imds.iu.edu - ( Learn Free ) Accounting Video Lectures ( Around 17 Hours ) ; Basic to Advance
Lecture 02: Double-Entry Accounting (0:57)
Lecture 03: Accrual and Cash Basis Accounting (0:57)
Lecture 04: Merchandising Accounting (0:57)
Lecture 05: Internal Control (0:58)
Lecture 06: Receivables & Inventory (0:57)
Lecture 07: Inventory (0:57)
Lecture 08: Inventory & Depreciation (0:56)
Lecture 09: Depreciation (0:57)
Lecture 10: Stocks & Bonds (0:57)
Lecture 11: Debt vs Equity & Financial Statement Analysis (0:58)
Lecture 12: Ratio and Financial Statement Analysis (0:55)
Lecture 13: Managerial Accounting (0:58)
Lecture 14: Cost Behavior and Cost-Volume-Profit Analysis (0:56)
Lecture 15: Differential Analysis (0:58)
Lecture 16: Budgeting & Standard Cost (0:57)
Lecture 17: Decentralized Operations (0:56)
Lecture 18: Capital Investment Analysis (0:58)
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inc.com - 10 Great videos Chapters on Understanding,Starting,Developing Business
Start-Up Resource Center Webinar
Watch our 10 part video webinar series! Culled from a decade of interviews with leading entrepreneurs.
This month, we explore getting the right idea for starting a business. Coming soon, lessons on finding start up money, writing a business plan, and setting up your company.
Chapter 1: The Idea
Entrepreneurs share stories from the earliest, most crucial days of their businesses: when the ideas were first discovered.
Watch Chapter 1 | Webinar Worksheet
Chapter 2: Testing the Idea
Hear small business owners' strategies for sizing up the competition and analyzing the markets for their products and services.
Watch Chapter 2 | Webinar Worksheet
Chapter 3: Protecting the Idea
The most important step can be the trickiest; learn how others kept their business secret, even as they discussed it with potential partners and customers.
Watch Chapter 3 | Webinar Worksheet
Chapter 4: Finding Good People
You hear it over and over: a business is only as good as its people. Learn from these entrepreneurs as they reveal the hires that led to growth and profitability and the ones that threatened to put the company into a tailspin.
Watch Chapter 4 | Webinar Worksheet
Chapter 5: Structuring the Business
The most crucial long-term decisions are made in the process of incorporating and structuring your business. Listen to these startup veterans' tales of getting it right -- and getting it wrong.
Watch Chapter 5 | Webinar Worksheet
Chapter 6: Understanding Cash Flow
Entrepreneurs who understand what cash flow means can use the concept to work for them to minimize dangerous situations. Click here to discover how for many cash flow is more of an experience than a concept.
Watch Chapter 6 | Webinar Worksheet
Chapter 7: Finding the Money
One of the biggest battles start-up executives face is landing funding to start their businesses. Watch and listen to how these entrepreneurs did it.
Watch Chapter 7 | Webinar Worksheet
Chapter 8: The Business Plan
Don't agonize over your business plan. These entrepreneurs talk about how it helped bring focus and momentum to their new ventures.
Watch Chapter 8 | Webinar Worksheet
Chapter 9: Starting Out on the Right Foot
"Be prepared to make the business the primary relationships in your life," says one entrepreneur. Others discuss such intangibles involved in getting started.
Watch Chapter 9 | Webinar Worksheet
Chapter 10: Looking Ahead
No one can be certain what the future will hold. But it will surely be an exciting time for anyone considering starting a business. Owners share their experiences.
Watch Chapter 10 | Webinar Worksheet
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SimpleStudies.com - Accouting Studies ( Exercises )
| Introduction to Accounting | Accounting and its role, accounting information, elements of financial reporting, fundamental accounting equation, introduction to accounting entries. | Exercise 1.1 Exercise 1.2 |
| Accounting for Accruals | Accrual accounting, events recording under accounting equation, revenues and expenses, adjusting entries. | Exercise 2.1 Exercise 2.2 |
| Accounting for Deferrals | Deferrals, events recording under accounting equation, financial statements preparation, costs vs. expenses. | Exercise 3.1 Exercise 3.2 Exercise 3.3 |
| Double-entry accounting system, T-account, debit and credit, closing entries, general journal records. | Exercise 4.1 Exercise 4.2 | |
| Accounting in Merchandising Companies | Service vs. merchandising companies, product vs. selling and administrative costs, perpetual and periodic inventory systems, single- and multi-step income statements. | Exercise 5.1 Exercise 5.2 |
| Accounting for Advanced Accruals | Allowance and direct write-off methods for bad debts, credit purchases, warranty obligations, discount notes. | Exercise 6.1 Exercise 6.2 Exercise 6.3 |
| Accounting for Inventories | Inventory cost flow methods (FIFO, LIFO, etc.), sample computations for these methods and respective financial statements differences, lower of cost or market rule for inventories. | Exercise 7.1 Exercise 7.2 Exercise 7.3 |
| Accounting for Long-term Assets | Tangible vs. intangible assets, historical cost of assets, depreciation methods, natural resources and depletion, intangible assets and amortization, goodwill. | Exercise 8.1 Exercise 8.2 |
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Accounting Terminology Guide
The New York State Society of CPAs (NYSSCPA) General Committee on
Public Relations has prepared this glossary as an educational tool for
journalists who report on and interpret financial information. We
encourage your comments and suggestions as we continue to develop
materials to assist financial journalists.
How to Use this Guide
Capitalized terms that appear within definitions of other terms are
also defined in this guide. Related terms are cross-referenced to
provide a clearer understanding of their interdependent relationships.
Commonly used acronyms (e.g., IRS) are listed in their abbreviated
forms and defined as the complete term (e.g., Internal Revenue
Service).
About the New York State Society of CPAs
The Society develops programs and other resources for financial
journalists. These include the semi-annual Excellence in Financial
Journalism Award, an annual spring seminar series "Understanding and
Evaluating Financial Statements", and customized seminars specially
tailored to meet the individual needs of interested news
organizations.
The Society serves as a news resource bank, with more than 30,000
members and over 70 Society committees specializing in such industries
as financial services, health care, real estate, non-profit
organizations and numerous other areas. We can match your requests
with media-savvy CPAs from diverse practice areas that include
accounting and auditing, business valuation, estate planning,
management consulting, pension planning and taxation, among others.
If you do not find a definition you desire or for more information on
the Society's programs for financial journalists, please contact:
New York State Society of CPAs
Public Relations Department
3 Park Avenue, 18th Floor
New York, NY 10016-5991
(212) 719-8405
e-mail: communications@nysscpa.org
A
A Misstatement is Inconsequential - If a reasonable person would
conclude after considering the possibility of further undetected
misstatements that the misstatement either individually or when
aggregated with other misstatements would clearly be immaterial to the
financial statements. If a reasonable person could not reach such a
conclusion regarding a particular misstatement, that misstatement is
more than inconsequential.
Abatement - complete removal of an amount due, (usually referring to a
tax abatement a penalty abatement or an interest abatement within a
governing agency.)
Accelerated Depreciation - Method that records greater DEPRECIATION
than STRAIGHT-LINE DEPRECIATION in the early years and less
depreciation than straight-line in the later years of an ASSET'S
holding period. (See STRAIGHT-LINE DEPRECIATION.)
Account - Formal record that represents, in words, money or other unit
of measurement, certain resources, claims to such resources,
transactions or other events that result in changes to those resources
and claims.
Account Payable - Amount owed to a CREDITOR for delivered goods or
completed services.
Account Receivable - Claim against a DEBTOR for an uncollected amount,
generally from a completed transaction of sales or services rendered.
Accountable Plan - An accountable plan is any reimbursement or other
expense allowance arrangement of an employer that meets all of the
following requirements (therefore excluding it from gross w-2 earned
income and tax): (1) it provides reimbursements advances or allowances
including per diem and meals, to employees for any job related
deductible business expense; (2) employees must be able to
substantiate expenses covered in the plan; (3) employee must return
any excess advances or payments.
Accountant - Person skilled in the recording and reporting of
financial transactions. (See CERTIFIED PUBLIC ACCOUNTANT.)
Accountants' Report - Formal document that communicates an independent
accountant's: (1) expression of limited assurance on FINANCIAL
STATEMENTS as a result of performing inquiry and analytic procedures
(Review Report); (2) results of procedures performed (Agreed-Upon
Procedures Report); (3) non-expression of opinion or any form of
assurance on a presentation in the form of financial statements
information that is the representation of management (Compilation
Report); or (4) an opinion on an assertion made by management in
accordance with the Statements on Standards for Attestation
Engagements (Attestation Report). An accountants' report does not
result from the performance of an AUDIT. (See AUDITORS' REPORT)
Accounting - Recording and reporting of financial transactions,
including the origination of the transaction, its recognition,
processing, and summarization in the FINANCIAL STATEMENTS.
Accounting Change - Change in (1) an accounting principle; (2) an
accounting estimate; or (3) the reporting entity that necessitates
DISCLOSURE and explanation in published financial reports.
Accounting Principles Board (APB) - Senior technical committee of the
AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS (AICPA) which
issued pronouncements on accounting principles from 1959-1973. The APB
was replaced by the FINANCIAL ACCOUNTING STANDARDS BOARD (FASB).
Accrual Basis - Method of ACCOUNTING that recognizes REVENUE when
earned, rather than when collected. Expenses are recognized when
incurred rather than when paid.
Accumulated Depreciation - Total DEPRECIATION pertaining to an ASSET
or group of assets from the time the assets were placed in services
until the date of the FINANCIAL STATEMENT or tax return. This total is
the CONTRA ACCOUNT to the related asset account.
Additional Paid in Capital - Amounts paid for stock in excess of its
PAR VALUE or STATED VALUE. Also, other amounts paid by stockholders
and charged to EQUITY ACCOUNTS other than CAPITAL STOCK.
Adjusted Basis - After a taxpayer's basis in property is determined,
it must be adjusted upward to include any additions of capital to the
property and reduced by any returns of capital to the taxpayer.
Additions might include improvements to the property and subtractions
may include depreciation or depletion. A taxpayer's adjusted basis in
property is deducted from the amount realized to find the gain or loss
on sale or disposition.
Adjusted Gross Income - Gross income reduced by business and other
specified expenses of individual taxpayers. The amount of adjusted
gross income affects the extent to which medical expenses, non
business casualty and theft losses and charitable contributions may be
deductible. It is also an important figure in the basis of many other
individual planning issues as well as a key line item on the IRS form
1040 and required state forms.
Adjusting Journal Entry - An accounting entry made into a subsidiary
ledger called the General journal to account for a periods changes,
omissions or other financial data required to be reported "in the
books" but not usually posted to the journals used for typical period
transactions (the cash receipts journal, cash disbursements journal,
the payroll journal, sales journal and so on) the entry is posted to
the general ledger accounts directly and usually will be numbered
itself, dated and have an explanation. Example: AJE# 1 12-31-2003,
debit Cash in bank $1,000. Credit interest income $1,000, to record
interest income on business bank account at year end, not recorded in
cash receipts journal but credited by the bank. (Cross-reference bank
reconciliation and account where it was found)
Adverse Opinion - Expression of an opinion in an AUDITORS' REPORT
which states that FINANCIAL STATEMENTS do not fairly present the
financial position, results of operations and cash flows in conformity
with GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP). The auditor will
issue an adverse opinion when there is an existence of a material
weakness on the effectiveness of internal control over financial
reporting.
Affiliated Company - Company, or other organization related through
common ownership, common control of management or owners, or through
some other control mechanism, such as a long-term LEASE.
Agency Fund - Fund consisting of ASSETS where the holder agrees to
remit the assets, income from the assets, or both, to a specified
beneficiary in due course or at a specified time.
Agreed-Upon Procedures Report - See ACCOUNTANTS' REPORT.
AICPA - See AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS.
Alternative Dispute Resolution - An alternative to formal litigation
which includes techniques such as arbitration, mediation, and a
non-binding summary jury trial.
Alternative Minimum Tax (AMT) - Tax imposed to back up the regular
income tax imposed on CORPORATION and individuals to assure that
taxpayers with economically measured income exceeding certain
thresholds pay at least some income tax.
American Depository Receipts (ADRs) - Receipts for shares of foreign
company stock maintained by an intermediary indicating ownership.
American Institute of Certified Public Accountants (AICPA) - National
professional membership organization that represents practicing
CERTIFIED PUBLIC ACCOUNTANTS (CPAs). The AICPA establishes ethical and
auditing standards as well as standards for other services performed
by its members. Through committees, it develops guidance for
specialized industries. It participates with the FINANCIAL ACCOUNTING
STANDARDS BOARD (FASB) and the GOVERNMENT ACCOUNTING STANDARDS BOARD
(GASB) in establishing accounting principles.
Amortization - Gradual and periodic reduction of any amount, such as
the periodic writedown of a BOND premium, the cost of an intangible
ASSET or periodic payment Of MORTGAGES or other DEBT.
Analytical Procedures - Substantive tests of financial information
which examine relationships among data as a means of obtaining
evidence. Such procedures include: (1) comparison of financial
information with information of comparable prior periods; (2)
comparison of financial information with anticipated results (e.g.,
forecasts); (3) study of relationships between elements of financial
information that should conform to predictable patterns based on the
entity's experience; (4) comparison of financial information with
industry norms.
Annual Report - Report to the stockholders of a company which includes
the company's annual, audited BALANCE SHEET and related statements of
earnings, stockholders' or owners' equity and cash flows, as well as
other financial and business information.
Annuity - Series of payments, usually payable at specified time intervals.
Anti-dilution - Condition that may increase the computation of
EARNINGS PER SHARE (EPS) or decrease loss per share solely because of
the inclusion of COMMON STOCK equivalents, such as STOCK OPTIONS,
WARRANTS, convertible DEBT or convertible PREFERRED STOCK, nomination
or selection of the independent AUDITORs.
Assembly of Financial Statements - The providing of various accounting
or data-processing services by an accountant, the output of which is
in the form of financial statements ostensibly to be used solely for
internal management purposes.
Assertion - Explicit or implicit representations by an entity's
management that are embodied in financial statement components and for
which the AUDITOR obtains and evaluates evidential matter when forming
his or her opinion on the entity's financial statements.
Audit Documentation - The written record of the basis for the
AUDITOR's conclusions that provides the support for the auditor's
representations, whether those representations are contained in the
auditor's report or otherwise. (May be referred to as work papers or
working papers)
Audit Engagement - Agreement between a CPA firm and its client to
perform an AUDIT.
Audit Risk - The risk that the AUDITOR may unknowingly fail to modify
appropriately his or her opinion on financial statements that are
materially misstated.
Audit Sampling - Application of an AUDIT procedure to less than 100%
of the items within an account BALANCE or class of transactions for
the purpose of evaluating some characteristic of the balance or class.
Auditing Standards - Guidelines to which an AUDITOR adheres. Auditing
standards encompass the auditor's professional qualities, as well as
his or her judgment in performing an AUDIT and in preparing the
AUDITORS' REPORT. Audits conducted by independent CERTIFIED PUBLIC
ACCOUNTANT (CPA) usually in accordance with GENERALLY ACCEPTED
AUDITING STANDARDS (GAAS), which consist of standards approved and
adopted by the membership of the AMERICAN INSTITUTE OF CERTIFIED
PUBLIC ACCOUNTANTS (AICPA).
Auditor - Person who AUDITS financial accounts and records kept by
others. Includes both public accounting firms registered with the
PCAOB and associated persons thereof.
Auditors' Report - Written communication issued by an independent
CERTIFIED PUBLIC ACCOUNTANT (CPA) describing the character of his or
her work and the degree of responsibility taken. An auditors' report
includes a statement that the AUDIT was conducted in accordance with
GENERALLY ACCEPTED AUDITING STANDARDS (GAAS), which require that the
AUDITOR plan and perform the audit to obtain reasonable assurance
about whether the FINANCIAL STATEMENTS are free of material
misstatement, as well as a statement that the auditor believes the
audit provides a reasonable basis for his or her opinion. (See
ACCOUNTANTS' REPORT.)
Top of Page
B
Backup Withholding - Payors of interest, dividends and other
reportable payments must withhold income tax equal at a rate equal to
the fourth lowest rate applicable to single filers if they fail to
supply a federal id # or if they fail to certify that they are not
subject to it.
Bad Debt - All or portion of an ACCOUNT, loan, or note receivable
considered to be uncollectible.
Balance - Sum of DEBIT entries minus the SUM of CREDIT entries in an
ACCOUNT. If positive, the difference is called a DEBIT BALANCE; if
negative, a CREDIT BALANCE.
