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Asset
In financial accounting, an asset is an economic resource. Anything tangible or intangible that can be owned or controlled to produce value and that is held by a company to produce positive economic value is an asset. Simply stated, assets represent value of ownership that can be converted into cash (although cash itself is also considered an asset).[1] The balance sheet of a firm records the monetary[2] value of the assets owned by that firm. It covers money and other valuables belonging to an individual or to a business.[1] One can classify assets into two major asset classes: tangible assets and intangible assets. Tangible assets contain various subclasses, including current assets and fixed assets.[3] Current assets include inventory, while fixed assets include such items as buildings and equipment.[4] Intangible assets are nonphysical resources and rights that have a value to the firm because they give the firm some kind of advantage in the marketplace
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Going Concern
A going concern is a business that functions without the threat of liquidation for the foreseeable future, usually regarded as at least within 12 months. It implies for the business the basic declaration of intention to keep running its activities at least for the next year, which is a basic assumption to prepare financial statements considering the conceptual framework of the IFRS
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Governmental Accounting
Various governmental accounting systems are used by various public sector entities. In the United States, for instance, there are two levels of government which follow different accounting standards set forth by independent, private sector boards. At the federal level, the Federal Accounting Standards Advisory Board
Federal Accounting Standards Advisory Board
(FASAB) sets forth the accounting standards to follow. Similarly, there is the Governmental Accounting Standards Board (GASB) for state and local level government.Government Accounting can therefore be referred to as the process of recording and the management of all financial transactions incurred by the government which includes it's income and expenditures.Public vs. Private Accounting[edit] There is an important difference between private sector accounting and governmental accounting. The main reasons for this difference is the environment of the accounting system
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Annual Report
An annual report is a comprehensive report on a company's activities throughout the preceding year. Annual reports are intended to give shareholders and other interested people information about the company's activities and financial performance. They may be considered as grey literature. Most jurisdictions require companies to prepare and disclose annual reports, and many require the annual report to be filed at the company's registry
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Economic Entity
In accounting, an economic entity is one of the assumptions made in generally accepted accounting principles. Basically, any organization or unit in society can be an economic entity. Examples of economic entities are hospitals, companies, municipalities, and federal agencies. The " Economic entity assumption" states that the activities of the entity are to be kept separate from the activities of its owner and all other economic entities.[1] See also[edit]Piercing the corporate veilReferences[edit]^ Jerry J. Weygandt (2005). Hospitality Financial Accounting. John Wiley & Sons. pp. 41–. ISBN 978-0-471-27055-3. This economics-related article is a stub
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Profit (accounting)
Profit, in accounting, is an income distributed to the owner in a profitable market production process (business). Profit is a measure of profitability which is the owner’s major interest in income formation process of market production. There are several profit measures in common use. Income formation in market production is always a balance between income generation and income distribution. The income generated is always distributed to the stakeholders of production as economic value within the review period. The profit is the share of income formation the owner is able to keep to himself/herself in the income distribution process. Profit is one of the major sources of economic well-being because it means incomes and opportunities to develop production
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Unit Of Account
A unit of account in economics is a nominal monetary unit of measure or currency used to represent the real value (or cost) of any economic item; i.e. goods, services, assets, liabilities, income, expenses. It is one of three well-known functions of money.[1] It lends meaning to profits, losses, liability, or assets. A unit of account in financial accounting refers to the words that are used to describe the specific assets and liabilities that are reported in financial statements rather than the units used to measure them.[2] Unit of account and unit of measure are sometimes treated as synonyms in financial accounting and economics.[2] Historically, prices were often given in a dominant currency used as a unit of account, but transactions actually settled by using a variety of coins that were available, and often goods, all converted into their value in the unit of account
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Social Accounting
Social accounting
Social accounting
(also known as social accounting and auditing, social accountability, social and environmental accounting, corporate social reporting, corporate social responsibility reporting, non-financial reporting or accounting) is the process of communicating the social and environmental effects of organizations' economic actions to particular interest groups within society and to society at large.[1] Social accounting
Social accounting
is commonly used in the context of business, or corporate social responsibility (CSR), although any organisation, including NGOs, charities, and government agencies may engage in social accounting. Social Accounting can also be used in conjunction with community-based monitoring (CBM). Social accounting
Social accounting
emphasises the notion of corporate accountability. D
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Statement Of Changes In Equity
A Statement of changes in equity and similarly the statement of changes in owner's equity for a sole trader, statement of changes in partners' equity for a partnership, statement of changes in Shareholders' equity for a Company
