Greg is a new NINJA CPA Blogger. HiYa! My name is Greg. Let me tell you a little bit about myself. I graduated college with my bachelors in accounting in 2004. Took 6 months off (not by choice) and spent that time going on interviews to try to get my first real job. Six months
An accounting change is a change in (1) an accounting principle, (2) an accounting estimate, or (3) the reporting entity. The correction of an error in previously issued financial statements is not an accounting change. FASB ASC 250-10-20
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Financial Accountability is the obligation to explain one’s actions or to justify what one does. Accountability is one of the primary objectives of financial reporting. It is information about how management discharged its stewardship responsibility to owners or to the citizenry regarding the use of resources entrusted to it. “Accountability requires governments to answer to
An account balance is a dollar amount appearing on financial statements. An account balance is a control account composed of many constituent items (e.g., accounts receivable control account represents the sum of all individual accounts receivable, sales represents the sum of hundreds of sales invoices).
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An accord is an agreement between the parties to a contract to permit some different performance to replace the original promised performance. Accord alone does not discharge (end) the contractual obligation; accord and satisfaction (carrying out the accord) discharges the obligation. An accord usually refers to the settlement of a disputed contract.
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Data Access Time is the amount of time it takes for a computer or peripheral device to seek out and find data, i.e., the amount of time to retrieve data from memory or storage.
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Audit Client Acceptance: CPA firms should establish policies and procedures for determining the acceptance of a client to minimize the risk of being associated with a client whose management lacks integrity.
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Contract Acceptance is the agreement of the offeree to the proposal (the offer) of the offeror. It may be either oral or written and must conform to all the terms of the offer (“mirror image” rule) (U.C.C. 2-207). Acceptance provides an exception for nonmaterial terms in contracts between merchants. Any reply to an offer that
The accelerator theory states that changes in investment are related to changes in national income. As national income increases, investment must increase to increase capacity to produce consumer goods. The increase in investment will be a multiple of the increase in sales. The accelerator theory is a macroeconomic concept.
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Absorption costing is a method of costing in which fixed costs are treated as a product cost and assigned to the units produced. Fixed costs follow the units through work-in-process and finished goods as an inventoriable cost and are expensed through cost of goods sold when the units are sold. Absorption costing is required by
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