The value of resources that are used to complete an activity. Refer to economic cost.

A statement that must be true no matter what changes.

Basic assuptions that determine transaction methods.

All the records about a company and its assets. They are used in audits and financial reviews.

A change in rules that go beyone standard practices. It keeps the economies on a national level. It is used to help globalize standard practices.

Separating a companies accounts so cost and profits with each can be used individually.

The term for financial accounting standards in the UK.

The connection beween unpaid bills and the companies total debt. If its high more funds should be borrowed. This is reported per accounting period.

Trade credit created by a company when it permits a client to pay in the future for goods or services that have already been delivered by the company. A client company is

The connection between unpaid sales and the sales profit. If its hight than cash is being tied up. The formula uses accounts recieveable and sales revenue.

The way of showing which customers pay on time and which don’t. How far behind is also added to this calculation. It is used to collect debts and establish credit.

Certification in a subject. It ensures integrity of an agency and is awarded to organizations as well.

A periodic increase in the value of an ASSET or LIABILITY originally issued, granted, or sold at a discount to FACE VALUE. In general, the contract will increase on a straightline basis

How a company or asset grow due to the addition of an external source. It is used to expand company size.

A general accounting method that reports income when it is earned and expenses when they are incurred. See also CASH BASIS.

The interest on a BOND or LOAN that has been earned but not yet paid. Interest payable/receivable accumulates between COUPON payment periods; once a periodic interest payment is made, accrued interest reverts

Profit earned in current period but will be collected in the next period. AKA unrealized revenue.

In marine insurance when the value of goods is increased if shipments accumulate without an insured parties knowing.

A trust or mutual fund when divident income is reinvested to increase the amount of the total investment.

Honestly agreeing and practicing standards of due diligence. Financial statements are verified for correctness. Refer to precise.