|FASB No. 52|
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Definition of FASB No. 52
FASB No. 52
The U.S. accounting standard which was replaced by fasb No. 8. U.S. companies are required
Financial Accounting Standards Board. Sets accounting standards for U.S. firms.
U.S. accounting standard that requires U.S. firms to translate their foreign affiliates' accounts by
This is the currency translation standard currently
An entry in a translated balance sheet in which gains
Agency pass-throughs that guarantee the timely payment of both interest and
Schedule of depreciation rates allowed for tax purposes.
Any depreciation method that produces larger deductions for depreciation in the
(1) The estimated useful life of the fixed asset being depreciated is
Any of several methods that recognize an increased amount
An explanation or report in Financial terms about the transactions of an organization.
The sum of all the interest options in your policy, including interest.
The process of satisfying stakeholders in the organization that managers have acted in the best interests of the stakeholders, a result of the stewardship function of managers, which takes place through accounting.
A collection of systems and processes used to record, report and interpret business transactions.
A broad, all-inclusive term that refers to the methods and procedures
Administrative proceedings or litigation releases that entail an accounting or auditing-related violation of the securities laws.
An alteration in the accounting methodology or estimates used in
Earnings of a firm as reported on its income statement.
A business for which a separate set of accounting records is being
The representation of the double-entry system of accounting such that asSets are equal to liabilities plus capital.
The formula AsSets = Liabilities + equity.
An equation that reflects the two-sided nature of a
Unintentional mistakes in Financial statements. accounted for by restating
The change in the value of a firm's foreign currency denominated accounts due to a
Total liabilities exceed total asSets. A firm with a negative net worth is insolvent on
Intentional misstatements or omissions of amounts or disclosures in
The ease and quickness with which asSets can be converted to cash.
The period of time for which Financial statements are produced – see also Financial year.
The principles, bases, conventions, rules and procedures adopted by management in preparing and presenting Financial statements.
Accounting rate of return (ARR)
A method of investment appraisal that measures
accounting rate of return (ARR)
the rate of earnings obtained on the average capital investment over the life of a capital project; computed as average annual profits divided by average investment; not based on cash flow
A set of accounts that summarize the transactions of a business that have been recorded on source documents.
‘Buckets’ within the ledger, part of the accounting system. Each account contains similar transactions (line items) that are used for the production of Financial statements. Or commonly used as an abbreviation for Financial statements.
Money owed to suppliers.
Amounts a company owes to creditors.
Amounts owed by the company for goods and services that have been received, but have not yet been paid for. Usually accounts payable involves the receipt of an invoice from the company providing the services or goods.
Short-term, non-interest-bearing liabilities of a business
Acurrent liability on the balance sheet, representing short-term obligations
Amounts due to vendors for purchases on open account, that is, not evidenced
Accounts Payable Days (A/P Days)
The number of days it would take to pay the ending balance
Money owed by customers.
Amounts owed to a company by customers that it sold to on credit. Total accounts receivable are usually reduced by an allowance for doubtful accounts.
Amounts owed to the company, generally for sales that it has made.
Short-term, non-interest-bearing debts owed to a
A current asset on the balance sheet, representing short-term
Amounts due from customers for sales on open account, not evidenced
Money owed to a business for merchandise or services sold on open account.
Accounts Receivable Days (A/R Days)
The number of days it would take to collect the ending
Accounts receivable turnover
The ratio of net credit sales to average accounts receivable, a measure of how
accounts receivable turnover ratio
A ratio computed by dividing annual
The recording of revenue when earned and expenses when
Well, frankly, accrual is not a good descriptive
A method of accounting in which profit is calculated as the difference between income when it is earned and expenses when they are incurred.
income that has been earned but not yet received. For instance, if you have a non-registered Guaranteed Investment Certificate (GIC), Mutual Fund or Segregated equity Fund, growth accrues annually or semi-annually and is taxable annually even though the gain is only paid at maturity of your investment.
Accumulated Other Comprehensive Income
cumulative Gains or losses reported in shareholders'
Acquisition of assets
A merger or consolidation in which an acquirer purchases the selling firm's asSets.
Active portfolio strategy
A strategy that uses available information and forecasting techniques to seek a
Adjustable rate preferred stock (ARPS)
Publicly traded issues that may be collateralized by mortgages and MBSs.
Adjusted Income from Continuing
Operations reported income from continuing operations
After-tax real rate of return
Money after-tax rate of return minus the inflation rate.
A forceful and intentional choice and application of accounting principles
a process of service department cost allocation
All equity rate
The discount rate that reflects only the business risks of a project and abstracts from the
Allowance for doubtful accounts
A contra account related to accounts receivable that represents the amounts that the company expects will not be collected.
Allowance for Doubtful Accounts
An estimate of the uncollectible portion of accounts receivable
A method of adjusting accounts receivable to the amount that is expected to be collected based on company experience.
Amortizing interest rate swap
Swap in which the principal or national amount rises (falls) as interest rates
Annual percentage rate (APR)
The periodic rate times the number of periods in a year. For example, a 5%
annual percentage rate (APR)
Interest rate that is annualized using simple interest.
Yearly record of a publicly held company's Financial condition. It includes a description of the
The report required by the Stock Exchange for all listed companies, containing the company’s Financial statements.
A report issued to a company’s shareholders, creditors, and regulatory
Result of a transaction that increases earnings per common share (e.g. by decreasing the
Arithmetic average (mean) rate of return
Arithmetic mean return.
Asian currency units (ACUs)
Dollar deposits held in Singapore or other Asian centers.
The ratio of total asSets to stockholder equity.
A firm's productive resources.
Anything of value that a company owns.
Things that the business owns.
Items owned by the company or expenses that have been paid for but have not been used up.
A common element of a Financial plan that describes projected capital spending and the
Auction rate preferred stock (ARPS)
Floating rate preferred stock, the dividend on which is adjusted every
A section of an annual report containing the auditor's opinion about the veracity of the
Average accounting return
The average project earnings after taxes and depreciation divided by the average
Average age of accounts receivable
The weighted-average age of all of the firm's outstanding invoices.
Average-Cost Inventory Method
The inventory cost-flow assumption that assigns the average
Average rate of return (ARR)
The ratio of the average cash inflow to the amount invested.
Average tax rate
Taxes as a fraction of income; total taxes divided by total taxable income.
average tax rate
Total taxes owed divided by total income.
Balance of Merchandise Trade
The difference between exports and imports of goods.
Balance of payments
A statistical compilation formulated by a sovereign nation of all economic transactions
Balance of Payments
The difference between the demand for and supply of a country's currency on the foreign exchange market.
Balance of Payments Accounts
A statement of a country's transactions with other countries.
Balance of trade
Net flow of goods (exports minus imports) between countries.
Balance of Trade
See balance of merchandise trade.
Also called the statement of Financial condition, it is a summary of the asSets, liabilities, and
A “snapshot” statement that freezes a company on a particular day, like the last day of the year, and shows the balances in its asset, liability, and stockholders’ equity accounts. It’s governed by the formula:
A Financial statement showing the Financial position of a business – its asSets, liabilities and
One of the basic Financial statements; it lists the asSets, liabilities, and equity accounts of the company. The balance sheet is prepared using the balances at the end of a specific day.
A term often used instead of the more formal and correct
A report that summarizes all asSets, liabilities, and equity for a company
Financial statement that shows the value of the
A Financial report showing the status of a company's asSets, liabilities, and owners' equity on a given date.
Balance sheet exposure
Balance sheet identity
Total AsSets = Total Liabilities + Total Stockholders' equity
The multiplier associated with a change in government spending financed by an equal change in taxes.
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