Balance Sheet - Basic FINANCIAL STATEMENT, usually accompanied by
appropriate DISCLOSURES that describe the basis of ACCOUNTING used in
its preparation and presentation of a specified date the entity's
ASSETS, LIABILITIES and the EQUITY of its owners. Also known as a
STATEMENT OF FINANCIAL CONDITION.
Bankruptcy - Legal process, governed by federal statute, whereby the
DEBTS of an insolvent person are liquidated after being satisfied to
the greatest extent possible by the DEBTOR'S ASSETS. During
bankruptcy, the debtor's assets are held and managed by a court
appointed TRUSTEE.
Bequest - A gift by will of personal property. If the bequest is money
to the extent it is paid out of income from property it is taxable to
the recipient. Generally bequest value is fair market at the date of
the decedent's death.
Blue Sky Laws - State laws that regulate the ISSUANCE of SECURITIES.
These laws are coordinated with federal acts.
Board of Directors - Individuals responsible for overseeing the
affairs of an entity, including the election of its officers. The
board of a CORPORATION that issues stock is elected by stockholders.
(See AUDIT COMMITTEE.)
Bond - One type of long-term PROMISSORY NOTE, frequently issued to the
public as a SECURITY regulated under federal securities laws or state
BLUE SKY LAWS. Bonds can either be registered in the owner's name or
are issued as bearer instruments.
Book Value - Amount, net or CONTRA ACCOUNT balances, that an ASSET or
LIABILITY shows on the BALANCE SHEET of a company. Also known as
CARRYING VALUE.
Boot - The no technical term used by some to describe any cash or
other property that is received in exchange of property that would be
otherwise nontaxable.
Budget - Financial plan that serves as an estimate of future cost,
REVENUES or both.
Business Combinations - Combining of two entities. Under the PURCHASE
METHOD OF ACCOUNTING, one entity is deemed to acquire another and
there is a new basis of accounting for the ASSETS and LIABILITIES of
the acquired company. In a POOLING OF INTERESTS, two entities merge
through an exchange of COMMON STOCK and there is no change in the
CARRYING VALUE of the assets or liabilities.
Business Segment - Any division of an organization authorized to
operate, within prescribed or otherwise established limitations, under
substantial control by its own management.
Bylaws - Collection of formal, written rules governing the conduct of
a CORPORATION'S affairs (such as what officers it will have, what
their responsibilities are, and how they are to be chosen). Bylaws are
approved by a corporation's stockholders, if a stock corporation, or
other owners, if a non-stock corporation. (See GOVERNING DOCUMENTS.)
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Cafeteria Plan - A benefit plan maintained by an employer for the
benefit of the employees under which each participant has the
opportunity to select the benefits they desire. Certain minimum
choices and nondiscriminatory rules apply.
Call Loan - Loan repayable on demand. Also known as DEMAND LOAN.
Callable Instrument - BOND which accords an issuer the right to
redemption before it is due.
Cap - To limit. Capital - ASSETS intended to further production. The
amount invested in a PROPRIETORSHIP, PARTNERSHIP, or CORPORATION by
its owners.
Capital Gain - Portion of the total GAIN recognized on the sale or
exchange of a noninventory asset which is not taxed as ORDINARY
INCOME. Capital gains have historically been taxed at a lower rate
than ordinary income.
Capital Stock - Ownership shares of a CORPORATION authorized by its
ARTICLES OF INCORPORATION. The money value assigned to a corporation's
issued shares. The BALANCE SHEET account with the aggregate amount of
the PAR VALUE or STATED VALUE of all stock issued by a corporation.
Capitalized Cost - Expenditure identified with goods or services
acquired and measured by the amount of cash paid or the market value
of other property, CAPITAL STOCK, or services surrendered.
Expenditures that are written off during two or more accounting
periods.
Capitalized Interest - INTEREST cost incurred during the time
necessary to bring an ASSET to the condition and location for its
intended use and included as part of the HISTORICAL COST of acquiring
the asset.
Capitalized Lease - LEASE recorded as an ASSET acquisition accompanied
by a corresponding LIABILITY by the LESSEE.
Capital Projects Funds - Funds used by a not-for-profit organization
to account for all resources used for the development of a land
improvement or building addition or renovation.
Carrying Value - Amount, net or CONTRA ACCOUNT balances, that an ASSET
or LIABILITY shows on the BALANCE SHEET of a company. Also known as
BOOK VALUE.
Carryovers - Provision of tax law that allows current losses or
certain tax credits to be utilized in the tax returns of future
periods.
Cash Basis - Method of bookkeeping by which REVENUES and EXPENDITURES
are recorded when they are received and paid. (See OTHER COMPREHENSIVE
BASIS OF ACCOUNTING.)
Cash Equivalents - Short-term (generally less than three months),
highly liquid INVESTMENTS that are convertible to known amounts of
cash.
Cash Flows - Net of cash receipts and cash disbursements relating to a
particular activity during a specified accounting period.
Casualty Loss - Any loss of an asset due to fire storm act of nature
causing asset damage from unexpected or accidental force. Generally it
is deductible regardless of whether it is business or personal.
CD - See CERTIFICATE OF DEPOSIT.
Certificate of Deposit (CD) - Formal instrument issued by a bank upon
the deposit of funds which may not be withdrawn for a specified time
period. Typically, an early withdrawal will incur a penalty.
Certified Financial Planner (CFP) - Individual who is trained to
develop and implement financial plans for individuals, businesses, and
organizations, utilizing knowledge of income and estate tax,
investments, risk management analysis and retirement planning. CFPs
are certified after completing a series of requirements that include
education, experience, ethics and an exam. CFPs are not regulated by a
governmental authority.
Certified Internal Auditor (CIA) - Internal AUDITOR who has satisfied
the examination requirements of the Institute of Internal Auditors.
Certified Management Accountant (CMA) - An accreditation conferred by
the Institute of Management Accountants that indicates the designee
has passed an examination and attained certain levels of education and
experience in the practice of accounting in the private sector.
Certified Public Accountant (CPA) - ACCOUNTANT who has satisfied the
education, experience, and examination requirements of his or her
jurisdiction necessary to be certified as a public accountant.
CFP - See CERTIFIED FINANCIAL PLANNER.
CIA - See CERTIFIED INTERNAL AUDITOR.
Claim for Refund - A refund is not automatically mailed if one is due.
A taxpayer, whether business or individual, must file a request on a
form. It must also be filed within the timeframe allotted or the
refund may be lost. An individual can claim a refund back to whatever
year it was due but it will only be paid three years back or less.
Clean Opinion - AUDIT opinion not qualified for any material scope
restrictions nor departures from GENERALLY ACCEPTED ACCOUNTING
PRINCIPLES (GAAP). Also known as UNQUALIFIED OPINION.
Closed-End Mutual Fund - MUTUAL FUND with a fixed number of shares
outstanding that may be bought or sold. CMO - See COLLATERALIZED
MORTGAGE OBLIGATION.
Collateral - ASSET provided to a CREDITOR as security for a loan.
Collateralized Mortgage Obligation (CMO) - SECURITY whose cash flows
equal the difference between the cash flows of the collateralizing
ASSETS and the collateralized obligations of a securitized TRUST.
Characteristics of CMO residuals vary greatly and can be extremely
complex in nature.
Combined Financial Statement - FINANCIAL STATEMENT comprising the
accounts of two or more entities.
Comfort Letter - Letter provided by a company's independent public
accountant to an underwriter when the underwriter has a DUE DILIGENCE
responsibility under Section 11 of the Securities Act of 1933
regarding financial information included in an offering statement.
Committee of Sponsoring Organizations of the Treadway Commission
(COSO) - An alliance of five professional organizations dedicated to
disseminating appropriate internal control standards.
Common Stock - CAPITAL STOCK having no preferences generally in terms
of dividends, voting rights or distributions. (See PREFERRED STOCK.)
Company Level Controls - Controls that exist at the company level that
have an impact on controls at the process, transaction, or application
level.
Comparative Financial Statement - FINANCIAL STATEMENT presentation in
which the current amounts and the corresponding amounts for previous
periods or dates also are shown.
Compensatory Balance - Funds that a borrower must keep on deposit as
required by a bank.
Compilation - Presentation of financial statement data without the
ACCOUNTANT'S assurance as to conformity with GENERALLY ACCEPTED
ACCOUNTING PRINCIPLES (GAAP).
Compilation Engagement - Agreement between a CPA firm and its client
to issue a COMPILATI0N REPORT. (See ACCOUNTANTS' REPORT.)
Compilation Report - See ACCOUNTANTS' REPORT.
Compliance Audit - Review of financial records to determine whether
the entity is complying with specific procedures or rules.
Complex Trust - A trust that is to be distinguished from a simple
trust in the fact that it permits accumulation or distribution of
current income during the tax year and provides for charitable
contributions.
Compound Interest Principles - Interest computed on principal plus
interest earned in previous periods.
Comprehensive Income - Change in EQUITY of a business enterprise
during a period from transactions and other events and circumstances
from sources not shown in the income statement. The period includes
all changes in equity except those resulting from INVESTMENTS by
owners and distributions to owners.
Confirmation - AUDITOR'S receipt of a written or oral response from an
independent third party verifying the accuracy of information
requested.
Conservatism - An investment strategy aimed at long-term capital
appreciation with low risk; moderate; cautious; opposite of aggressive
behavior; show possible losses but wait for actual profits. Concept
which directs the least favorable effect on net income.
Consistency - ACCOUNTING postulate which stipulates that, except as
otherwise noted in the FINANCIAL STATEMENT, the same accounting
policies and procedures have been followed from period to period by an
organization in the preparation and presentation of its financial
statements.
Consolidated Financial Statements - Combined FINANCIAL STATEMENTS of a
parent company and one or more of its subsidiaries as one economic
unit.
Consolidation - BUSINESS COMBINATION of two or more entities that
occurs when the entities transfer all of their NET ASSETS to a new
entity created for that purpose. (See MERGER.)
Constructive Receipt - A taxpayer is considered to have received the
income even though the monies are not in hand, it may have been set
aside or otherwise made available. An example is interest on a bank
account.
Contingent Liability - Potential LIABILITY arising from a past
transaction or a subsequent event.
Continuing Operations - Portion of a business entity expected to remain active.
Continuing Professional Education (CPE) - Educational programs for
CERTIFIED PUBLIC ACCOUNTANTS (CPAs) to keep informed on changes that
occur within the profession. State Boards for Public Accountancy and
the AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS (AICPA) each
have separate CPE requirements.
Contra Account - ACCOUNT considered to be an offset to another
account. Generally established to reduce the other account to amounts
that can be realized or collected.
Control Deficiency - This exists when the design or operation of a
control does not allow management or employees, in the normal course
of performing their assigned functions, to prevent or detect
misstatements on a timely basis.
Control Risk - Measure of risk that errors exceeding a tolerable
amount will not be prevented or detected by an entity's internal
controls.
Controls Tests - Tests directed toward the design or operation of an
internal control structure policy or procedure to assess its
effectiveness in preventing or detecting material misstatements in a
financial report.
Convertible Stock - Stock that may be exchanged for other SECURITIES
of the issuer.
Corporation - Form of doing business pursuant to a charter granted by
a state or federal government. Corporations typically are
characterized by the issuance of freely transferable CAPITAL STOCK,
perpetual life, centralized management, and limitation of owners'
LIABILITY to the amount they invest in the business.
Cost Accounting - Procedures used for rationally classifying,
recording, and allocating current or predicted costs that relate to a
certain product or production process.
Cost Recovery Method - METHOD OF REVENUE RECOGNITION which recognizes
profits after costs are completely recovered. Generally used only when
the total amount of collections is highly uncertain. In tax, the
ACCOUNTING METHOD used to depreciate ASSETS.
Coverdell Education Savings Account (Education IRA) - A tax exempt
trust exclusively for the purpose of paying qualified higher education
costs of the trusts designated beneficiary.
CPA - See CERTIFIED PUBLIC ACCOUNTANT.
CPE - See CONTINUING PROFESSIONAL EDUCATION.
Credit - Entry on the right side of a DOUBLE-ENTRY BOOKKEEPING system
that represents the reduction of an ASSET or expense or the addition
to a LIABILITY or REVENUE. (See DEBIT.)
Credit Agreement - Arrangement in which one party borrows or takes
possession in the present by promising to pay in the future.
Credit Balance - BALANCE remaining after one of a series of
bookkeeping entries. This amount represents a LIABILITY or income to
the entity. (See BALANCE.)
Creditor - Party that loans money or other ASSETS to another party.
Current Asset - ASSET that one can reasonably expect to convert into
cash, sell, or consume in operations within a single operating cycle,
or within a year if more than one cycle is completed each year.
Current Liability - Obligation whose LIQUIDATION is expected to
require the use of existing resources classified as CURRENT ASSETS, or
the creation of other current liabilities.
Current Value - (1) Value of an ASSET at the present time as compared
with the asset's HISTORICAL COST. (2) In finance, the amount
determined by discounting the future revenue stream of an asset using
COMPOUND INTEREST PRINCIPLES.
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Date of Auditors'/Accountants' Report - Last day the AUDITORS perform
fieldwork and the last day of responsibility relating to significant
events subsequent to the financial statement date.
Death Benefit - Amounts received under a life insurance contract and
paid by reason of the death of the insured. (Although most death
benefits are paid at termination of life, certain plans now pay
accelerated death benefits while the insured is still alive, i.e.: an
AIDS patient might possibly receive accelerated death benefit)
Debit - Entry on the left side of a DOUBLE-ENTRY BOOKKEEPING system
that represents the addition of an ASSET or expense or the reduction
to a LIABILITY or REVENUE. (See CREDIT.)
Debit Balance - BALANCE remaining after one or a series of bookkeeping
entries. This amount represents an ASSET or an expense of the entity.
(See BALANCE.)
Debt - General name for money, notes, BONDS, goods or services which
represent amounts owed.
Debt Security - Document which is evidence of an obligation or LIABILITY.
Debt Service Fund - Fund whose PRINCIPAL or INTEREST is set aside and
accumulated to retire DEBT.
Debtor - Party owing money or other ASSETS to a CREDITOR.
Decedent - Individual who has died.
Defalcation - To misuse or embezzle funds.
Default - Failure to meet any financial obligation. Default triggers a
CREDITOR'S rights and remedies identified in the agreement and under
the law.
Defeasance - Annulment of a contract or deed; a clause within a
contract or deed that provides for annulment.
Deferred Charge - Cost incurred for subsequent periods which are
reflected as ASSETS.
Deferred Income - Income received but not earned until all events have
occurred. Deferred income is reflected as a LIABILITY.
Deferred Income Taxes - ASSETS or LIABILITIES that arise from timing
or measurement differences between tax and accounting principles.
Deficiency in Design - This exists when a control necessary to meet
the control objective is missing or an existing control is not
properly designed so that even if the control operates as designed,
the control objective is not always met.
Deficiency in Operation - This exists when a properly designed control
does not operate as designed, or when the person performing the
control does not possess the necessary authority or qualifications to
perform the control effectively.
Deficit - Financial shortage that occurs when LIABILITIES exceed ASSETS.
Defined Benefit Plan - See EMPLOYEE BENEFIT PLAN.
Defined Contribution Plan - See EMPLOYEE BENEFIT PLAN.
Demand Loan - Loan repayable on demand. Also known as a CALL LOAN.
Dependent Care Expenses - Qualified child care expenses will allow a
taxpayer this computed credit against tax. The amounts can be found on
the individual forms as the limitations and computation may change
each tax year.
Depletion - Method of computing a deduction to ACCOUNT for a reduction
in value of extractable natural resources.
Deposit Method - Related to the sales of real estate, under this
method the seller does not recognize any profits, does not record a
note RECEIVABLE, and continues to reflect the property and related
DEBT in the seller's FINANCIAL STATEMENTS, recording the buyer's
initial investment and subsequent payments as a deposit.
Depreciation - Expense allowance made for wear and tear on an ASSET
over its estimated useful life. (See ACCELERATED DEPRECIATION and
STRAIGHT-LINE DEPRECIATION.)
Derivatives - Financial instruments whose value varies with the value
of an underlying asset (such as a stock, BOND, commodity or currency)
or index such as interest rates. Financial instruments whose
characteristics and value depend on the characterization of an
underlying instrument or asset.
Detection Risk - Risk that the AUDITOR will not detect a material misstatement.
Detective Controls - These have the objective of detecting errors or
fraud that have already occurred that could result in a misstatement
of the financial statements.
Disbursement - Payment by cash or check.
Disclaimer of Opinion - Statement by an AUDITOR indicating inability
to express an opinion on the fairness of the FINANCIAL STATEMENTS
provided and the reason for the inability. The auditor is required to
disclaim depending on the limitation in scope.