Company
or statement of changes in Taxpayers' equity[1] for Government financial statements is one of the four basic financial statements. The statement explains the changes in a company's Share Capital, accumulated reserves and retained earnings over the reporting period. It breaks down changes in the owners' interest in the organization, and in the application of retained profit or surplus from one accounting period to the next. Line items typically include profits or losses from operations, dividends paid, issue or redemption of shares, revaluation reserve and any other items charged or credited to accumulated other comprehensive income
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Auditing
An audit is a systematic and independent examination of books, accounts, statutory records, documents and vouchers of an organization to ascertain how far the financial statements as well as non-financial disclosures present a true and fair view of the concern. It also attempts to ensure that the books of accounts are properly maintained by the concern as required by law. Auditing has become such a ubiquitous phenomenon in the corporate and the public sector that academics started identifying an " Audit
Audit
Society".[1] The auditor perceives and recognises the propositions before them for examination, obtains evidence, evaluates the same and formulates an opinion on the basis of his judgement which is communicated through their audit report.[2] Any subject matter may be audited
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Amortization
Amortization (or amortisation; see spelling differences) is paying off an amount owed over time by making planned, incremental payments of principal and interest. To amortize a loan means "to kill it off".[1] In accounting, amortization refers to charging or writing off an intangible asset's cost as an operational expense over its estimated useful life to reduce a company's taxable income.[2][1]Contents1 Etymology 2 Applications of amortization 3 See also 4 References 5 External linksEtymology[edit] The word comes from Middle English amortisen to kill, alienate in mortmain, from Anglo-French amorteser, alteration of amortir, from Vulgar Latin
Vulgar Latin
admortire "to kill", from Latin
Latin
ad- and mort-, "death". Applications of amortization[edit]When used in the context of a home purchase, amortization is the process by which loan principal decreases over the life of a loan, typically an amortizing loan
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Accrual
Accrual (accumulation) of something is, in finance, the adding together of interest or different investments over a period of time. It holds specific meanings in accounting, where it can refer to accounts on a balance sheet that represent liabilities and non-cash-based assets used in accrual-based accounting. These types of accounts include, among others, accounts payable, accounts receivable, goodwill, deferred tax liability and future interest expense.[1]Contents1 Accruals in accounting1.1 Accrued revenue 1.2 Accrued expense2 Accruals in payroll2.1 Length of service 2.2 Trial period 2.3 Rollover/carry over3 Other uses 4 See also 5 References 6 External linksAccruals in accounting[edit] For example, a company delivers a product to a customer who will pay for it 30 days later in the next fiscal year, which starts a week after the delivery
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Bank Reconciliation
In bookkeeping, a bank reconciliation statement is a process that explains the difference on a specified date between the bank balance shown in an organization's bank statement, as supplied by the bank, and the corresponding amount shown in the organization's own accounting records.[1] Such differences may occur, for example, becausecheques issued by the organization have not been presented to the bank a banking transaction, such as a credit received, or a charge made by the bank, has not yet been recorded in the organization's books either the bank or the organization itself has made an error.Sometimes it may be easy to reconcile the difference by looking at very recent transactions in the bank statement and the organization's own accounting records (cash book) and seeing if some combination of them tallies with the difference to be explained
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Materiality (auditing)
Materiality is a concept or convention within auditing and accounting relating to the importance/significance of an amount, transaction, or discrepancy.[1] The objective of an audit of financial statements is to enable the auditor to express an opinion whether the financial statements are prepared, in all material respects, in conformity with an identified financial reporting framework such as Generally Accepted Accounting
Accounting
Principles (GAAP). As a simple example, an expenditure of ten cents on paper is generally immaterial, and, if it were forgotten or recorded incorrectly, then no practical difference would result, even for a very small business. However, a transaction of many millions of dollars is almost always material, and if it were forgotten or recorded incorrectly, then financial managers, investors, and others would make incorrect decisions as a result of this error
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Cash
In economics, cash is money in the physical form of currency, such as banknotes and coins. In bookkeeping and finance, cash is current assets comprising currency or currency equivalents that can be accessed immediately or near-immediately (as in the case of money market accounts). Cash
Cash
is seen either as a reserve for payments, in case of a structural or incidental negative cash flow or as a way to avoid a downturn on financial markets.Contents1 Etymology 2 History 3 Cashless society 4 See also 5 References 6 Further readingEtymology[edit] The English word "cash" originally meant "money box", and later came to have a secondary meaning "money". This secondary usage became the sole meaning in the 18th century
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International Standards On Auditing
International Standards on Auditing
Auditing
(ISA) are professional standards for the performance of financial audit of financial information. These standards are issued by International Federation of Accountants
International Federation of Accountants
(IFAC) through the International Auditing
Auditing
and Assurance Standards Board (IAASB)
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