|Disclaimer of opinion|
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Definition of Disclaimer of opinion
Disclaimer of opinion
An auditor's statement disclaiming any opinion regarding the company's financial
An auditor's opinion reflecting an unqualified acceptance of a company's financial statements.
An auditor's opinion reflecting the fact that the auditor was unable to audit certain areas
A practice prohibited by the SEC which involves attempts by a corporation to obtain
An auditor's opinion reflecting acceptance of a company's financial statements subject to
A flexible exchange rate system in which the government does not intervene.
Bond price excluding accrued interest.
The quoted newspaper price of a bond that does not include accrued interest.
The use of various forms of gimmickry to distort a company's true financial performance in order to achieve a desired result.
A characterization used by the Securities and Exchange
Administrative proceedings or litigation releases that entail an accounting or auditing-related violation of the securities laws.
Cumulative gains or losses reported in shareholders'
a discipline that focuses on the activities incurred during the production/performance process as the way to improve the value received
the present value of a finite stream of cash flows for every beginning $1 of cash flow.
Cash flow provided by operating
The pool factor implied by the scheduled amortization assuming no prepayemts.
Present value of $1 paid for each of t periods.
Present value of an annuity of $1 per period.
Also called surplus management, the task of managing funds of a financial
A subcommittee of a company's board of directors assigned the responsibility
A section of an annual report containing the auditor's opinion about the veracity of the
A short-term credit investment created by a non-financial firm and guaranteed by a
A bill of exchange, or draft, drawn by the borrower for payment on a specified date, and accepted by a chartered bank. Upon acceptance, the bill becomes, in effect, a postdated certified cheque.
Large and creditworthy company.
Blue Ribbon Committee on Improving the Effectiveness of Corporate Audit Committees
A committee formed in response to SEC chairman Arthur Levitt's initiative to improve the financial
Bottom-up equity management style
A management style that de-emphasizes the significance of economic
The process of ensuring that actual financial results are in line with targets – see variance
Cash flow from operations
A firm's net cash inflow resulting directly from its regular operations
A statement that shows where a company’s cash came from and where it went for a period of time, such as a year.
Cash Flow statement
A financial report that shows the movement in cash for a business during an accounting period.
CASH FLOWS FROM OPERATIONS
A section on the cash-flow Stockholders’ equity statement that shows how much cash came into a company and how much went out during the normal course of business.
Cash management bill
Very short maturity bills that the Treasury occasionally sells because its cash
An amount that would be accepted in lieu of a chance at a possible higher, but
Certified Management Accountant (CMA)
a professional designation in the area of management accounting that
Changes in Financial Position
Sources of funds internally provided from operations that alter a company's
chief financial officer (CFO)
Officer who oversees the treasurer and controller and sets overall financial strategy.
common-size income statement
Income statement that presents items as a percentage of revenues.
Common stock/other equity
Value of outstanding common shares at par, plus accumulated retained
Assets acquired to create money. May include plant, machinery and equipment, shares of another company etc.
company cost of capital
Expected rate of return demanded by investors in a company, determined by the average risk of the company’s assets and operations.
Related: Unsystematic risk
See asset-specific risk
computer-aided manufacturing (CAM)
the use of computers to control production processes through numerically
computer integrated manufacturing (CIM)
the integration of two or more flexible manufacturing systems through the use of a host computer and an information networking system
One of two parties to a conditional sale agreement, the other being the conditional seller.
A type of agreement to sell whereby a seller retains title to goods sold and delivered to a purchaser until full payment has been made.
Conditional Sale Agreement
An agreement entered into between a conditional buyer and a conditional seller setting out the terms under which goods change hands.
Conditional sales contracts
Similar to equipment trust certificates except that the lender is either the
One of two parties to a conditional sale agreement, the other being the conditional buyer.
A review of all engineering documentation used as the basis
Verifying that a delivered product matches authorizing
an external party that has been granted an outsourcing contract to produce a part or component for an entity
50% of the outstanding votes plus one vote.
An account maintained in the general ledger that holds the balance without the detail. The detail is maintained in a subsidiary ledger.
a graphical presentation of the results of a
the additional value inherent in the control interest as contrasted to a minority interest, which reflects its power of control
a cost over which a manager has the ability to authorize incurrence or directly influence magnitude
The profit made by a division after deducting only those expenses that can be controlled by the
the budget variance of the two variance approach to analyzing overhead variances
A service that provides for a single presentation of checks each day (typically in
Controlled foreign corporation (CFC)
A foreign corporation whose voting stock is more than 50% owned
The corporate manager responsible for the firm's accounting activities.
the chief accountant (in a corporation) who is responsible
Officer responsible for budgeting, accounting, and auditing.
the process of exerting managerial influence on
An annual statement filed by a life insurance company in each state where it does
Rules set by the Chicago Board of Trade for determining the invoice price of each
Corporate financial management
The application of financial principals within a corporation to create and
Corporate financial planning
financial planning conducted by a firm that encompasses preparation of both
Cost company arrangement
Arrangement whereby the shareholders of a project receive output free of
The process of either reducing costs while maintaining the same level of productivity or maintaining costs while increasing productivity.
cost control system
a logical structure of formal and/or informal
cost management system (CMS)
a set of formal methods
cost of goods manufactured (CGM)
the total cost of the
Cost of manufacture
The cost of goods manufactured for subsequent sale.
costs of financial distress
Costs arising from bankruptcy or distorted business decisions before bankruptcy.
Country financial risk
The ability of the national economy to generate enough foreign exchange to meet
critical success factors (CSF)
any item (such as quality, customer
A procedure for ensuring that transaction processing is completed
Existing in actual fact although not by official recognition.
Demand Management Policy
Fiscal or monetary policy designed to influence aggregate demand for goods and services.
Depository Trust Company (DTC)
DTC is a user-owned securities depository which accepts deposits of
design for manufacturability (DFM)
a process that is part of the project management of a new product; concerned with finding optimal solutions to minimizing product failures
Net income and the gain or loss on disposal of a business segment whose assets and operations are clearly distinguishable from the other assets and operations of an entity.
Present value of $1 received at a stated future date.
Present value of a $1 future payment.
DLOC (discount for lack of control)
an amount or percentage deducted from a pro rata share of the value of 100% of an equity interest in a business, to reflect the absence of some or all of the powers of control.
Dupont system of financial control
Highlights the fact that return on assets (ROA) can be expressed in terms
The active manipulation of earnings toward a predetermined target.
Eligible bankers' acceptances
In the BA market, an acceptance may be referred to as eligible because it is
Governmental restrictions on the purchase of foreign currencies by domestic citizens or
External Financial Statements
Corporate financial statements that have been reported on by an external independent accountant.
A financial institution that buys a firm's accounts receivables and collects the debt.
An agent who buys and sells goods on behalf of others for a commission.
A statistical procedure that seeks to explain a certain phenomenon, such as the return on a
A way of decomposing the factors that influence a security's rate of return into common and
Factor of Production
A resource used to produce a good or service. The main macroeconomic factors of production are capital and labor.
A well-diversified portfolio constructed to have a beta of 1.0 on one factor and a beta of
Sale of a firm's accounts receivable to a financial institution known as a factor.
The sale of accounts receivable to a third party, with the third party bearing
The discounting, or sale at a discount, of receivables on a nonrecourse, notification
Type of financial service whereby a firm sells or transfers title to its accounts receivable to a factoring company, which then acts as principal, not as agent.
All the costs incurred during the manufacturing process, minus the
Company engaged in making loans to individuals or businesses. Unlike a bank, it does not receive deposits from the public.
The production of financial statements, primarily for those interested parties who are external to the business.
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