Disclosure - Process of divulging accounting information so that the
content of FINANCIAL STATEMENTS is understood.
Discontinued Operations - Portion of a business that is planned to be
or is discontinued.
Discount - Reduction from the full amount of a price or DEBT.
Discount Rate - Rate at which INTEREST is deducted in advance of the
issuance, purchasing, selling, or lending of a financial instrument.
Also, the rate used to determine the CURRENT VALUE, or present value,
of an ASSET or income stream.
Discounted Cash Flow - Present value of future cash estimated to be generated.
Discretionary Trust - Arrangement in which the TRUSTEE has the
authority to make INVESTMENT decisions and has control over
investments within the framework of the TRUST instrument.
Dissolution - Termination of a CORPORATION.
Distribution Expense - Expense of selling, advertising, and delivery
of goods and services.
Distributions - Payment by a business entity to its owners of items
such as cash ASSETS, stocks, or earnings.
Dividends - Distribution of earnings to owners of a CORPORATION in
cash, other ASSETS of the corporation, or the corporation's CAPITAL
STOCK.
Documentation Completion Date - A complete and final set of audit
documentation should be assembled for retention as of a date not more
than 45 days after the report release date.
Double-Entry Bookkeeping - Method of recording financial transactions
in which each transaction is entered in two or more accounts and
involves two-way, self-balancing posting. Total DEBITS must equal
total CREDITS.
Dual Dating - Dating of the ACCCOUNTANTS' or AUDITORS' REPORT when a
subsequent event disclosed in the FINANCIAL STATEMENTS occurs after
completion of the field work but before issuance of the report. For
example, "January 3, 19xx, except for Note x, as to which the date is
March 10, 19xx."
Due Date - Each governing agency and its forms scheduled reporting and
most importantly payments have a required due date. It is this date
that if most files timely may result in a penalty, fine, and commence
interest charges.
Due Diligence - (1) Procedures performed by underwriters in connection
with the issuance of a SECURITIES EXCHANGE COMMISSION (SEC)
registration statement. These procedures involve questions concerning
the company and its business, products, competitive position, recent
financial and other developments and prospects. Also performed by
others in connection with acquisitions and other transactions. (2)
Requirement found in ethical codes that the person governed by the
ethical rules exercise professional care in conducting his or her
activities.
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Earned Income - Wages, salaries, professional fees, and other amounts
received as compensation for services rendered.
Earned Income Credit - A refundable tax credit for eligible low income
workers, subject to computations based on qualifying children and
phase in and phase out income levels.
Earnings Per Share (EPS) - Measure of performance calculated by
dividing the net earnings of a company by the average number of shares
outstanding during a period.
Effective Tax Rate - Total income taxes expressed as a percentage of
NET INCOME before taxes.
EITF - See EMERGING ISSUES TASK FORCE.
Emerging Issues Task Force (EITF) - Assists the FINANCIAL ACCOUNTING
STANDARDS BOARD (FASB) and provides guidance on early identification
of emerging issues affecting financial reporting and problems in
implementing authoritative pronouncements.
Employee Benefit Plan - Compensation arrangement, generally in
writing, used by employers in addition to salary or wages. Some plans
such as group term life insurance, medical insurance and qualified
retirement plans are treated favorably under the tax law. Most common
qualified retirement plans are: (1) defined benefit plans - a promise
to pay participants specified benefits that are determinable and based
on such factors as age, years of service, and compensation; or (2)
defined contribution plans - provide an individual account for each
participant and benefits based on items such as amounts contributed to
the account by the employer and employee and investment experience.
This type includes PROFIT-SHARING PLANS, EMPLOYEE STOCK OWNERSHIP
PLANS and 401(k) PLANS.
Employee Stock Ownership Plan (ESOP) - Stock bonus plan of an employer
that acquires SECURITIES issued by the plan sponsor.
Encumbrance - (1) MORTGAGE or other lien on the entity's ASSETS; (2)
Anticipated EXPENDITURE; (3) Uncompleted or undelivered portion of a
purchase commitment.
Engagement Completion Document - A document whereby the AUDITOR
identifies all significant findings or issues. The document should be
as specific as necessary in the circumstances for a reviewer to gain a
thorough understanding of the significant findings or issues.
Equity - Residual INTEREST in the ASSETS of an entity that remains
after deducting its LIABILITIES. Also, the amount of a business' total
assets less total liabilities. Also, the third section of a BALANCE
SHEET, the other two being assets and liabilities.
Equity Account - ACCOUNT in the EQUITY section of the BALANCE SHEET.
Includes CAPITAL STOCK, ADDITIONAL PAID IN CAPITAL and RETAINED
EARNINGS.
Equity Method of Accounting - Investors cost basis is adjusted up or
down (in proportion to the % of stock ownership) as the investee's
retained earnings fluctuation; used for long-term investments in
equity securities of affiliate where holder can exert significant
influence; 20% ownership or greater is arbitrarily presumed to have
significant influence over the investee.
Equity Securities - CAPITAL STOCK and other SECURITIES that represent
ownership shares, or the legal rights to purchase or acquire CAPITAL
STOCK.
Error - Act that departs from what should be done; imprudent
deviation, unintentional mistake or omission.
Escrow - Money or property put into the custody of a third party for
delivery to a GRANTEE, only after fulfillment of specified conditions.
ESOP - See EMPLOYEE STOCK OWNERSHIP PLAN.
Estate Tax - Tax on the value of a DECENDENT'S taxable estate,
typically defined as the decedent's ASSETS less LIABILITIES and
certain expenses which may include funeral and administrative
expenses.
Estimated Tax - Amount of tax LIABILITY a taxpayer may expect to pay
for the current tax period. Usually paid through quarterly
installments.
Estimation Transactions - Activities that involve management judgments
or assumptions in formulating account balances in the absence of a
precise means of measurement.
Evidential Matter - Underlying ACCOUNTING data and other corroborating
information that support the FINANCIAL STATEMENTS.
Exchanges - Transfer of money, property or services in exchange for
any combination of these items.
Excise Tax - Tax or duty on the manufacture, sale, or consumption of
commodities.
Excluded Income - See EXCLUSIONS.
Exclusions - Income item which is excluded from a taxpayer's gross
income by the INTERNAL REVENUE CODE or an administrative action.
Common exclusions include gifts, inheritances, and death proceeds paid
under a life insurance contract. Also known as excluded income.
Executor - Person appointed by a will to manage a DECENDENT'S estate.
Exempt Organization - Organization which is generally exempt from
paying federal income tax. Exempt organizations include religious
organizations, charitable organizations, social clubs, and others.
Exemption - Amount of a taxpayer's income that is not subject to tax.
All individuals, TRUSTS, and estates qualify for an exemption unless
they are claimed as a dependent on another individual's tax return.
Exemptions also are granted to taxpayers for their dependents.
Expatriation Tax - Individuals that loose or terminate their residency
within the 10 year period immediately preceding the close of a tax
year, if the termination or loss is for the sole purpose of avoiding
tax.
Expectation Gap - The difference in perception between the public and
the CPA as a result of accounting and audit service.
Expenditure - Payment, either in cash, by assuming a LIABILITY, or by
surrendering ASSET.
Experienced Auditor - An AUDITOR that has a reasonable understanding
of audit activities and has studied the company's industry as well as
the accounting and auditing issues relevant to the industry.
Exploration Expenditures - Unlimited deductions are allowed for a
taxpayer's expenses incurred while searching for any ore or mineral
deposit (except oil or gas).
Exposure Draft - Document issued by the AMERICAN INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS (AICPA), FINANCIAL ACCOUNTING STANDARDS
BOARD (FASB), GOVERNMENTAL ACCOUNTING STANDARDS BOARD (GASB) or other
standards setting authorities to invite public comment before a final
pronouncement is issued.
Extension - Time granted by a taxing authority, such as the INTERNAL
REVENUE SERVICE (IRS), a state or city, which allows the taxpayer to
file tax returns later than the original due date.
Extent of Tests of Control - Each year the AUDITOR must obtain
sufficient evidence about whether the company's internal control over
financial reporting, including the controls for all internal control
components, is operating effectively.
External Reporting - Reporting to stockholders and the public, as
opposed to internal reporting for management's benefit.
Extinguishment of Debt - To get rid of the liability by payment; to
bring to an end.
Extraordinary Items - Events and transactions distinguished by their
unusual nature and by the infrequency of their occurrence.
Extraordinary items are reported separately, less applicable income
taxes, in the entity's statement of income or operations.
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401(k) Plan - EMPLOYEE BENEFIT PLAN authorized by INTERNAL REVENUE
CODE section 401(k), whereby an employer establishes an account for
each participating employee and each participant elects to deposit a
portion of his or her salary into the account. The amount deposited is
not subject to income tax. This is the most common type of salary
reduction plan.
Face Value - Amount due at maturity from a BOND or note.
Factoring - Selling a RECEIVABLE at a discounted value to a third
party for cash.
FASB - See FINANCIAL ACCOUNTING STANDARDS BOARD (FASB).
Fair Market Value - Price at which property would change hands between
a buyer and a seller without any compulsion to buy or sell, and both
having reasonable knowledge of the relevant facts.
Favorable Variance - Excess of actual REVENUE over projected revenue,
or actual costs over projected costs.
Fiduciary - Person who is responsible for the administration of
property owned by others. Corporate management is a FIDUCIARY with
respect to corporate ASSETS which are beneficially owned by the
stockholders and CREDITORS. Similarly, a TRUSTEE is the fiduciary of a
TRUST and partners owe fiduciary responsibility to each other and to
their creditors.
FIFO - See FIRST IN, FIRST OUT.
Filing of Returns - Taxpayers meeting statutory requirements MUST file
various returns on the prescribed forms. And they must be filed timely
or the y may not be considered as filed.
Financial Accounting Standards - Official promulgations, known as
STATEMENTS OF FINANCIAL ACCOUNTING STANDARDS, by the FINANCIAL
ACCOUNTING STANDARDS BOARD (FASB) which are part of GENERALLY ACCEPTED
ACCOUNTING PRINCIPLES (GAAP) in the United States.
Financial Accounting Standards Board (FASB) - Independent, private,
non-governmental authority for the establishment of ACCOUNTING
principles in the United States.
Financial Institution - Organization engaged in any of the many
aspects of finance including commercial banks, thrift institutions,
investment banks, securities brokers and dealers, credit unions,
investment companies, insurance companies, and REAL ESTATE INVESTMENT
TRUSTS.
Financial Statements - Presentation of financial data including
BALANCE SHEETS, INCOME STATEMENTS and STATEMENTS OF CASH FLOW, or any
supporting statement that is intended to communicate an entity's
financial position at a point in time and its results of operations
for a period then ended.
First in, First out (FIFO) - ACCOUNTING method of valuing INVENTORY
under which the costs of the first goods acquired are the first costs
charged to expense. Commonly known as FIFO.
Fiscal Year - Period of 12 consecutive months chosen by an entity as
its ACCOUNTING period which may or may not be a calendar year. Fixed
Asset - Any tangible ASSET with a life of more than one year used in
an entity's operations.
Floor - Term used when discussing INVENTORIES. Inventory cannot be
valued lower than the "floor" which is the net realizable value of the
inventory less an allowance for a normal profit margin.
Forecast - Prospective FINANCIAL STATEMENTS that are an entity's
expected financial position, results of operations, and cash flows.
Foreclosure - Seizure of COLLATERAL by a CREDITOR when DEFAULT under a
loan agreement occurs.
Foreign Corporation - A corporation which is not organized under the
laws of ones territories or states. Taxing of foreign corporations
depends on whether the corporation has Nexus or effectively connected
income in that state.
Foreign Currency Translation - Restating foreign currency in
equivalent dollars; unrealized gains or losses are postponed and
carried in Stockholder's Equity until the foreign operation is
substantially liquidated.
Foreign Tax Credit - A U.S. taxpayer that pays or accrues income tax
to a foreign country may elect to credit or deduct these taxes in a
determinable us dollar amount. This is usually done on the annual
individual tax return and there is s specific form provided for this.
Form 8-K - SEC filing which is a filing that must be made on the
occurrence of an event that is deemed to be of significant importance
to SECURITY holders.
Form 10-K - SEC filing which is the ANNUAL REPORT due 90 days after
the registrant's BALANCE SHEET date.
Form 10-Q - SEC filing which is the quarterly report due 45 days after
each of the first three quarter.ends of each fiscal year.
Franchise - Legal arrangement whereby the owner of a trade name,
franchisor, contracts with a party that wants to use the name on a
non-exclusive basis to sell goods or services, franchisee. Frequently,
the franchise agreement grants strict supervisory powers to the
franchisor over the franchisee which, nevertheless, is an independent
business.
Fraud - Willful misrepresentation by one person of a fact inflicting
damage on another person.
Fund Accounting - Method of ACCOUNTING and presentation whereby ASSETS
and LIABILITIES are grouped according to the purpose for which they
are to be used. Generally used by government entities and
not-for-profits. (See RESTRICTED FUND and UNRESTRICTED FUND.)
Future Contract - Transferable agreement to deliver or receive during
a specific future month a standardized amount of a commodity.
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GAAP - See GENERALLY ACCEPTED ACCOUNTING PRINCIPLES.
GAAS - See GENERALLY ACCEPTED AUDITING STANDARDS.
Gain - Excess of REVENUES received over costs relating to a specific
transaction.
GAO - See GOVERNMENT ACCOUNTABILITY OFFICE.
GASB - See GOVERNMENTAL ACCOUNTING STANDARDS BOARD.
General Ledger - Collection of all ASSET, LIABILITY, owners EQUITY,
REVENUE, and expense accounts.
General Partnership - PARTNERSHIP with no limited partners. (See
LIMITED LIABILITY PARTNERSHIP and LIMITED PARTNERSHIP.)
Generally Accepted Accounting Principles (GAAP) - Conventions, rules,
and procedures necessary to define accepted accounting practice at a
particular time. The highest level of such principles are set by the
FINANCIAL ACCOUNTING STANDARDS BOARD (FASB).
Generally Accepted Auditing Standards (GAAS) - Standards set by the
AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS (AICPA) which
concern the AUDITOR'S professional qualities and judgment in the
performance of his or her AUDIT and in the actual report.
Gift - A valid transfer of property from one taxpayer to another
without consideration or compensation. A gift may be subject to the
unified estate and gift transfer tax.
Going Concern - Assumption that a business can remain in operation
long enough for all of its current plans to be carried out.
Going Public - Activities that relate to offering a private company's
shares to the general investing public including registering with the
SEC.
Goodwill - Premium paid in the acquisition of an entity over the fair
value of its identifiable tangible and intangible ASSETS less
LIABILITIES assumed.
Governing Documents - Official legal documents that dictate how an
entity is operated. The governing documents of a CORPORATION include
ARTICLES OF INCORPORATION and BYLAWS; a PARTNERSHIP includes the
partnership agreement; a TRUST includes the trust agreement or trust
indenture; and an LLC includes the ARTICLES OF ORGANIZATION and
OPERATING AGREEMENT.
Government Accountability Office (GAO) - Accounting and auditing
office of the United States government. An independent agency that
reviews federal financial transactions and reports directly to
Congress.
Governmental Accounting Standards Board (GASB) - Group that has
authority to establish standards of financial reporting for all units
of state and local government.
Grantee - Person to whom property is transferred.
Grantor - (1) Person who transfers property. (2) Person who creates a trust.
Greenmail - Any amount a corporation pays to a shareholder to directly
or indirectly buy back its stock.
Gross Income - The beginning point for the determination of income,
including income from whatever sources derived. (Also see ADJUSTED
GROSS INCOME.)
Guaranty - Legal arrangement involving a promise by one person to
perform the obligations of a second person to a third person, in the
event the second person fails to perform.
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Head of Household - An individual entitled to special tax rates that
fall midway between single rates and married filing joint rates, if
they fit the qualifying profile.
Hedge - A financial term for a specific type of commodities planning
and trading.
Historical cost - Original cost of an asset to an entity.
Holding Period - The time in which a taxpayer acquires property and
the date on which it is sold.
Hope Scholarship Credit - A maximum allowable credit of $1,500 per
student for each of the first 2 years of post-secondary education. It
is allowable after all additional requirements are met.
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Improvement - EXPENDITURE directed to a particular ASSET to improve
its performance or useful life.
Imputed Interest - If no interest or an unrealistic amount of interest
is charged in a salve involving certain kinds of deferred payments,
then the transaction will be treated as if the realistic rate of
interest had been used. The difference between the realistic interest
and the interest actually used is referred to as imputed interest.
Income - Inflow of REVENUE during a period of time. (See NET INCOME.)
