events that have occurred cannot be accumulated on a timely, cost-effective basis.
accounting principles are alternative ways of reporting and disclosing information in financial statements and related footnotes.
accounts receivable Debts due from customers from sales of products and services reported as a current asset.
accounting records are the records of initial accounting entries and supporting records, such as checks and records of electronic fund transfers; invoices; contracts; the general and subsidiary ledgers; journal entries and other adjustments to the financial statements that are not reflected in journal entries; and records, such as work sheets and spreadsheets, supporting cost allocations, computations, reconciliations, and disclosures.
accounting research bulletins (ARBs) were issued years ago to set generally accepted accounting principles. Some have not been superseded by pronouncements of the Financial Accounting Standards Board. Those old pronouncements still qualify as generally accepted accounting principles.
adjusting entries are accounting entries made at the end of an accounting period to allocate items between accounting periods.
adverse An audit opinion that the financial statements as a whole are not in conformity with U.S. GAAP.
advisory services are a consulting service in which the CPA develops the findings, conclusions, and recommendations presented for client decision-making. This differs from attestation, where the CPA expresses a conclusion about a written assertion of another.
aggregate (aggregated) Constituting the whole. Aggregate expenses include expenses of all divisions combined for the entire year.
agreed-upon procedures An engagement where the client specifies procedures and the accountant agrees to perform those procedures. An accountant may accept an engagement to apply agreed-upon procedures to financial statement elements, where the scope of the engagement is not sufficient to express an opinion, if the users assume responsibility for sufficiency of the procedures, and use of the report is restricted to specified users.
aicpa American Institute of Certified Public Accountants. The professional organization of CPAs in the U.S. It is a private organization of CPAs, not an arm of the government. Each state issues CPA certificates, not the AICPA. Since each state makes its own laws, each state could prepare and grade their own CPA examination. However, each state uses the uniform CPA exam prepared and graded by the AICPA.
allocation Distribution according to a plan. Depreciation, amortization, and depletion are methods to allocate costs to periods benefited. 


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