The up to date version of this quick-reference short-entry dictionary defines greater than 2,500 accounting, auditing, compliance, and tax-related phrases. normal parts lined contain monetary accounting and reporting, managerial and price administration, auditing and monetary assertion research, compliance, and data expertise (IT) phrases. additionally integrated are many phrases from comparable enterprise disciplines that the accountant needs to understand, equivalent to finance, own finance, investments, web, economics, quantitative instruments, and overseas finance.
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A contingent asset may possibly emanate from a CONTINGENT legal responsibility. An instance of a contingent asset could be a profitable lawsuit claiming damages of one other social gathering. It can't be proven as an asset at the stability sheet since it violates conservatism. even though, footnote disclosure might be made. CONTINGENT attention a cost that's contingent upon targeted destiny occasions or transactions. CONTINGENT legal responsibility capability legal responsibility that could exist sooner or later reckoning on the result of a previous occasion. Examples are an adversarial tax courtroom determination, lawsuit, and notes receivable discounted. Footnote disclosure is needed of the conditions for attainable losses. observe that an envisioned legal responsibility will be booked provided that there's a possible loss. CONTINGENT condominium money in keeping with components except the passage of time. for instance, a apartment is contingent while the lessee needs to pay an additional quantity according to revenues or profitability. Footnote disclosure is made from the contingent apartment check and phrases. CONTINGENT RESERVE appropriation of retained gains for basic loss chances; also known as RESERVE FOR CONTINGENCIES. carrying on with ACCOUNT stability sheet account that's carried over from the former accounting interval (i. e. , asset, liabilities, and fairness accounts). carrying on with funding one maintained on a continual foundation, in accordance with a few plan, throughout one financial interval to the subsequent. carrying on with expert schooling (CPE) credit required in a few states for a CPA to proceed in perform. big apple initiated a CPE requirement starting September 1987. CPE credit can be earned via attending classes and seminars, educating, and doing examine. CONTINUITY accounting assumption that expects a enterprise to proceed in existence indefinitely; often known as GOING difficulty. it's the foundation for utilizing ancient expense to price bills instead of liquidation price because the corporation will stay in lifestyles. SAS quantity fifty nine bargains with the auditor’s attention of an entity’s skill to proceed as a going challenge. The auditor needs to appraise if major doubt exists of a client’s skill to proceed as a going obstacle for a interval no longer exceeding twelve months after the date of the monetary statements. If major doubt exists, there may be a separate explanatory paragraph of a going problem challenge after the unqualified opinion paragraph. non-stop AUDIT exam performed on a ordinary foundation during the accounting interval to realize and proper blunders and flawed accounting practices ahead of the reporting year-end. a continual audit additionally spreads the CPA’s paintings all year long. non-stop finances price range that rolls forward every month or interval with out regard to the monetary yr in order that a twelve-month or different periodic forecast is usually to be had. non-stop development (CI) unending attempt for development in the whole lot of the enterprise relative to all of its deliverables to its buyers; often known as Kaizen in jap. CONTRA ACCOUNT 1. aid to the gross fee of an asset to reach at its internet expense; often known as valuation allowance.