Income Statement - Summary of the effect of REVENUES and expenses over
a period of time.
Income Tax Basis - (1) For tax purposes, the concept of basis
determines the proper amount of gain to report when an ASSET is sold.
Basis is generally the cost paid for an asset plus the amounts paid to
improve the asset less deductions taken against the asset, such as
DEPRECIATION and AMORTIZATION. (2) For accounting purposes, a
consistent basis of accounting that uses income tax accounting rules
while GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) does not. (See
OTHER COMPREHENSIVE BASIS OF ACCOUNTING.)
Independence Standard Board (ISB) - This is the private sector
standard-setting body governing the independence of AUDITORs from
their public company clients. It came about from discussions between
the AICPA, other accounting representatives and the SEC.
Individual Retirement Account (IRA) - An IRA is a personal savings
plan that allows an individual to make cash contributions per year
dependent on the individual's adjusted gross income and participation
in an employer's retirement plan. Under a traditional IRA these
earnings are not taxable until the time of withdrawal from the plan.
Inheritance - As distinguished from a BEQUEST or devise, an
inheritance is property acquired through laws of descent and
distribution from a person who dies without leaving a will. The value
of property inherited id excluded from a taxpayers gross income, but
if the property inherited produces income it is included in gross
income. A taxpayer's basis in inherited property is the fair market
value at the time of death.
Initial Public Offering (IPO) - When a private company goes public for
the first time.
Inquiry - A procedure that consists of seeking information, both
financial and non financial, of knowledgeable persons throughout the
company. It is used extensively throughout the audit and often is
complementary to performing other procedures. Inquiries may range from
formal written inquiries to informal oral inquiries.
Insolvent - When an entity's LIABILITIES exceed its ASSETS.
Installment - Partial payment.
Installment Method - Tax ACCOUNTING method of reporting GAIN on the
sale of an ASSET exchanged for a RECEIVABLE. In general, the gain is
reported as the note is paid off.
Intangible Asset - Asset having no physical existence such as
trademarks and patents. (See TANGIBLE ASSET.)
Interest - Payment for the use or forbearance of money.
Interim Financial Statements - FINANCIAL STATEMENTS that report the
operations of an entity for less than one year.
Internal Audit - AUDIT performed within an entity by its staff rather
than an independent certified public accountant.
Internal Control - Process designed to provide reasonable assurance
regarding achievement of various management objectives such as the
reliability of financial reports.
Internal Control Over Financial Reporting - A process designed by, or
under the supervision of the company's principal executive and
principal financial officers or persons performing similar functions
and effected by the company's board of directors, management, and
other personnel, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted
accounting principles and includes those policies and procedures that:
1. Pertain to the maintenance of records that accurately and
fairly reflect the transactions and dispositions of the assets of the
company.
2. Provide reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in accordance
with GAAP and that receipts and expenditures are being made only in
accordance with authorizations of management and directors of the
company.
3. Provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use or disposition of the
company's assets that could have a material effect on the financial
statements.
Internal Rate of Return - Method that determines the discount rate at
which the present value of the future CASH FLOWS will exactly equal
investment outlay.
Internal Revenue Code - Collection of tax rules of the federal
government. Also referred to as Title 26 of the United States Code.
Internal Revenue Service (IRS) - Federal agency that administers the
INTERNAL REVENUE CODE. The IRS is part of the United States Treasury
Department.
International Accounting Standards Committee, the (IASC) - is an
independent private sector body, formed in 1973, with the objective of
harmonizing the accounting principles which are used in businesses and
other organizations for financial reporting around the world. Its
members are 143 professional accounting bodies in 104 countries.
Internet/World Wide Net - The Internet is the unregulate wild west
show of computer networks connected together throughout the world. The
World Wide Web or WWW, is part of the Internet.
Inventory - Tangible property held for sale, or materials used in a
production process to make a product.
Investment - EXPENDITURE used to purchase goods or services that could
produce a return to the investor.
Investment Tax Credit - This is a component of the general business
credit and consists of the following:
1. The energy credit;
2. The rehabilitation credit; and
3. The reforestation credit.
Involuntary Conversions - This is a conversion of property where it is
in whole or part destroyed, stolen, seized, requisitioned or condemned
(or where there is a threat or imminence of requisition or
condemnation).
IPO - See INITIAL PUBLIC OFFERING.
IRS - See INTERNAL REVENUE SERVICE.
Issuer - This term means an issuer, the securities of which are
registered under Section 12 of the Securities Exchange Act of 1934, or
that is required to file reports under Section 15(d) of that Act, or
that files or has filed a registration statement with the SEC that has
not yet become effective under the Securities Act of 1933 and that it
has not withdrawn.
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Jeopardy - If the IRS believes that collection of tax appears to be in
jeopardy (danger of being uncollected), it may immediately assess and
collect such tax. The intermediate steps are bypassed.
Joint Return - A return filed by married taxpayers or surviving spouses.
Joint Venture - When two or more persons or organizations gather
CAPITAL to provide a product or service. Often carried out as a
PARTNERSHIP.
Journal - Any book containing original entries of daily financial transactions.
Junk Bonds - DEBT SECURITIES issued by companies with higher than
normal credit risk. Considered "non-investment grade" bonds, these
SECURITIES ordinarily yield a higher rate of interest to compensate
for the additional risk.
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Keogh Plan - Also known as an HR 10, this is a qualified retirement
plan for self employed who do not incorporate their business. If
qualifications are met the taxpayer may receive a deduction for
contributions made.
Key Employee - For purposes of rules that apply to top heavy plans, a
key employee:
1. An officer of the employer earning more than $130,000;
2. An individual who owns more than 5 percent of the employer;
3. An individual who owns more than 1 percent of the employer and
compensation greater than $150,000.
Key Person Insurance - Business-owned life insurance contract
typically on the lives of principal officers that normally provides
for guaranteed death benefits to the company and the accumulation of a
cash surrender value.
Kiting - Writing checks against a bank account with insufficient funds
to cover them, hoping that the bank will receive deposits before the
checks arrive for clearance.
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Last in, First out (LIFO) - ACCOUNTING method of valuing inventory
under which the costs of the last goods acquired are the first costs
charged to expense. Commonly known as LIFO.
Lease - Conveyance of land, buildings, equipment or other ASSETS from
one person (LESSOR) to another (LESSEE) for a specific period of time
for monetary or other consideration, usually in the form of rent.
Leasehold - Property INTEREST a LESSEE owns in the leased property.
Ledger - Any book of accounts containing the summaries of debit and
credit entries.
Lessee - Person or entity that has the right to use property under the
terms of a LEASE.
Lessor - Owner of property, the temporary use of which is transferred
to another (LESSEE) under the terms of a LEASE.
Letter of Credit - Conditional bank commitment issued on behalf of a
customer to pay a third party in accordance with certain terms and
conditions. The two primary types are commercial letters of credit and
standby letters of credit.
Leveraged Buy Out - Acquisition of a controlling INTEREST in a company
in a transaction financed by the issuance of DEBT instruments by the
acquired entity.
Leveraged Lease - Transaction under which the LESSOR borrows funds to
acquire property which is leased to a third party. The property and
lease rentals are security for the LESSOR'S indebtedness.
Liability - DEBTS or obligations owed by one entity (DEBTOR) to
another entity (CREDITOR) payable in money, goods, or services.
Lifetime Learning Credit - This allows a credit for 20 percent of
qualified tuition and fees paid by the taxpayer with respect to one or
more students for any year that the HOPE SHCOLARSHIP CREDIT is not
claimed.
LIFO - See LAST IN, FIRST OUT.
Limited Liability Company (LLC) - Form of doing business combining
limited liability for all owners (called members) with taxation as a
PARTNERSHIP. An LLC is formed by filing ARTICLES OF ORGANIZATION with
an appropriate state official. Rules governing LLCs vary significantly
from state to state.
Limited Liability Partnership (LLP) - GENERAL PARTNERSHIP which, via
registration with an appropriate state authority, is able to enshroud
all its partners in limited liability. Rules governing LLPs vary
significantly from state to state.
Limited Partnership - PARTNERSHIP in which one or more partners, but
not all, have limited liability to creditors of the partnership.
Liquid Assets - Cash, cash equivalents, and marketable SECURITIES.
Liquidation - Winding up an activity by distributing its ASSETS to the
appropriate parties and settling its DEBTS.
Listed Property - Limits are imposed on the DEPRECIATION deduction a
taxpayer may claim on certain listed property as follows:
1. A passenger car;
2. Other property used as transportation;
3. Property used for purposes of entertainment, recreation, or amusement;
4. A computer and peripheral equipment; and
5. Cellular telephone.
Litigation Support/Dispute Resolution - A service that CPAs often
provide to attorneys - e.g., expert testimony about the value of a
business or other asset, forensic accounting (a partner stealing from
his other partners, or a spouse understating his income in a
matrimonial action). The lawyer hires the CPA to do the investigation
and determine the amount of money stolen or understated.
LLC - See LIMITED LIABILITY COMPANY.
LLP - See LIMITED LIABILITY PARTNERSHIP.
Long-Term Debt - DEBT with a maturity of more than one year from the
current date.
Loss - Excess of EXPENDITURES over REVENUE for a period or activity.
Also, for tax purposes, an excess of basis over the amount realized in
a transaction. (See NET INCOME.)
Lower of Cost or Market - Valuing ASSETS for financial reporting
purposes. Ordinarily, "cost" is the purchase price of the asset and
"market" refers to its current replacement cost. GENERALLY ACCEPTED
ACCOUNTING PRINCIPLES (GAAP) requires that certain assets (e.g.,
INVENTORIES) be carried at the lower of cost or market.
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Management Accounting - Reporting designed to assist management in
decision-making, planning, and control. Also known as Managerial
Accounting.
Management Discussion and Analysis (MD&A) - SEC requirement in
financial reporting for an explanation by management of significant
changes in operations, ASSETS, and LIQUIDITY.
Management's Report - Management is required to include in its annual
report its assessment of the effectiveness of the company's internal
control over financial reporting in addition to its audited financial
statements as of the end of the most recent fiscal year.
Managerial Accounting - See MANAGEMENT ACCOUNTING.
Margin - Excess of selling price over the unit cost.
Mark-to-Market - Method of valuing ASSETS that results in adjustment
of an asset's carrying amount to its market value.
Marketable Securities - Stocks and other negotiable instruments which
can be easily bought and sold on either listed exchanges or
over-the-counter markets.
Married Taxpayers - Taxpayers that are married may file a JOINT
RETURN, therefore combining their INCOME and expenses. Individuals
will be considered married if:
1. They are living as husband and wife;
2. They are recognized living as common law marriage; or
3. Legally married but separated and living apart but not legally divorced.
Marriage is determined as of the last day of the tax year.
Matching Principle - A fundamental concept of basic accounting. In any
one given accounting period, you should try to match the revenue you
are reporting with the expenses it took to generate that revenue in
the same time period, or over the periods in which you will be
receiving benefits from that expenditure. A simple example is
depreciation expense. If you buy a building that will last for many
years, you don't write off the cost of that building all at once.
Instead, you take depreciation deductions over the building's
estimated useful life. Thus, you've "matched" the expense, or cost, of
the building with the benefits it produces, over the course of the
years it will be in service.
Material Weakness - A significant deficiency or combination of
significant deficiencies that results in more than a remote likelihood
that a material misstatement of the annual or interim financial
statements will not be prevented or detected.
Materiality - Magnitude of an omission or misstatements of ACCOUNTING
information that, in the light of surrounding circumstances, makes it
probable that the judgment of a reasonable person relying on the
information would change or be influenced.
MD&A - See MANAGEMENT DISCUSSION AND ANALYSIS.
Merger - BUSINESS COMBINATION that occurs when one entity directly
acquires the ASSETS and LIABILITIES of one or more entities and no new
corporation or entity is created. (See CONSOLIDATION.)
Monetary Items - Definite fixed amounts stated in terms of dollars,
either by law or by contract agreement.
Mortgage - Legal instrument evidencing a security interest in ASSETS,
usually real estate.Mortgages serve as COLLATERAL for PROMISSORY
NOTES.
Municipal Bond - BOND issued by a government or public body, the
INTEREST on which is typically exempt from federal taxation.
Matching Principle - A fundamental rule f baxic accounting. In any one
given accounting period, you should try to match the revenue you are
reporting with the expenses it took.
Mutual Fund - Investment company which generally offers its shares to
the general public and invests the proceeds in a diversified portfolio
of SECURITIES. (See CLOSED-END MUTUAL FUND and OPEN-END MUTUAL FUND.)
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NASBA - See NATIONAL ASSOCIATION OF STATE BOARDS OF ACCOUNTANCY.
National Association of State Boards of Accountancy - serves as a
forum for the 54 State Boards of Accountancy, which administer the
uniform CPA examination, license Certified Public Accountants and
regulate the practice of public accountancy in the United States.
Negative Assurance - Report issued by an ACCOUNTANT based on limited
procedures that states that nothing has come to the accountant's
attention to indicate that the financial information is not fairly
presented.
Negligence - The omission to do something which a reasonable man,
guided by those ordinary considerations which ordinarily regulate
human affairs, would do, or the doing of something which a reasonable
and prudent man would not do. Negligence is the failure to use such
care as a reasonably prudent and careful person would use under
similar circumstances; it is the doing of some act which a person of
ordinary prudence would not have done under similar circumstances or
failure to do what a person of ordinary prudence would have done under
similar circumstances. The term refers only to that legal delinquency
which results whenever a man fails to exhibit the care which he ought
to exhibit, whether it be slight, ordinary, or great. It is
characterized chiefly by inadvertence, thoughtlessness, inattention,
and the like, while "wantonness" or "recklessness" is characterized by
willfulness. The law of negligence is founded on reasonable conduct or
reasonable care under all circumstances of particular care. Doctrine
of negligence rests on duty of every person to exercise due care in
his conduct toward others from which injury may result.
Net Assets - Excess of the value of SECURITIES owned, cash,
receivables, and other ASSETS over the LIABILITIES of the company.
Net Income - Excess or DEFICIT of total REVENUES and GAINS compared
with total expenses and losses for an ACCOUNTING period. (See INCOME
and LOSS.)
Net Lease - In addition to the rental payment, the LESSEE assumes all
property charges such as taxes, insurance, and maintenance.
Net Sales - Sales at gross invoice amounts less any adjustments for
returns, allowances, or discounts taken.
Net Worth - Similar to EQUITY, the excess of ASSETS over LIABILITIES.
Non-for-Profit Organization/Tax-Exempt Organization - An incorporated
organization which exists for educational or charitable purposes, and
from which its shareholders or trustees do not benefit financially.
Also called not-for-profit organization.
Nonresident Alien - Any citizen that is not a resident or citizen of
the United States. Income of such individuals is subject to taxation
if it is effectively connected with a United States trade or business.
Non Routine Transactions - Activities that occur only periodically,
the data involved are generally not part of the routine flow of
transactions.
No-Par Stock - Stock authorized to be issued but for which no PAR
VALUE is set in the ARTICLES OF INCORPORATION. A STATED VALUE is set
by the BOARD OF DIRECTORS on the issuance of this type of stock.
No-Par Value - Stock or bond that does not have a specific value
indicated. (See STATED VALUE.)
Notional - Value assigned to ASSETS or LIABILITIES that is not based
on cost or market (e.g., the value of a service not yet rendered).
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Objectivity - Emphasizing or expressing the nature of reality as it is
apart from personal reflection or feelings; independence of mind.
Obligations - Any amount which may require payment by an entity at a
future time.
OCBOA - See OTHER COMPREHENSIVE BASIS OF ACCOUNTING.
OPEB - See OTHER POST-RETIREMENT EMPLOYEE BENEFIT.
Open-End Mutual Fund - MUTUAL FUND that does not have a fixed number
of shares outstanding, offers new shares to the public, and buys back
outstanding shares at market value.
Operating Agreement - Agreement, usually a written document, that sets
out the rules by which a LIMITED LIABILITY COMPANY (LLC) is to be
operated. It is the LLC equivalent of corporate BYLAWS or a
PARTNERSHIP agreement.
Operating Cycle - Period of time between the acquisition of goods and
services involved in the manufacturing process and the final cash
realization resulting from sales and subsequent collections.
Option - Right to buy or sell something at a specified price during a
specified time period.
Ordinary Income - One of two classes of income (the other being
CAPITAL GAINS) taxed under the INTERNAL REVENUE CODE. Historically,
ordinary income is taxed at a higher rate than capital gains.
Organization Expenditures - The costs of organizing a trade or
business or for profit activity before it begins active business. A
taxpayer may elect to amortize such expenses for a tern no less than
60 months. If the election is not made then the expenses are not
deductible and may only be recovered when the business ceases
operation or is sold.
