Employee benefit plan authorized by Internal Revenue Code section 401(k), whereby an employer establishes an account for each participating employee and each participant elects to deposit a portion of his or her salary into the account. Tjhkaskaxhe amount deposited is not subject to income tax. This is the most common type of salary reduction plans.

A

A Misstatement is Inconsequential

If a reasonable person would conclude after considering the possibility of further undetected misstatements that the misstatement either individually or when aggregated with other misstatements would clearly be immaterial to theFINANCIAL STATEMENTS. If a reasonable person could not reach such a conclusion regarding a particular misstatement, that misstatement is more than inconsequential.

Abatement

Complete removal of an amount due, (usually referring to ataxABATEMENTapenaltyabatement or anINTERESTabatement within a governing agency).

Absorption Costing

An approach to product costing that assigns a representative portion of all types of manufacturing costs--direct materials, directlabor, variable factoryoverhead, and fixed factory overhead--to individual products.

Accelerated Depreciation

Method that records greaterDEPRECIATIONthanSTRAIGHT-LINE DEPRECIATIONin the early years and less depreciation than straight-line in the later years of anASSET'SHOLDING PERIOD.

Account

Formal record that represents, in words, money or otherunitof measurement, certain resources, claims to such resources, transactions or other events that result in changes to those resources and claims.

Account Payable

Amount owed to aCREDITORfor delivered goods or completed services.

Account Receivable

Claim against aDEBTORfor an uncollected amount, generally from a completedtransactionof sales or services rendered.

Accountable Plan

Any reimbursement or otherexpenseallowance arrangement of an employer that meets all of the following requirements (therefore excluding it from gross w-2EARNED INCOMEandtax): (1) it provides reimbursements advances or allowances including per diem and meals, to employees for any job related deductible business expense; (2) employees must be able to substantiate expenses covered in the plan; (3) employee mustreturnany excess advances or payments.

Accountant

Person skilled in the recording and reporting of financial transactions.

Accountants' Report

Formal document that communicates an independentaccountant's: (1) expression of limited assurance onFINANCIAL STATEMENTSas a result of performinginquiryand analytic procedures (REVIEWREPORT); (2) results of procedures performed (AGREED-UPON PROCEDURES REPORT); (3) non-expression of opinion or any form of assurance on a presentation in the form of financial statements information that is the representation ofmanagement(COMPILATION REPORT); or (4) an opinion on anassertionmade by management in accordance with the Statements on Standards for Attestation Engagements (ATTESTATION REPORT). Anaccountants' reportdoes not result from the performance of anAUDIT.

Accounting

Recording and reporting of financial transactions, including the origination of the transaction, its recognition, processing, and summarization in theFINANCIAL STATEMENTS.

Accounting Change

Change in (1) anaccountingprinciple; (2) an accounting estimate; or (3) the reporting entity that necessitatesDISCLOSUREand explanation in published financial reports.

Accounting Cycle

The sequence of steps followed in theaccountingprocess to measure business transactions and transform the measurements intoFINANCIAL STATEMENTSfor a specificperiod.

Accounting Principles Board (APB)

Senior technical committee of theAMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS (AICPA)which issued pronouncements onaccountingprinciples from 1959-1973. TheAPBwas replaced by theFINANCIAL ACCOUNTING STANDARDS BOARD (FASB).Employee benefit plan authorized by Internal Revenue Code section 401(k), whereby an employer establishes an account for each participating employee and each participant elects to deposit a portion of his or her salary into the account. The amount deposited is not subject to income tax. This is the most common type of salary reduction plans.

A

A Misstatement is Inconsequential

If a reasonable person would conclude after considering the possibility of further undetected misstatements that the misstatement either individually or when aggregated with other misstatements would clearly be immaterial to theFINANCIAL STATEMENTS. If a reasonable person could not reach such a conclusion regarding a particular misstatement, that misstatement is more than inconsequential.

Abatement

Complete removal of an amount due, (usually referring to ataxABATEMENTapenaltyabatement or anINTERESTabatement within a governing agency).

Absorption Costing

An approach to product costing that assigns a representative portion of all types of manufacturing costs--direct materials, directlabor, variable factoryoverhead, and fixed factory overhead--to individual products.

Accelerated Depreciation

Method that records greaterDEPRECIATIONthanSTRAIGHT-LINE DEPRECIATIONin the early years and less depreciation than straight-line in the later years of anASSET'SHOLDING PERIOD.

Account

Formal record that represents, in words, money or otherunitof measurement, certain resources, claims to such resources, transactions or other events that result in changes to those resources and claims.

Account Payable

Amount owed to aCREDITORfor delivered goods or completed services.

Account Receivable

Claim against aDEBTORfor an uncollected amount, generally from a completedtransactionof sales or services rendered.

Accountable Plan

Any reimbursement or otherexpenseallowance arrangement of an employer that meets all of the following requirements (therefore excluding it from gross w-2EARNED INCOMEandtax): (1) it provides reimbursements advances or allowances including per diem and meals, to employees for any job related deductible business expense; (2) employees must be able to substantiate expenses covered in the plan; (3) employee mustreturnany excess advances or payments.

Accountant

Person skilled in the recording and reporting of financial transactions.

Accountants' Report

Formal document that communicates an independentaccountant's: (1) expression of limited assurance onFINANCIAL STATEMENTSas a result of performinginquiryand analytic procedures (REVIEWREPORT); (2) results of procedures performed (AGREED-UPON PROCEDURES REPORT); (3) non-expression of opinion or any form of assurance on a presentation in the form of financial statements information that is the representation ofmanagement(COMPILATION REPORT); or (4) an opinion on anassertionmade by management in accordance with the Statements on Standards for Attestation Engagements (ATTESTATION REPORT). Anaccountants' reportdoes not result from the performance of anAUDIT.

Accounting

Recording and reporting of financial transactions, including the origination of the transaction, its recognition, processing, and summarization in theFINANCIAL STATEMENTS.

Accounting Change

Change in (1) anaccountingprinciple; (2) an accounting estimate; or (3) the reporting entity that necessitatesDISCLOSUREand explanation in published financial reports.

Accounting Cycle

The sequence of steps followed in theaccountingprocess to measure business transactions and transform the measurements intoFINANCIAL STATEMENTSfor a specificperiod.

Accounting Principles Board (APB)

Senior technical committee of theAMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS (AICPA)which issued pronouncements onaccountingprinciples from 1959-1973. TheAPBwas replaced by theFINANCIAL ACCOUNTING STANDARDS BOARD (FASB).

Question 7

1. Tag some ___widespread bookkeeping tenders____

2. Which accounting_____ tender you like the utmost and why_____?

3. Voice me roughly about GST_________

4. Pardon is a bank reunion speech_____?

5. Pardon is reckoning office________?

6. Pardon are fictitious monies_________?

7. Can you explain the_______ basic accounting equation______?

8. Could you repeat that is CMM______?

9. Pardon is the gist of_____ purchase return in accounting______?

10. I'm sorry is merchandising backing________?