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Aicpa Accounting Glossary

Aicpa Accounting Glossary

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Published by Rafael Aleman

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Published by: Rafael Aleman on Nov 27, 2012
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AMERICAN INSTITUTE of CERTIFIED PUBLIC ACCOUNTANTSACCOUNTING GLOSSARY
A
Accelerated DepreciationMethod that records greater depreciation than straight-line depreciation in the early yearsand less depreciation than straight-line in the later years of an asset's holding period. (Seestraight-line depreciation.)AccountFormal record that represents, in words, money or other unit of measurement, certainresources, claims to such resources, transactions or other events that result in changes tothose resources and claims.Account PayableAmount owed to a creditor for delivered goods or completed services.Account ReceivableClaim against a debtor for an uncollected amount, generally from a completed transactionof sales or services rendered.AccountantIndividual who measures and reports economic events to help managers, investors, taxauthorities and others in making smart financial decisions. CPAs (Certified PublicAccountants) are qualified accountants who have passed the Uniform Certified PublicAccountant Examination and have met additional state education and experiencerequirements.Accountant's ReportFormal document that communicates an independent accountant's: (1) expression of limited assurance on financial statements as a result of performing inquiry and analyticprocedures (Review Report); (2) results of procedures performed (Agreed-UponProcedures Report); (3) non-expression of opinion or any form of assurance on apresentation in the form of financial statements information that is the representation of management (Compilation Report); or (4) an opinion on an assertion made bymanagement in accordance with the Statements on Standards for AttestationEngagements (Attestation Report). An accountant's report does not result from theperformance of an audit. (See auditor's report.)
 
AICPA: Accounting Glossary
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AccountingRecording and reporting of financial transactions, including the origination of thetransaction, its recognition, processing, and summarization in the financial statements.Accounting ChangeChange in (1) an accounting principle; (2) an accounting estimate; or (3) the reportingentity that necessitates disclosure and explanation in published financial reports.Accounting Principles Board (APB)Senior technical committee of the American Institute of Certified Public Accountants(AICPA) which issued pronouncements on accounting principles from 1959-1973. TheAPB was replaced by the Financial Accounting Standards Board (FASB).Accrual BasisMethod of accounting that recognizes revenue when earned, rather than when collected.Expenses are recognized when incurred rather than when paid.Accumulated DepreciationTotal depreciation pertaining to an asset or group of assets from the time the assets wereplaced in services until the date of the financial statement or tax return. This total is thecontra account to the related asset account.Additional Paid in CapitalAmounts paid for stock in excess of its par value or stated value. Also, other amountspaid by stockholders and charged to equity accounts other than capital stock.Adverse OpinionExpression of an opinion in an auditor's report which states that financial statements donot fairly present the financial position, results of operations and cash flows inconformity with generally accepted accounting principles (GAAP).Affiliated CompanyCompany, or other organization related through common ownership, common control of management or owners, or through some other control mechanism, such as a long-termlease.
 
AICPA: Accounting Glossary
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American Institute of Certified Public Accountants (AICPA)The American Institute of Certified Public Accountants is the national, professionalorganization for all Certified Public Accountants. Its mission is to provide members withthe resources, information, and leadership that enable them to provide valuable servicesin the highest professional manner to benefit the public as well as employers and clients.In fulfilling its mission, the AICPA works with state CPA organizations and givespriority to those areas where public reliance on CPA skills is most significant.AnalystPerson who evaluates and interprets public company financial statements.Analytical ProceduresSubstantive tests of financial information which examine relationships among data as ameans of obtaining evidence. Such procedures include: (1) comparison of financialinformation with information of comparable prior periods; (2) comparison of financialinformation with anticipated results (e.g., forecasts); (3) study of relationships betweenelements of financial information that should conform to predictable patterns based onthe entity's experience; (4) comparison of financial information with industry norms.Annual ReportReport to the stockholders of a company which includes the company's annual, auditedbalance sheet and related statements of earnings, stockholders' or owners' equity and cashflows, as well as other financial and business information.AnnuitySeries of payments, usually payable at specified time intervals.AuditThe inspection of a business or other organization’s accounting records and procedures.Done by a trained accountant from within the organization (internal audit) or by anoutsider (independent audit) for the purpose of verifying the accuracy and completenessof the records.Audit EngagementAgreement between a CPA firm and its client to perform an audit.AuditingSee
Audit
.

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