Other Comprehensive Basis of Accounting (OCBOA) - Consistent
accounting basis other than GENERALLY ACCEPTED ACCOUNTING PRINCIPLES
(GAAP) used for financial reporting. Examples include an INCOME TAX
BASIS or a CASH BASIS.
Other Post-Retirement Employee Benefit (OPEB) - All post-retirement
benefits other than pensions, provided by employers to employees.
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Paid in Capital - Portion of the stockholders' EQUITY which was paid
in by the stockholders, as opposed to CAPITAL arising from profitable
operations.
Parent Company - Company that has a controlling interest in the COMMON
STOCK of another.
Partnership - Relationship between two or more persons based on a
written, oral, or implied agreement whereby they agree to carry on a
trade or business for profit and share the resulting profits. Unlike a
CORPORATION'S shareholders, the partnership's general partners are
liable for the DEBTS of the partnership. (See GENERAL PARTNERSHIP,
LIMITED LIABILITY PARTNERSHIP, LIMITED PARTNERSHIP.)
Par Value - Amount per share set in the ARTICLES OF INCORPORATION of a
CORPORATION to be entered in the CAPITAL STOCKS account where it is
left permanently and signifies a cushion of EQUITY capital for the
protection of CREDITORS.
Passive Activity Loss - LOSS generated from activities involved in the
conduct of a trade or business in which the taxpayer does not
materially participate.
Passive Income - Includes income derived from such sources as
dividends, interest, royalties, rents, amounts received from personal
service contracts, and income received as a beneficiary of an estate
or trust.
Patronage Dividends - These dividends are amounts paid by a
cooperative to its members and customers based on the quantity or
value of business conducted with or for the members during the tax
year.
PCAOB - Public Corporation Accounting Oversight Board, a
private-sector, non-profit corporation, created by the Sarbanes-Oxley
Act of 2002, to oversee the AUDITORs of public companies in order to
protect the interests of investors and further the public interest in
the preparation of informative, fair, and independent audit reports.
Peer Review - Process by which an accounting firm's practice is
evaluated for compliance with professional standards. The objective is
achieved through the performance of an independent review by one's
peers.
Penalty - The various government codes contain numerous provisions
which impose penalties on a taxpayer (any type of taxpayer) for
failure to perform a specific act or omitting vital information on a
return.
Pension - Retirement plan offered by an employer for the benefit of an
employee, usually at retirement, through a TRUSTEE who controls the
plan ASSETS. (See EMPLOYEE BENEFIT PLAN.)
Perpetual Inventory - System that requires a continuous record of all
receipts and withdrawals of each item of INVENTORY.
Personal Financial Planning - Process for arriving at a comprehensive
plan to solve an individual's personal, business, and financial
problems and concerns.
Personal Financial Specialist (PFS) - CERTIFIED PUBLIC ACCOUNTANT who
specializes in PERSONAL FINANCIAL PLANNING and completes a series of
requirements that include education, experience, ethics and an exam.
Personal Financial Statements - FINANCIAL STATEMENTS prepared for an
individual or family to show financial status.
Personal Property - Movable property that is not affixed to the land
(REAL PROPERTY). Personal property includes tangible items such as
cash, cars and computers, as well as intangible items, such as
royalties, patents and copyrights.
Phantom Income - Income reported on a TAX BASIS for which no cash or
financial benefit is realized.
Pledged Asset - ASSET placed in a TRUST and used as COLLATERAL for a DEBT.
Pooling of Interest - Used to account for the acquisition of another
company when the acquiring company exchanges its voting COMMON STOCK
for the voting common stock of the acquired company when certain
criteria are met.
Post-Retirement Benefits - PENSIONS, health care, life insurance and
other benefits that are provided by an employer to retirees, their
dependents, or survivors.
Preferred Stock - Type of CAPITAL STOCK that carries certain
preferences over COMMON STOCK, such as a prior claim on DIVIDENDS and
ASSETS.
Premium - (1) Excess amount paid for a BOND over its face amount. (2)
In insurance, the cost of specified coverage for a designated period
of time.
Prepaid Expense - Cost incurred to acquire economically useful goods
or services that are expected to be consumed in the revenue-earning
process within the operating cycle.
Present Value - CURRENT VALUE of a given future cash flow stream,
discounted at a given rate.
Preventive Controls - These have the objective of preventing errors or
fraud from occurring in the first place that could result in a
misstatement of the financial statements.
Prime Rate - Rate of interest charged by major U.S. banks on loans
made to their preferred customers.
Principal - Face amount of a SECURITY, exclusive of any PREMIUM or
INTEREST. The basis for INTEREST computations.
Private Placement - Sales of SECURITIES not involving a PUBLIC
OFFERING and exempt from registration pursuant to certain EXEMPTIONS.
Privilege - A right or immunity granted as a peculiar benefit advantage.
Privity - An interest in a transaction, contract or legal action to
which one is not a party, arising out of a relationship to one of the
parties.
Profit Sharing Plan - DEFINED CONTRIBUTION PLAN characterized by the
setting aside of a portion of an entity's profits in participant's
accounts. (See EMPLOYEE BENEFIT PLAN.)
Pro Forma - Presentation of financial information that gives effect to
an assumed event (e.g., MERGER).
Projection - Prospective FINANCIAL STATEMENTS that include one or more
hypothetical assumptions.
Promissory Note - Evidence of a DEBT with specific amount due and
interest rate. The note may specify a maturity date or it may be
payable on demand. The promissory note may or may not accompany other
instruments such as a MORTGAGE providing security for the payment
thereof. (See DEMAND LOAN.)
Proprietorship - Business owned by an individual without the limited
liability protection of a CORPORATION or a LIMITED LIABILITY COMPANY
(LLC). Also known as sole proprietorship.
Pro Rata - Distribution of an expense, fund, or DIVIDEND proportionate
with ownership.
Prospective Financial Information (forecast and projection) -
Forecast: Prospective financial statements that present, to the best
of the responsible party's knowledge and belief, an entity's expected
financial position, results of operations, and changes in financial
position. A financial forecast is based on the responsible party's
assumptions reflecting conditions it expects to exist and the course
of action it expects to take. Projection: Prospective financial
statements that present, to the best of the responsible party's
knowledge and belief, given one or more hypothetical assumptions, an
entity's expected financial position, results of operations, and
changes in financial position.
Prospectus - Major part of the registration statement filed with the
SECURITIES AND EXCHANGE COMMISSION (SEC) for PUBLIC OFFERINGS. A
prospectus generally describes SECURITIES or partnership interests to
be issued and sold.
Proxy - Document authorizing someone other than the shareholder to
exercise the right to vote the stock owned by the shareholder.
Public Offering - Offering shares to the public. Generally done
through SEC filings.
Public Oversight Board (POB) - The POB is an independent oversight
board, composed of public members, which monitors and evaluates peer
reviews conducted by the SEC Practice Section (SECPS) of the AICPA's
Division for CPA Firms as well as other activities of the SECPS.
Purchase Method of Accounting - ACCOUNTING for a MERGER by adding the
acquired company's ASSETS at the price paid for them to the acquiring
company's assets.
Push-Down Accounting - Method of ACCOUNTING in which the values that
arise from an acquisition are transferred or "pushed down" to the
accounts of an acquired company.
Puts - A put is an option to sell a certain number of shares of stock
at a stated price within a certain period. The gain or loss on a put
is short or long term depending on the holding period of the stock
involved. (Also see CALLS)
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Qualified Opinion - AUDIT opinion that states, except for the effect
of a matter to which a qualification relates, the FINANCIAL STATEMENTS
are fairly presented in accordance with GENERALLY ACCEPTED ACCOUNTING
PRINCIPLES (GAAP). The AUDITOR is required to qualify when there is a
scope limitation.
Quasi-Reorganization - Type of reorganization in which, with
shareholder approval, the management revalues ASSETS and eliminates
the DEFICIT (increased by asset devaluations if any) by charging it to
other EQUITY accounts without the creation of a new corporate entity
or without court intervention.
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R&D - See RESEARCH AND DEVELOPMENT.
Ratio Analysis - Comparison of actual or projected data for a
particular company to other data for that company or industry in order
to analyze trends or relationships.
Real Estate Investment Trust (REIT) - Investor-owned TRUST which
invests in real estate and, instead of paying income tax on its
income, reports to each of its owners his or her pro rata share of its
income for inclusion on their income tax returns. This unique trust
arrangement is specifically provided for in the INTERNAL REVENUE CODE.
Real Estate Mortgage Investment Conduit (REMIC) - An entity that holds
a fixed pool of mortgages and issues multiple classes of interest s in
itself to investors. A qualified REMIC is generally taxed like a
partnership, unless it takes contributions after its start up day or
engages in a prohibited transaction.
Real Property - Land and improvements, including buildings and
PERSONAL PROPERTY, that is permanently attached to the land or
customarily transferred with the land.
Reasonable Assurance - Management's assessment of the effectiveness of
internal control over financial reporting is expressed at the level of
reasonable assurance. It includes the understanding that there is a
remote likelihood that material misstatements will not be prevented or
detected on a timely basis. It is a high level of assurance.
Recapitalization - An internal reorganization of a corporation
including a rearrangement of the capital structure by changing the
kind of stock or the number of shares outstanding or issuing stock
instead of bonds. It is distinguished from most other types of
reorganization because it involves only one corporation and is usually
accomplished by the surrender by shareholders of their securities for
other stock or securities of a different type.
Receivables - Amounts of money due from customers or other DEBTORS.
Reconciliation - Comparison of two numbers to demonstrate the basis
for the difference between them.
Redemption Value - Price to be paid by an ENTITY to retire its BONDS
or PREFERRED STOCK.
Red Herring - "Pre-release" PROSPECTUS offering. An announcement of a
future issuance of SECURITIES, given restricted circulation during the
waiting period of 20 days or other specified period between the filing
of a registration statement with the SEC and the effective date of the
statement. A red herring is not an offer to sell or the solicitation
of an offer to buy.
Refinancing Agreement - Arrangement to provide funding to replace
existing financing, the most common being a refinance of a home
MORTGAGE.
Regulated Investment Company (RIC) - Commonly called a MUTUAL FUND,
this is a domestic corporation that acts as an investment agent for
its shareholders by typically investing in government and corporate
securities and distributing the DIVIDENDS and INTEREST income earned
from such investments. In order to be considered a RIC a CORPORATION
must make an irrevocable election tax election in order to be treated
as one.
Reinsurance - Process by which an insurance company obtains insurance
on its insurance claims with other insurers in order to spread the
risk.
REIT - See REAL ESTATE INVESTMENT TRUST.
Related Party Transaction - Business or other transaction between
persons who do not have an arm's-length relationship (e.g., a
relationship with independent, competing interests). The most common
is between family members or controlled entities. For tax purposes,
these types of transactions are generally subject to a greater level
of scrutiny.
Relevant Assertions - Assertions that have a meaningful bearing on
whether the account is fairly stated.
Reorganization - This is a change in the businesses capital
arrangements. If for a CORPORATION there are seven statutory options
for reorganization that would cause the corporation and shareholders
to not recognize any GAIN or LOSS on the exchange of stock.
Repairs - EXPENDITURES made in order to keep property in good
condition but that do not appreciably prolong the life or increase the
value of the property.
Replacements - EXPENDITURES for making good or whole the portions of
property that have deteriorated through use or have been destroyed
through accident.
Report Release Date - The date the company's financial statements are issued.
Repos - See REPURCHASE AGREEMENT.
Repurchase Agreement (Repos) - Agreement whereby an institution
purchases SECURITIES under a stipulation that the seller will
repurchase the securities within a certain time period at a certain
price.
Research and Development (R&D) - Research is a planned activity aimed
at discovery of new knowledge with the hope of developing new or
improved products and services. Development is the translation of
research findings into a plan or design of new or improved products
and services.
Reserve - ACCOUNT used to earmark a portion of EQUITY or fund balance
to indicate that it is not available for expenditure. An obsolete term
in the United States. More commonly used in Europe.
Resident Alien - This is an individual that is not a citizen, but who
has a residence in the United States. They are taxed on all of their
INCOME worldwide in the same manner a citizen of the United States is.
Restricted Assets - Cash or other ASSETS whose use in whole or in part
is restricted for specific purposes bound by virtue of contracted
agreements.
Restricted Fund - Fund established to account for assets whose income
must be used for purposes established by donors or grantors of such
ASSETS. (See FUND ACCOUNTING and UNRESTRICTED FUNDS.)
Restructuring - Reorganization within an entity. Restructuring may
occur in the form of changing the components of CAPITAL, renegotiating
the terms of DEBT agreements, etc.
Retained Earnings - Accumulated undistributed earnings of a company
retained for future needs or for future distribution to its owners.
Return on Investment (ROI) - Ratio measure of the profits achieved by
a firm through its basic operations. An indicator of management's
general effectiveness and efficiency. The simplest version is the
ratio of NET INCOME to total ASSETS.
Revenue Recognition - Method of determining whether or not income has
met the conditions of being earned and realized or is realizable.
Revenues - Sales of products, merchandise, and services; and earnings
from INTEREST, DIVIDEND, rents.
Review - Accounting service that provides some assurance as to the
reliability of financial information. In a review, a CERTIFIED PUBLIC
ACCOUNTANT (CPA) does not conduct an examination under GENERALLY
ACCEPTED AUDITING STANDARDS (GAAS).
Review Engagement - Agreement between a CERTIFIED PUBLIC ACCOUNTANT
(CPA) and his or her client to perform a review. (See ACCOUNTANTS'
REPORT.)
Review Report - See ACCOUNTANTS' REPORT.
Right to Setoff - DEBTOR'S legal right, to discharge all or a portion
of the DEBT owed to another party by applying against the debt an
amount that the other party owes to the debtor.
Risk Management - Process of identifying and monitoring business risks
in a manner that offers a risk/return relationship that is acceptable
to an entity's operating philosophy.
ROI - See RETURN ON INVESTMENT.
Routine Transactions - Recurring financial activities reflected in the
accounting records in the normal course of business.
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S
S Corporation - An S Corporation is a corporation which, under the
Internal Revenue Code, is generally not subject to federal income
taxes. Instead, taxable income of the corporation is passed through to
its stockholders in a manner similar to that of a partnership.
Safe Harbor Rule - Concept in statutes and regulations whereby a
person who meets listed requirements will be preserved from adverse
legal action. Frequently, safe harbors are used where a legal
requirement is somewhat ambiguous and carries a risk of punishment for
an unintended violation.
Sale-Leaseback Transaction - Sale of property by a seller who
simultaneously leases the property back from the purchaser.
Salvage Value - Selling price assigned to retired FIXED ASSETS or
merchandise unsalable through usual channels.
SAS - See STATEMENTS ON AUDITING STANDARDS.
SEC - See SECURITIES AND EXCHANGE COMMISSION.
SEC Filings - Financial and informational DISCLOSURES required by the
SEC in order to comply with certain sections of the Securities Act of
1933 and the Securities and Exchange Act of 1934. Some of the more
common filings that publicly owned companies must submit are the FORM
10-K, FORM 10-Q and FORM 8-K.
SEC Registration Statement - DISCLOSURE document that must be filed
with the SEC in connection with a public offering of SECURITIES,
unless the offering is exempt.
Securities and Exchange Commission (SEC) - Agency authorized by the
United States Congress to regulate the financial reporting practices
of most public corporations.
Security - Any kind of transferable certificate of ownership including
EQUITY SECURITIES and DEBT SECURITIES.
Securitization -Source of financing whereby an entity's ASSETS
(typically mortgage loans, lease obligations or other types of
RECEIVABLES) are placed in a special purpose vehicle that issues
SECURITIES collateralized by such assets.
Security Interest - Legal interest of one person in the property of
another to assure performance of a second person under a contract.
Self Employment Tax - Most individuals that are in business for
themselves, such as SOLE PROPRIETORS, PARTNERS or independent
contractor, are subject to self employment taxes. The taxes provide
coverage for the self employed individual for social security (OASDI)
and Medicare benefits (HI) similar to the taxes withheld by employers
from wages it pays the employees.
Settlement Method - Method of ACCOUNTING for SECURITIES whereby
transactions are recorded on the date the securities settle by the
delivery or receipt of securities and the receipt or payment of cash.
SFAS - See STATEMENT OF FINANCIAL ACCOUNTING STANDARDS.
Short Sale - Sale of an item before it is purchased. A person entering
into a short sale believes the price of the item will decline between
the date of the short sale and the date he or she must purchase the
item to deliver the item under the terms of the short sale.
Short-Term - Current; ordinarily due within one year.
