- Types:
- show 15 types...
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control account
an account that shows totals of amounts entered in a subsidiary ledger
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accounting entry, entry, ledger entry
a written record of a commercial transaction
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credit side
account of payments received; usually the right side of a financial statement
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debit side
account of payments owed; usually the left side of a financial statement
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accrual basis
a method of accounting in which each item is entered as it is earned or incurred regardless of when actual payments are received or made
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cash basis
a method of accounting in which each item is entered as payments are received or made
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pooling of interest
an accounting method used in the merging of companies; the balance sheets are added together item by item; this method is tax-free
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audit, audited account
an inspection of the accounting procedures and records by a trained accountant or CPA
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limited review, review
(accounting) a service (less exhaustive than an audit) that provides some assurance to interested parties as to the reliability of financial data
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financial audit
an attestation that the client's financial statement is accurate
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adjusting entry
an accounting entry made at the end of an accounting period to allocate items between accounting periods
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credit, credit entry
an accounting entry acknowledging income or capital items
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debit, debit entry
an accounting entry acknowledging sums that are owing
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limited audit
an audit of limited scope (limited in time span or confined to particular accounts etc.)
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analytical review
an auditing procedure based on ratios among accounts and tries to identify significant changes
