ANS Time span covered by the financial statements; normallyone year, but may be a quarter,
month or some other time interval
6. Accrual
ANS Accounting recognition of revenue or expense in a period before cashis exchanged
7. Accrual Accounting
ANS Accounting system which recognizes revenues when earned and expenses when
incurred regardless of when the related cash is ex-changed
8. Adverse Opinion
ANS Opinion issued by a certified public accountant that meansone or more departures from
GAAP in a company's financial statements are so very material the auditors believe the
financial statements do not fairly representthe company's status
9. Adjusting Entry
ANS Entry that updates account balances prior to preparing financialstatements; a bookkeeping
tool. Adjusting entries never affect the Cash account
10. Allocations
ANS Recognizing expenses by systematically assigning the cost of anasset to periods of use
11. American Institute of CPA's
ANS National association that serves the education and professional interests of member of the
2/4
2 of 12 8/28/2024, 3:18
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller TIPSCORE. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.