Significant Accounts - An account is significant if there is more than
a remote likelihood that the account could contain misstatements that
individually or when aggregated with others, could have a material
effect on the financial statements, considering the risks of both
overstatement and understatement.
Significant Deficiency - Acontrol deficiency or combination of control
deficiencies, that adversely affects the company's ability to
initiate, authorize, record, process or report external financial data
reliably in accordance with GAAP such that there is more than a remote
likelihood that a misstatement of the company's annual or interim
financial statements that is more than inconsequential will not be
prevented or detected.
Significant Findings or Issues - Substantive matters that are
important to the procedures performed, evidence obtained, or
conclusions reached and include but are not limited to:
1. significant matters
2. results of auditing procedures indicating a need for
significant modification of planned auditing procedures
3. audit adjustments
4. disagreements among members of the engagement team
5. circumstances that cause difficulty in applying auditing procedures
6. significant changes in the assessed level of audit risk
7. matters that could result in modification of the AUDITOR's report
Single Audit Act - The Single Audit Act of 1984 and the Single Audit
Act Amendments of 1996 establish requirements for audits of states,
local governments, and nonprofit organizations that administer federal
financial assistance programs above a certain threshold.
Simple Plans - An employer may adopt a simplified retirement plan
called a SIMPLE Plan (Savings incentive match plan for employees) if
it has fewer than 100 employees that received at least $5,000 in
compensation in the preceding year.
Simple Trust - This type of TRUST is required to distribute all its
income currently, whether or not the TRUSTEE actually does so, and it
has no provision in the trust instrument for charitable contributions.
It is to be distinguished from a COMPLEX TRUST. A trust may be a
simple trust in one year and a complex trust in another year. In the
year in which the trust distributes its corpus, it loses its
classification as a simple trust.
Small Business Stock - Noncorporate investors may exclude up to 50
percent of the GAIN they realize on the disposition of qualified small
business stock issued after Aug. 10, 1993, and held for more than five
years. The amount of gain eligible for the 50 percent exclusion is
subject to per-issuer limits. In order to qualify for the EXCLUSION,
the CORPORATION issuing the stock must be a C Corporation (but
excluding certain investment corporations) and it must use at least 80
percent of its assets in active conduct of one or more qualified trade
or businesses. In addition, its gross assets cannot exceed $50
million.
Sole Proprietorship - See PROPRIETORSHIP.
Special Assessment - Charge made by a local government for the cost of
an improvement or service. It is usually levied on those who will
benefit from the service.
Special Report - Special report is a term applied to AUDITORs' reports
issued in connection with various types of financial presentations,
including: Financial statements that are prepared in conformity with a
comprehensive basis of accounting other than generally accepted
accounting principles. Specified elements, accounts or items of a
financial statement. Compliance with aspects of contractual agreements
or regulatory requirements related to audited financial statements.
Financial presentations to comply with contractual agreements or
regulatory provisions. Financial information presented in prescribed
forms or schedules that require a prescribed form of auditor's
reports.
Spinoff - Transfer of all, or a portion of, a subsidiary's stock or
other ASSETS to the stockholders of its parent company on a PRO RATA
basis.
Spot Market - Market for buying and selling commodities or financial
instruments for immediate delivery and payment based on the settlement
conventions of the particular market.
Spread - Difference between two prices, usually a buying and selling price.
SSARS - See STATEMENTS ON STANDARDS FOR ACCOUNTING AND REVIEW SERVICES.
Standard Deduction - Individual taxpayers who do not itemize their
deductions are entitled to a standard deduction amount by which to
reduce ADJUSTED GROSS INCOME in arriving at taxable income. The amount
of the standard deduction varies by the type of the taxpayer and
changes each year. A schedule of standard deductions is easily found
in the instructions for the federal form 1040. Each state may also use
a standard deduction format, but the amounts and computations differ
from the federal and from state to state. Certain taxpayers may not be
entitled to use the standard deduction. An example of this would be a
married filing separate taxpayer. If one taxpayer itemizes then the
other is required to by law even if the married filing separate
taxpayer is unknowing of what is included on the spouses separate
return. A reason for this might be the prevention of pooling and
duplication of deductions.
Start-up Costs - (1) Costs, excluding acquisition costs, incurred to
bring a new unit into production. (2) Costs incurred to begin a
business.
Stated Value - Per share amount set by the BOARD OF DIRECTORS to be
placed in the CAPITAL STOCK account upon issuance of NO-PAR VALUE.
Statement of Cash Flows - A statement of cash flows is one of the
basic financial statements that is required as part of a complete set
of financial statements prepared in conformity with generally accepted
accounting principles. It categorizes net cash provided or used during
a period as operating, investing and financing activities, and
reconciles beginning and ending cash and cash equivalents.
Statement of Financial Accounting Standards (SFAS) - Statements issued
by the FINANCIAL ACCOUNTING STANDARDS BOARD (FASB).
Statement of Financial Condition - Basic FINANCIAL STATEMENT, usually
accompanied by appropriate DISCLOSURES that describe the basis of
ACCOUNTING used in its preparation and presentation as of a specified
date, the entity's ASSETS, LIABILITIES and the EQUITY of its owners.
Also known as BALANCE SHEET.
Statements on Auditing Standards (SAS) - Statements issued by the
Accounting Standards Board of the AMERICAN INSTITUTE OF CERTIFIED
PUBLIC ACCOUNTANTS (AICPA).
Statements on Standards for Accounting and Review Services (SSARS) -
Statements issued by the AMERICAN INSTITUTE OF CERTIFIED PUBLIC
ACCOUNTANTS (AICPA) that specifically relate to REVIEWS and
COMPILATIONS. (See ACCOUNTANTS' REPORT.)
Statute of Limitations - This sets out the period within which actions
may be brought upon claims or within which rights may be enforced. As
it pertains to tax returns, the statute of limitations is generally
three years from the date a return is due or filed.
Stepped Up Basis - Generally, the basis of property acquired by
INHERITENCE, BEQUEST or device from a DECENDANT is the FAIR MARKET
VALUE of the property on the date of the decendant's death. Thus if
the fair market value is more than the decedent's basis, a taxpayers
basis in the property received is stepped-up.
Stock Compensation Plan - FRINGE BENEFIT that gives employees the
option to purchase the employer's stock at a specified price during a
specified period.
Stock Option - Right to purchase or sell a specified number of shares
of stock at specified prices and times.
1) Terminology
a) Grant date - The date at which an employer and an employee
reach a mutual understanding of the key terms and conditions of a
share-based payment award. The employer becomes contingently obligated
on the grant date to issue equity instruments or transfer assets to an
employee who renders the requisite service. Awards made under an
arrangement that is subject to shareholder approval are not deemed to
be granted until that approval is obtained unless approval is
essentially a formality (or perfunctory), for example, if management
and the members of the board of directors control enough votes to
approve the arrangement. Similarly, individual awards that are subject
to approval by the board of directors, management, or both are not
deemed to be granted until all such approvals are obtained. The grant
date for an award of equity instruments is the date that an employee
begins to benefit from, or be adversely affected by, subsequent
changes in the price of the employer's equity shares.
b) Measurement Date – The date at which the equity share price and
other pertinent factors, such as expected volatility, that enter into
measurement of the total recognized amount of compensation cost for an
award of share-based payment are fixed
c) Fair value - The amount at which an asset (or liability) could
be bought (or incurred) or sold (or settled) in a current transaction
between willing parties, that is, other than in a forced or
liquidation sale.
d) In the Money option - Option granted with an exercise price
below the market price on the grant date
e) Out of the Money option – Option granted with an exercise price
above the market price.
f) Backdating
i) Exercise price is based on a lower share price prior to the
option grant date. The practice of marking a document with a date that
precedes the actual date.
ii) Example – Option is approved by the board permits the
stock to be priced based upon the lowest price in the past 30 days-
permits options to be in the money when issued. Options are suppose to
be issued at option price that is neutral at time of issuance.
iii) May not be illegal if
(1) Clearly communicated to shareholders
(2) No documents forged
(3) Reflected in earnings of the company
(a) If under A PB 25 –the granting of in the money
options resulted in recognition of compensation expense in earnings.
If options were neutral or out of the money then. no compensation
would be recognized
(b) If under 123R expense is based upon fair value at
grant date. and compensation is recognized it the earnings statement
g) Spring loading - Timing of option grants to take place before
good news or after bad news is released
i) Concerns about insider trading
h) Forward loading – Term used for setting the option grant date
to occur after predicted fall in stock price or before predicted stock
price increase
i) Terms might involve option to be issued with price to be
determined based upon the lowest price as of the issue date or for the
next 30 days after the issuance. Grant date does not occur until the
conclusion of the 30 day period when the price is known. To determine
the price the company needs to look back at the stock price for the
last 30 days to determine what the exercise price should be. This is
another version of backdating.
i) Discounted options – options that have an exercise price
that is less than fair value on the date of grant.
2) Accounting and Tax Ramifications
a) Accounting ramifications
i) Restatement
ii) Unable to file on timely basis while go back and determine
what periods are effected
iii) Calls into questions company's internal controls and governance
iv) Will be unable to file shelf registration
v) May be delisted from exchange
b) SEC reporting implications
i) Potentially inaccurate reporting of executive compensation
in proxy statements and annual reports
ii) Potential violation of securities and Law for executive
oficiers and directors with Section 16 (a) of the Securities and
exchange Act of 1934. required to report on form 4
iii) Potential false or misleading disclosures about the
company's stock option plan in periodic reports filed with the SEC –
Failure to disclose the practice of backdating may violate securities
and laws against false or misleading disclosures
iv) Potential false Section 302 certifications – Principal and
financial executives are required to sign certifications in quarterly
and annual reports certifying that among other things that the report
filed with the SEC does not include any false statements of amaterial
fact or state material facts necessary in order to make the
disclosures not misleading.
c) Tax Ramifications
i) Exercise price effects capital gains of the individual and
effects compensation expense used by corporation for calculating
company's compensation expense for tax purposes,
ii) Tax ramifications – company
(1) Discounted options that become vested on or after
January 1, 2005 are subject to non qualifying deferred compensation
rules -
Holder is required to select a fixed exercise date no
later than December 31, 2006 or be subject to immediate taxation on
vesting , a 20 percent penalty and an interest assessment.
(2) May cause the loss of tax deductions under Section 162
(m), the deduction that public companies take for compensation to
chief executive officer and next four highest compensated officers is
limited to $1 million each. The deduction for stock options in not
usually limited. However, discounted options do not qualify as
performance based compensation and therefore the deduction that the
company would get may be partially or completely lost. In addition
discounted stock options do not qualify for Incentive Stock option
(ISO) treatment. (ISO there is no payroll tax or withholding
requirements for ISO's) – If company mistakenly treats backdated stock
as an ISO the company my fail to meet payroll tax and income tax
withholding requirements.
d) New Rules SEC
i) Effective for years after December 15, 2006
ii) New Dsiclosures mandated
(1) Fairvalue of options on grant date
(2) Value of grant per 123R
(3) Closing price market price on the date of grant if it
is greather than the excericise price of the award
(4) The date the compensation committee or board took
action to grant an award if theat date is different than the actual
grant date.
(5) Also if the exercise price of an option grant differs
from the closing market price per share on the grant date companies
must include a description of the method for determining the exercise
price.
Stock Rights - Stock rights are rights issued to stockholders of a
CORPORATION that entitle them to purchase new shares of stock in the
corporation for a stated price that is often substantially less than
the FAIR MARKET VALUE of the stock. These rights may be exercised by
paying the stated price, may be sold, or may be allowed to expire or
lapse. Stock rights are generally treated as stock DIVIDENDS.
Stock Split - Increase in the number of shares of a company's COMMON
STOCK outstanding that result from the issuance of additional shares
proportionally to existing stockholders without additional capital
investment. The PAR VALUE of each share is reduced proportionally.
Straight-Line Depreciation - ACCOUNTING method that reflects an equal
amount of wear and tear during each period of an ASSET'S useful life.
For instance, the annual STRAIGHT-LINE DEPRECIATION of a $2,500 asset
expected to last five years is $500. (See ACCELERATED DEPRECIATION.)
Strike Price - Price of a financial instrument at which conversion or
exercise occurs.
Subsequent Event - Material event that occurs after the end of the
accounting period and before the publication of an entity's FINANCIAL
STATEMENTS. Such events are disclosed in the notes to the financial
statements. (See MATERIALITY.)
Surviving Spouse - This is a person whose husband or wife died during
the tax year. A surviving spouse may file a JOINT RETURN for the year
in which the death occurred. In addition a joint return may be filed
for the two succeeding tax years if during that time the surviving
spouse:
1. Remains unmarried; and
2. Maintains as his home a household that is the principal place
of abode during the entire TAX YEAR for a child for whom a dependency
exemption may be claimed.
Swap - Financial contract in which two parties agree to exchange net
streams of payments over a specified period. The payments are usually
determined by applying different indices (e.g., interest rates,
foreign exchange rates, equity indices) to a NOTIONAL amount. The term
notional is used because swap contracts generally do not involve
exchanges of PRINCIPAL.
T
Tangible Asset - ASSETS having a physical existence, such as cash,
land, buildings, machinery, or claims on property, investments or
goods in process. (See INTANGIBLE ASSETS.)
Tax - Charge levied by a governmental unit on income, consumption,
wealth, or other basis.
Tax Court - The U.S. Tax Court is a legislative court functioning to
adjudicate controversies between taxpayers and the IRS arising out of
deficiencies assessed by the IRS for INCOME, GIFT, ESTATE, windfall
profit and certain EXCISE TAXES. It has no jurisdiction over other
taxes such as employment taxes. Various sales taxes and certain excise
taxes.
Tax Credit for the Elderly and Disabled - Taxpayers age 65 or older or
those under 65 who are retired with permanent and total disability are
eligible to claim a credit to reduce the amount of their tax
liability. It is designed primarily to benefit those individuals who
receive small amounts of retirement INCOME. Each taxpayer is allocated
an initial base amount based on his or her filing status determining
the credit. The base amount is then reduced by the amount of
nontaxable income, or is phased out for taxpayers whose ADJUSTED GROSS
INCOME exceeds certain levels.
Tax Lien - ENCUMBRANCE placed on property as security for unpaid taxes.
Tax Shelter - Arrangement in which allowable tax deductions or
EXCLUSIONS result in the deferral of tax on INCOME that would
otherwise be payable currently.
Tax Year - The period used to compute a taxpayer's TAXABLE INCOME is
tax year. It is an annual period that is either a calendar year ,
FISCAL YEAR or fractional part of a year for which the return is made.
Taxable Income - Taxable income is generally equal to a taxpayer's
ADJUSTED GROSS INCOME during the TAX YEAR less any allowable
EXEMPTIONS and deductions.
Taxpayer Identification Number (TIN) - Any individual or other taxable
entity that is required to file a return, statement or any other
document with the IRS must indicate his (or its) taxpayer
identification number. For an individual, the social security number
is used, and if you do not have a social security number, the IRS will
assign you a TIN. A federal or employer ID number is assigned to other
types of entities and will use that as their TIN.
Tenancy-in-Common - Co-ownership of property. In a valid
tenancy-in-common, a deceased co-owner's title passes to his or her
heirs without being included in the estate of the deceased co-owner.
Term Loan - Loan for a specified time period.
Timing of Tests of Control - The AUDITOR must perform tests of
controls over a period of time that is adequate to determine whether,
as of the date specified in management's report, the controls
necessary for achieving the objectives of the control criteria are
operating effectively.
Total Gain - Excess of the proceeds realized on the sale of either
INVENTORY or noninventory goods.
Trade Date - Date when a SECURITY transaction is entered into, to be
settled on at a later date. Transactions involving financial
instruments are generally accounted for on the trade date.
Transferred Basis - A transferred basis is the basis of property in
the hands of a transferor, donor or GRANTOR. In this sense a prior
owner's basis in the property is transferred to the taxpayer.
Transferred basis occurs in the following transactions: GIFTS,
transfers in trusts, certain transfers to controlled CORPORATIONS,
contributions to PARTNERSHIPS and LIQUIDATING distributions from a
corporation.
Transferee Liability - A person may be held LIABLE for another
taxpayer's delinquent taxes if:
1. The transferee received assets of the transferor-taxpayer; and
2. The transferor was INSOLVENT at the time or was rendered
insolvent by that transfer or related series of transfers.
However the insolvency requirement does not apply to GIFT taxes. The
transferee is only liable to the extent of the value of the property
received from the transferor. Thus, transferee liability merely
provides a means for the IRS to recover any assets the
transferor-taxpayer attempts to transfer to avoid paying taxes.
Treasury Bill - Short-term obligation that bears no INTEREST and is
sold at a discount.
Treasury Bond - Long-term obligation that matures more than five years
from issuance and bears INTEREST.
Treasury Instruments - Direct financial obligations of the United
States government. (See TREASURY BILL; TREASURY BOND; TREASURY NOTE;
TREASURY STOCK.)
Treasury Note - Intermediate-term obligation that matures one to five
years from issuance and bears INTEREST.
Treasury Stock - Stock reacquired by the issuing company. It may be
held indefinitely, retired, issued upon exercise of STOCK OPTIONS or
resold.
Troubled Debt Restructuring - Agreement between DEBTOR and CREDITOR
which amends the terms of a DEBT that has little chance of being paid
in accordance with its contractual terms. The agreement may involve
the transfer of ASSETS in full or partial satisfaction of the debt.
Trust - Ancient legal practice where one person (the GRANTOR)
transfers the legal title to an ASSET, called the principal or corpus,
to another person (the TRUSTEE), with specific instructions about how
the corpus is to be managed and disposed.
Trustee - Person who is given legal title to, and management authority
over, the property placed in a trust.
U
Unaudited Financial Statements - FINANCIAL STATEMENTS which have not
undergone a detailed AUDIT examination by an independent CERTIFIED
PUBLIC ACCOUNTANT (CPA).
Unearned Income - Payments received for services which have not yet
been performed.
Uniform Accountancy Act (UAA) - The UAA is the proposal for a new
regulatory framework for the public accounting profession which was
developed jointly by the American Institute of Certified Public
Accountants (AICPA) and the National Association of State Boards of
Accountancy (NASBA). The new framework is intended to enhance
interstate reciprocity and practice across state lines by CPAs, meet
the future needs of the profession, respond to the marketplace and
protect the public that the profession serves.
Uniform Capitalization Rules - These are a set of rules intended to be
a single comprehensive set of rules to govern the capitalization, or
inclusion in INVENTORY of direct and indirect cost of producing,
acquiring and holding property. Under the rules, taxpayers are
required to capitalize the direct costs and an allocable portion of
the indirect costs attributable to real and tangible personal property
produced or acquired for resale. The obvious effect of the uniform
capitalization rules is that taxpayers may not take current deductions
for these costs but instead must be recovered through DEPRECIATION or
AMORTIZATION.
Unqualified Opinion - AUDIT opinion not qualified for any material
scope restrictions nor departures from GENERALLY ACCEPTED ACCOUNTING
PRINCIPLES (GAAP). The AUDITOR may issue an unqualified opinion only
when there are no identified material weaknesses and when there have
been no restrictions on the scope of the auditor's work. Also known as
CLEAN OPINION.
Unrestricted Funds - Resources of a not-for-profit entity that have no
restrictions as to use or purpose. (See FUND ACCOUNTING and RESTRICTED
FUND.)
Use of Professional Skepticism when Evaluating the Results of Testing
- The AUDITOR must conduct the audit of internal control over
financial reporting and the audit of the financial statements with
professional skepticism, which is an attitude that includes a
questioning mind and a critical assessment of audit evidence.
V
Valuation Allowance - Method of lowering or raising an object's
CURRENT VALUE by adjusting its acquisition cost to reflect its market
value by use of a CONTRA ACCOUNT.
Variable Rate Loan - Loan whose interest rate changes over its life in
relation to the level of an index.
Variance - Deviation or difference between an estimated value and the
actual value.
Venture Capital - Investment company whose primary objective is
capital growth. New ASSETS invested largely in companies that are
developing new ideas, products, or processes.
Vesting - Point at which certain benefits available to an employee are
no longer contingent on the employee continuing to work for the
employer.
W
Walkthroughs - The most effective means for an AUDITOR to confirm his
understanding how internal control over financial reporting is
designed and operates to evaluate and test its effectiveness. It
includes making inquiries of and observing the personnel who actually
perform the controls; reviewing documents that are used in, and that
result from, the application of the controls; and comparing supporting
documentation to the accounting records. In a walkthrough, the auditor
traces a transaction from origination through the company's
information systems to the point where it is reflected in the
company's financial reports.
Walkthroughs provide the auditor with evidence to:
1. Confirm the auditor's understanding of the process flow of transactions.
2. Confirm the auditor's understanding of the design of controls
identified for all five components of internal control over financial
reporting, including those related to the prevention or detection of
fraud.
3. Confirm that the auditor's understanding of the process is
complete by determining whether all points in the process at which
misstatements related to each relevant financial statement assertion
that could occur have been identified.
4. Evaluate the effectiveness of the design of controls.
5. Confirm whether controls have been placed in operation.
Warrant - Option to purchase additional SECURITIES from the issuer.
Wash Sale - A wash sale occurs if stock or securities are sold at a
LOSS and the seller acquires substantially identical stock or
SECURITIES 30 days before or after the sale. Stock or securities for
this purpose includes contracts or operations to acquire or sell stock
or securities. Losses incurred in a wash sale cannot be deducted. It
does not matter if the total 60 day period begins in one tax year and
ends in another. However, the disallowed loss is not permanently lost.
Instead, the basis in the newly acquired stock or securities is the
same basis as of the stock or securities sold, adjusted by the
difference in price of the stock or securities.
Withholding - Amount withheld or deducted from employee salaries by
the employer and paid by the employer, for the employee, to the proper
authority.
Withholding Allowance - Each taxpayer is allowed to claim a
withholding allowance, which exempts a certain amount of wages from
being subject to WITHHOLDING. The allowance is designed to prevent too
much taxes being withheld from a taxpayers wages and a person can
compute this by completing form W-4 and submitting it to their
employer.
Working Capital - Excess of CURRENT ASSETS over CURRENT LIABILITIES.
Working Papers - (1) Records kept by the AUDITOR of the procedures
applied, the tests performed, the information obtained, and the
pertinent conclusions reached in the course of the AUDIT. (2) Any
records developed by a CERTIFIED PUBLIC ACCOUNTANT (CPA) during an
audit.
Work in Progress - INVENTORY account consisting of partially completed
goods awaiting completion and transfer to finished inventory.
Wrap-Around Mortgage - Second MORTGAGE which conveniently expands the
total amount of borrowing by the mortgagor without disturbing the
original mortgage.
Y
Yellow Book - Written by the GENERAL ACCOUNTABILITY OFFICE, the yellow
book sets forth standards to be followed in auditing the FINANCIAL
STATEMENTS of entities that receive federal financial assistance.
"Yellow Book" is the name given to "Government Auditing Standards"
issued by the Comptroller General of the United States which contains
standards for audits of government organizations, programs, activities
and functions, and of government assistance received by contractors,
nonprofit organizations and other nongovernment organizations.
Yield - Return on an INVESTMENT an investor receives from DIVIDENDS or
INTEREST expressed as a percentage of the cost of the SECURITY.
Yield to Maturity - Rate of return on a SECURITY to its maturity,
giving effect to the stated interest rate, accrual of discount, or
AMORTIZATION of PREMIUM.
Z
Zero-Coupon Bond - BOND on which the holder receives only one payment
at maturity which includes both PRINCIPAL and INTEREST from issuance
to maturity.
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http://BeTheFriend.blogspot.com
Mortgage Terms continued
Index
An average banking/treasuries compulation used to make adjustments in
adjustable rate loans. Common indecies areaverage CD rate, cost of
living, etc.
Initial interest rate
The rate of interest used at the beginning of an adjustable rate loan
(also know as the start rate).
Interest rates
The rent charged for the use of money usually expressed as a
percentage on an annual bases.
Jumbo Loan
This changes the beginning of each year. In 2007 it is a mortgage loan
greater than $417,000.00. All loan amounts equal to or less than this
would be considered conforming loan amounts.
Loan to Value
The loan amount compared to the value of the property, normally
expressed as a percentage.
Lock
To commit to an interest rate and fees.
Les Pindens
A legal action on real estate usually performed to stop the transfer
because claiment feels they have a claim to the property.
Margin
The determined addition to be added to an index to caclulate an
adjustable interest rate mortgage.
Mortgage
The legal document that secures a loan for real estate.
Mortgage Insurance
A guartantee offered by an mortgage insurance company made to the
lender on loans that are over 90%.
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http://BeTheFriend.blogspot.com
Mortgage
Acceleration clause
A provision that gives the lender the right to demand payment of the
balance remaining if a monthly payment is missed.
Additional principal payment
A payment by a borrower of more than the scheduled principal amount
due in order to reduce the remaining balance on the loan.
Adjustable rate loan (ARM)
A loan that permits the lender to adjust its interest rate
periodically on the basis of changes in an index.
Adjustment periods
Terms set out in the loan document that call for possible changes in
the interest rate and payments each period. These could be anywhere
from each month to 10 years.
Amortization
The gradual repayment of a loan by equal installments.
Amortization schedule
A timetable for payment of a loan. An amortization schedule shows how
much of each payment as it is applied to interest and principal the
remaining balance after each payment.
Amortization term
The number of months required to amortize the loan.
Amortize
To repay a loan with regular payments with both interest and principal
Annual percentage rate (APR)
The actual cost of a loan stated as a yearly rate; including such
items as interest payments, principal payments, loan insurance,
processing, credit reports, appraisals and loan origination fee
(points).
Application
Form used to apply for a loan.
Appraisal
A written analysis of the estimated value of real estate prepared by a
licensed Appraiser.
Appraised value
An opinion of a property's fair market value based on the appraiser's
analysis of the property and recent sales in the area.
Appraiser
A person licensed to evaluate real estate. (also see Appraised value)
Assessed value
The valuation placed on real estate by a public tax assessor for
purposes of taxation.
Asset
Anything of monetary value that is owned by a person.
Assignment
The transfer of a loan from one person to another.
Assumable loan
A loan that can be taken over (assumed) by a new owner when a home is sold.
Assumption
The transfer of the seller's existing loan to the buyer. See assumable loan.
Assumption clause
A provision in an assumable loan that allows a buyer to assume
responsibility for the loan from the seller. The loan does not need to
be paid in full by the original borrower upon sale or transfer of the
property.
Assumption fee
The fee paid to a lender, usually by the buyer of real estate, when a
loan is assumed.
Attorney-in-fact
One who has a power of attorney from another to execute documents on
behalf of another.
Balance sheet
A financial statement that shows assets, liabilities, and net worth as
of a specific date.
Balloon payment
The final lump sum payment that is made at the maturity of a balloon loan.
Bankrupt
A person, firm, or corporation that, through a federal court process,
is relieved from the payment of debts.
Before tax income
Earnings calculated before income taxes are deducted.
Beneficiary
A person designated to receive the income from a trust, estate, or a
deed of trust.
Bill of sale
A written receipt that transfers title to personal property.
Bi-weekly payment loan
A loan that requires payments every two weeks. The 26, or possibly 27,
bi-weekly payments are each equal to one-half of the monthly payment
that would be required if the loan were a monthly payment loan.
Blanket insurance policy
A single policy that covers more than one piece of real estate .
Bona fide
In good faith.
Bond
An interest-bearing certificate of debt, usually issued by a
government, which has a stated maturity date.
Breach
A violation of a legal obligation.
Broker
A person who, for a fee, brings parties together and assists in
negotiating contracts.
Budget
A detailed plan of income and expenditures covering a specific time period
Buy-down loan
A temporary buy-down is a loan on which one time payment is made to
reduce a borrower's interest rate during the first year or years of a
loan. A permanent buy-down would be a one time payment to reduce the
interest rate over the course of the entire loan term.
Cap
A provision of an adjustable-rate loan (ARM) that limits how much the
interest rate or loan payments may increase or decrease. These can be
lifetime payment cap, lifetime interest rate cap, periodic payment
cap, and periodic interest rate caps.
Capital improvement
Any change as a permanent improvement to real property that increases
its value or useful life.
Cash out refinance
A loan in which the proceeds exceeds the total of the money needed to
repay the existing first loan and loan expenses.
Certificate of deposit
A certificate evidencing a bank's promise pay a specified interest
rate in return for a deposit made for a specified time period.
Certificate of deposit index
One index that is used to determine interest rate changes for certain ARM loans.
Certificate of Eligibility
A document issued by the Department of Veterans Affairs (VA) citing
eligibility for a VA loan.
Certificate of Reasonable Value
A document issued by the Department of Veterans Affairs (VA) that
establishes the maximum value and loan amount for a VA loan.
Certificate of title
A statement provided by an abstract company, title company, or
attorney stating that the title to real estate is legally held by the
current owner.
Chain of title
A chronicled history of all documented owners.
Change frequency
The frequency of payment and/or interest rate changes in an
adjustable-rate loan (ARM).
Chattel
Personal property.
Clear title
Real estate ownership that is free of liens or legal claims.
Closing
The time at which a transaction is final.
Closing cost
An amount that a borrower incurs for a service. All these fees should
be included on the HUD 1 (closing statement).
Cloud on title
Any conditions revealed by a title search that adversely affects the
title to real estate.
Collateral
Real or personal property that guarantees the repayment of a loan. The
borrower risks losing the property if the loan is not repaid.
Collection
The efforts used to bring a delinquent loan current and to the filing
of the necessary documents to proceed with foreclosure.
Commission
The fee charged by a broker or agent for negotiating a real estate or
loan transaction. Usually a percentage of the price of the real estate
or loan.
Common area assessments
Levies against individual unit owners in a condominium or planned unit
development project for additional funds to pay for the homeowners'
association costs of upkeep or improvement of commonly owned areas.
Common areas
Areas of a condominium or planned unit development that are in common
such as a pool, tennis court or lawn areas used by all the owners.
Community property
A form of ownership under which property acquired during a marriage is
presumed to be owned jointly unless acquired as separate property of
either spouse. Each state may have different laws concerning
ownership.
Condominium
A real estate project in which each owner has title to a unit and an
undivided interest in common and sometimes the exclusive use of some
common areas.
Conforming (loan limit)
A limit set each year based on average housing prices. These limits
are adhered to throughout most of the industry and offer the very best
interest rates available.(also see Jumbo and non conforming)
Construction loan
A short term or interim loan for financing the cost of construction.
Consumer reporting agency
A firm that prepares reports that is used by brokers and lenders to
determine a potential borrower's credit history. The firm may obtain
data for reports from a credit repository and other sources.
Contingency
A condition that must be met before a contract is legally binding.
Contract
An oral or written agreement to do or not to do something.
Conventional loan
A loan on residential real estate of 1 to 4 units and that is not
insured or guaranteed by the federal government.
Convertibility clause
A provision in some adjustable rate mortgages (ARMs) that allows the
borrower to change the ARM to a fixed rate loan at a specified time.
Cooperative (co-op)
Share or stock ownership in a multiple housing unit owned by a
corporation. Each shareholder enjoys exclusive use of a residential
unit.
Cost of funds index (COFI)
An index that is used to determine interest rate changes for certain
adjustable-rate loans. It represents the weighted average cost of
savings, borrowings, and advances of the 11th District members of the
Federal Home Loan Bank in San Francisco.
Covenant
A clause in a loan that obligates or restricts the borrower and that,
if violated, can result in foreclosure.
Credit history
A record of an individual's open and fully paid debts. A credit
history helps a lender to determine whether a potential borrower has a
history of repaying debts in a timely fashion.
Creditor
A person to whom money is owed.
Credit report
A report of an individual's credit history prepared by a credit bureau
and used by a broker or a lender in determining a loan applicant's
creditworthiness. (also see Credit repository)
Credit repository
An organization that gathers, records, updates, and stores financial
and public records information about the payment records of
individuals who are being considered for credit.
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http://1st-mortgages.com/
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http://BeTheFriend.blogspot.com
How to Take E-loan?
E-LOAN Auto Loan Process
E-LOAN offers vehicle loans for new and used purchases from licensed dealers, refinancing of your existing vehicle loan (only name of person listed on title can refinance), private-party (non-dealer) loans to purchase a used vehicle from a private seller, and loans to buy out your existing auto lease.
Getting your vehicle financing from E-LOAN saves you time and money. If you are approved, you will receive your no-obligation PowerCheck by first class mail or overnight delivery ($15 fee applies) that you can use to finance your vehicle.
Here is how the E-LOAN Auto Loan process works:
1. View rates and payments
Our simple rate chart makes it easy to check our rates at a glance. Use our rate and payment calculator to try different rate and term options.
2. Apply Online
It takes just a few minutes to apply using our secure application. Apply Now. If you apply during our business hours (Monday-Friday 7am to 6pm & Saturday 7am to noon ? Pacific time), you will receive a decision in approximately 15 minutes.
3. Receive your PowerCheck
If you are approved, your no-obligation PowerCheck will be sent to you, via first class mail or overnight delivery ($15 fee applies).
4. Purchase your vehicle
Purchase new/used from a licensed dealership
Visit any licensed dealership, find the car or motorcycle you wish and follow the instructions attached to your PowerCheck to complete the vehicle transaction. Get a free auto price quote.
Refinance an existing vehicle loan
Follow the simple step-by-step instructions attached to your
PowerCheck and refinance your existing vehicle loan (only the person listed on title can refinance).
Lease Buy-Out of your leased vehicle
Follow the simple step-by-step instructions attached to your
PowerCheck and purchase your vehicle at the end-of-the lease term.
Private-Party purchase
Find the car you wish to buy, meet with the private-party seller, and follow the instructions attached to your PowerCheck to complete the private-party purchase.
DUI , Well their A ' law way out '
Houston Personal Injury Lawyer Included in 2007 Who's Who in American Law
Houston and Dallas (PRWEB) June 21, 2007 -- The Pursley Law Firm, PLLC, a Houston personal injury law firm today announced that its managing partner, Houston attorney Jack Stephen Pursley, was recently selected to appear in the 30th Anniversary edition of Who's Who in American Law. The law firm serves clients across Texas in wrongful death, serious trucking and car accidents, mesothelioma cases, medical malpractice, and work related, spinal and brain injury cases.
The directory, published by Marquis Who's Who out of New Providence, N.J., features 25,000 leading men and women from across the United States who are leaders in their legal profession and were nominated for the inclusion by their colleagues. This July 2007 directory is a special 30th Anniversary Edition published by Marquis with its usual biographies of the selected attorneys, highlights in their careers, and education.
The Houston personal injury lawyer's inclusion in Who's Who naturally follows his success practicing law, a twenty-year business career, and chairing over 400 arbitration hearings as a neutral. Mr. Pursley who is licensed to appear in front of the Texas Supreme Court has counseled on a diversity of legal matters involving Fortune 500 corporations and people from all walks of life.
"I am honored to be included with such an elite group of lawyers and other legal professionals and hope to continue to serve consumers that have been injured in Texas for years to come," Pursley said. "It's a privilege to represent my clients to recover just compensation for their losses and injuries. Sadly, there are too many wrongful death and mesothelioma cases, trucking and serious car accidents, work related, brain, and spinal cord injuries; or medical malpractice victims."
The Pursley Law Firm has been involved in personal injury and wrongful death cases across Texas and has expanded its offices and representation of clients to Dallas/Fort Worth, San Antonio, Austin and El Paso while continuing its practice focus in the Houston area.
Mortgage-Loans
Choosing a Mortgage
Why should I buy a home?
Home ownership is often called the "American Dream" because of the pride that comes with owning a place you can personalize and call your own. In addition, buying a home is one of the most stable and solid investments providing tax benefits and allowing you to build equity.
Should I choose a fixed rate or adjustable rate loan?
Fixed rate loans have a stated interest rate that does not change over the life of the loan, whereas the rates on adjustable rate loans are linked to an index and change as the index rate changes. Many mortgages, such as a 5-Year Fixed (30 Year), start as a fixed rate loan and then convert to an adjustable rate. Adjustable rate loans have more risk due to the possibility that the interest rate could increase. However, because you are assuming some of the risk the lender will generally reward you with a lower interest rate. These loans are best for borrowers who do not plan on keeping the loan for the full term.
When does it make sense to pay points?
Points are a one-time fee that a borrower pays to lower the interest rate. Points are defined as a percentage of your loan amount, with one point being equal to one percent of your loan. For example, if you borrow $200,000, one point would be equal to $2,000. Paying one point will generally reduce your interest rate by approximately .25%.
An alternative to paying points is to receive a "credit" from the lender in exchange for a higher interest rate. Whereas points are added to your closing costs, a credit is used to reduce your closing costs. Once again, you can receive a credit of approximately one point by raising your interest rate .25%.
Whether you choose to pay points or receive a credit, this amount will be applied to your closing costs when your loan funds.
Should I consider an Interest-Only loan option?
Interest-Only loans are a good means of either increasing your home purchasing power or maximizing your flexibility to control cash flow. You can save significant amounts of cash for investment, savings, or other expenditures during the first ten years of your loan. This is also a solid strategy to maximize tax deductibility, with more funds available for paying down higher cost, nondeductible consumer debt. With these loans, the minimum payment required covers interest only-you decide how much or how little of the principal to repay each month. These loans should not be confused with negative amortization loans-with Interest-Only the principal balance NEVER increases.
Is a Closing Cash Saver loan for me?
E-LOAN's Closing Cash Saver loan is designed to provide you with a rebate to cover your non-recurring closing costs. While these loans are most commonly associated with refinances, they can also apply to purchases. Closing Cash Saver loans will generally have a higher interest rate than loans in which you pay closing costs out of pocket. Consequently they are a good option for borrowers that plan to keep their mortgage for less than five years.
Should I choose a loan with negative amortization?
E-LOAN generally recommends that people stay away from these types of loans due to the high risk. Most adjustable rate mortgages (ARM) adjust the payment when the interest rate changes. However, negative amortization ARMs have a fixed payment option, even when the interest rate increases. Therefore it is possible that the total loan balance may actually grow over time.
How can I be sure my mortgage choice will be the best financial option?
E-LOAN believes that you should treat your mortgage as an investment. For most people their home will be their biggest investment for the future. A mortgage payment is a type of "forced saving" that many people will count on for retirement. In addition, the tax savings from writing off the interest will greatly reduce the yearly cost of your mortgage payments.
Working with E-LOAN
What is the process for getting a loan?
The loan process is slightly different for every person, and at E-LOAN we recognize that each loan is unique. However, there is a pattern to the loan process, and you should know what to expect before you decide to apply. At E-LOAN, your mortgage is assigned a loan consultant who will personally assist you through the entire process and help you close your loan in as little as ten business days.
What types of loans does E-LOAN offer?
E-LOAN offers a wide range of products to meet all your financing needs, from 30-year fixed rate mortgages to adjustable rate mortgages and home equity loans. E-LOAN's latest innovation is the E-LOAN Express Mortgage, a loan with reduced paper work and a streamlined appraisal, making the process faster and cheaper.
How is E-LOAN different from traditional mortgage lenders?
E-LOAN was founded on the principal of offering its customers the best loan selection and price, while maintaining superior service. E-LOAN gives you more control over the decision making process, since you are fully informed of the loan options available and kept up to date on the loan's progress 24 hours a day through your loan consultant and our personalized, password-protected online tracking system (E-Track). Unlike traditional brokers, at E-LOAN you do not pay commissions to your Loan Consultants, providing you substantial savings. Our goal is to offer better service, no hidden junk or lender fees, greater control and a streamlined process.
Mortgage Elimination Scams ! Beware !
Several of our clients have been harmed by "mortgage elimination" scams being promoted nationwide by two Northern California men, D. Scott Heineman and Kurt F. Johnson. The scheme has been marketed through Internet discussion groups, Craigslist.org, e-mail, conference calls, conventions and dozens of web sites which claim that the entire federal banking and monetary systems are illegitimate. For a fee of between $1,000 and $3,000, promoters claim that they can eliminate a mortgage through an elaborate process by which they ultimately prepare and record fraudulent documents that purportedly release the lender's security interest. In some cases, they then obtain new mortgage loans and receive as much as 50% of the loan proceeds. Among the business names associated with scheme are Capital Creation Resource, The Dorean Group, Oxford Trust, Universal Trust and DTE Financial.
Usually, lenders don't discover the fraudulent reconveyance documents until several months later when their borrowers stop making payments and they try to start foreclosure. Litigation is then necessary to cancel the fraudulent reconveyance documents so that lenders can proceed with foreclosure.
State and federal law enforcement investigations led to Heineman's arrest on May 28, 2005 and to Johnson's arrest on July 21, 2005. Both men are facing felony charges in Salt Lake City, UT, and they have also been charged with wire fraud, bank fraud, mail fraud and money laundering in the U.S. District Court for the Northern District of California in San Francisco where U.S. District Court Judge William Alsup has recently issued a preliminary injunction prohibiting the defendants from further violating 18 U.S.C. § 1341 (Mail Fraud), 18 U.S.C. § 1343 (Wire Fraud), and 18 U.S.C. § 1344 (Bank Fraud) through their "mortgage elimination" program, and from alienating or disposing of property obtained as a result of said violations. However, acolytes of Heineman and Johnson are still operating many of the same websites that promote their "mortgage-elimination" scam despite these recent law enforcement actions.
Some Legal Info News ? Interesting LAW info
What is an Attorney ?
Lawyers representing the defendant or the government in a criminal case. An attorney representing the government in a criminal case is called the prosecuting or Commonwealth's attorney
* Marion Barry Avoids Prison in Tax Case
* White House Wants Spying Lawsuits Tossed
* JT LeRoy: Is It Hoax or Business Fraud?
* Dogs Seized From Filthy Long Island Home
* Court Sets Rules for Prison Sentences
* Court Ups Standard on Investor Suits
* NYPD Eyes Sobriety Tests After Shooting
* 6-Year Sentence Sought for Hyundai Chief
* Fake NYC Fireman Sentenced for Attack
* Woman Wins $29,000 for Topless Stroll
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Tougher Punishments Will NOT Deter DWIs
June 13th, 2007
University of Florida researchers have deteremined that tougher punishments may not be effective in deterring people from driving drunk.
Increasing the minimum jail time keeps few drunken drivers off the road and doesn't significantly prevent fatal car crashes, according to the study, published in the journal Accident Analysis & Prevention.
The researchers examined the changes in DWI laws and policies between 1976 and 2002. They also studied the rates of DWI arrests and fatal alcohol-related car crashes.
Alexander C. Wagenaar cq , lead author of the study and epidemiology professor in the UF College of Medicine, said researchers wanted to find out if stricter regulations deterred people from drinking and driving and if the number of accidents would drop in the population as a whole.
"We found out that's not the case," he said.
James C. Fell, director of traffic safety and enforcement programs for the Pacific Institute for Research and Evaluation in Maryland, said on average, statistics show that a person drives under the influence 50 to 200 times before he or she is caught or gets into a crash.
I have said over and over and over, we must move our resources into education, rather than punishment. Until the powers that be, the Legislature, figures this out, they will continue to increase punishments to no avail. I was once told that the two areas that Legislators love to go home and tout, is tax cuts and being tough on crime. Unfortunately, I guess that still holds true today.
Posted in NewsTechnorati , Austin DWITechnorati | Comments Off
Pilot finds out the hard way that the Atkins diet can affect the Breath Test
April 24th, 2007
A Virgin Atlantic pilot was removed from a transatlantic flight after failing a breathalyser test. He has finally been cleard of this charge after it was discovered that his low-carbohydrate diet triggered a false reading.
Subsequent blood tests on the pilot showed a blood-alcohol reading of just over a fifth of the limit set for airline pilots - which in turn is a quarter of the drink-drive level.
The pilot's nightmare began when he went through the security checks for flight crew one of the guards thought he could smell alcohol on his breath.
The pilot was allowed to board the plane but about 45 minutes before take-off police got on the aircraft and breathalysed the pilot in the cockpit using a machine calibrated to aviation levels. The pilot failed this test and was escorted off the plane.
A standby crew was called and the pilot was taken to the police station, where blood tests were taken.
He was suspended from duty and released on bail.
The pilot's blood was sent it to a laboratory where they found only a minimal blood alcohol reading. After the lab tested two more samples, he was exonerated. Read the rest of this entry »
Posted in NewsTechnorati , Breath TestTechnorati | Comments Off
TABC didn't learn their lesson with their battle with Dallas Night Club. Now they are going after the Co-Op Bar.
April 20th, 2007
KVUE reported that the Co-Op Bar, formerly known as Wylie's, on 6th Street bar in Austin is under fire from state agents who want it closed. The Texas Alcoholic Beverage Commission alleges that the Co-Op Bar is a public safety hazard.
TABC is reporting that the Co-Op Bar has a history of violations. After a bouncer died in the back in January after a fight outside the club, TABC decided to take action.
TABC believes that the Co-Op is worse than the other bars in the city.
"Several intoxication issues and several issues with minors and breaches of the peace seem to be the recurring problem at this location," said Lieutenant Robert Saenz, with TABC.
Saenz said the agency tried working with the Co-Op Bar, but to no avail.
"We feel like this location has had ample time and opportunity to clean up their act. Therefore we are recommending cancellation (of their license) due to their history of serious violations," he said. Read the rest of this entry »
Moving to New Mexico with a DWI Just Got Trickier…
April 4th, 2007
New Mexico Governor Bill Richardson recently signed an unorthodox bill that would require convicted drunk drivers who move to New Mexico from other states to install ignition interlocks in their vehicles before receiving a New Mexico driver's license.
An interlock would be required for those convicted of driving while intoxicated in other states on or after June 17, 2005. The legislation requires that the device be installed for a period of one year for a first conviction, two years for a second conviction, three years for a third, or for life for fourth time offenders!
The device basically prevents a driver from operating a vehicle if the individual has been drinking. A driver must blow into the device before starting the vehicle and then again randomly after that.
"Fighting DWI is my top priority and these new laws will make life tougher for drivers with out-of-state DWI convictions and tighten rules to ease DWI prosecutions," Richardson said in a news release.
This new law will certainly place added burden and expense on any individual convicted of driving while intoxicated who attempts to get a New Mexico driver's license.
Unsuspecting motorists who may have been breaking the law may get a reprieve.
March 28th, 2007
State legislators have passed the bill which would re-write the law that made it illegal to obscure any part of a license plate.
The Texas House last week approved the legislation; the Senate approved it earlier. (S.B. 360)
Under the new law, provided it is signed by the Governor, states license plate holders are not in violation of the law as long as the license plate number is visible and most of the name of the issuing state is visible and not altered.
The problems with license plate covers began with the passage, in 2003, of the revisions to Section 502.409 of the Transportation Code. The purpose of the bill was to prevent the use of products that would obscure information on license plates (like the reflective spray) and circumvent the effective use of photo radar and law enforcement cameras.
Some law enforcement agencies took this change in the law to extremes. Some agencies have even stopped motorists and issued citation for obscuring the starry night or the cowboy on horseback riding along the bottom of the plates even if the plate number and the word Texas were clearly visible.
One citation for an obscured license plate out of Fredericksburg resulted in the person being charge with a DWI. That case was appealed up to the Texas Court of Criminal Appeals. (State v. Johnson)
The Court of Criminal Appeals decision highlighted the absurdity of the law, but still held that the officer had the right to stop and cite the person. It would have been interesting to see what the court would have done, had it not been part of a DWI case.
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Link List
http://austindwi.com/category/news/
www.larrykinglaw.com/glossary.htm
DUI , Well their A ' law way out '
Providing Proven and Effective Representation for Criminal Offenses
Attorney Robert Kiesling is widely recognized today as a gifted and highly effective advocate in this increasingly complex and technical field of law. He combines experience and aggressive litigation skills with a proven record of courtroom achievement in providing hard-hitting and effective legal representation for people charged with Criminal-related offenses in Austin and throughout Texas. Attorney Robert Kiesling is particularly involved in the following practice areas:
* Driving While Intoxicated (DWI)
o Felonies
+ Serious Repeat Offender
+ Accident with serious injury or death
+ DUI Manslaughter
+ DUI Murder
o Misdemeanors
+ 1st Offense
+ Repeat Offenses
o Probation Revocations
o Occupational Licenses
* Department of Motor Vehicles (DMV) or other state licensing agency Suspension/Revocation Hearings
o DUI Conviction
o Chemical Test Refual
o Medical or Drug Suspension
o Negligent Operator (too many tickets) Suspension
* Other Traffic Crimes
o Hit and Run Driving
o Reckless Driving
o Contests of Speed
o Driving on a Suspended License
* Criminal Crimes
o Drug Possession
o Drug Delivery
o White-collar crime
o Firearm violations
o Alcohol violations
o Homicide (manslaughter/murder/intoxication manslaughter)
o Robbery/Theft
o Drunk Driving (Driving while intoxicated/DWI/DUI)
o Sexual Assault
The stakes are high in all Criminal cases, and the sooner you hire a lawyer the more likely you are to achieve a favorable outcome--but don't let haste drive you into hiring the wrong attorney. Attorney Robert Kiesling has established a remarkable record of success. He knows the law and he knows the process.
Prosecutors know Attorney Robert Kiesling as a formidable courtroom opponent and they know the depth of research and preparation to be expected at trial. Ironically, this unfailing preparation and readiness to fight it out in court often produces extraordinary results without need for a trial.
"Running the criminal division of Smith & Carlson [a well-known Austin firm] has provided me with the knowledge and experience to achieve satisfactory results for those who need legal guidance through the overwhelming maze of the Criminal process."
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