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What does overstated mean?

Something that can be sold or transferred to another party in exchange for money or as settlement of an obligation. 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. Stocks and other negotiable instruments which can be easily bought and sold on either listed exchanges or over-the-counter markets. The price investors are willing to pay for a share of stock on the open market.

The highest level of such principles are set by the FINANCIAL ACCOUNTING STANDARDS BOARD (FASB). Transferable agreement to deliver or receive during a specific future month a standardized amount of a commodity. State tax which is imposed on a state-chartered CORPORATION for the right to do business under its corporate name. An INCOME STATEMENT that projects the NET INCOME of a business for a future period. A shipping term that means that the buyer bears transportation costs from the point of origin. A shipping term that means that the seller bears transportation costs to the place of delivery.

  • The process by which the payee transfers ownership of a CHECK to a bank or another party by writing his or her name on the back of it.
  • 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.
  • 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.
  • A temporary ACCOUNT used under the PERIODIC INVENTORY SYSTEM to record the TOTAL COST of all MERCHANDISE purchased for resale during an accounting period.

The difference between the actual LABOR costs incurred and the standard labor costs for the good units produced. Information passed by one person to another as a basis for buy or sell action in a SECURITY. The concept that CASH FLOWS of equal dollar amounts separated by a time interval have different present values because of the effect of compound INTEREST.

Control Deficiency

This can lead to investors making bad decisions based on false information, resulting in losses for them or the company itself. Also, inaccuracies can trigger investigations by regulatory bodies or worse yet – legal proceedings against the company for fraud or other criminal activity. The transferee received assets of the transferor-taxpayer; and
2.

A company can commit accounting fraud if it overstates its revenue. Suppose company ABC is actually operating at a loss and not generating enough revenue. To cover up this situation, the firm might claim to be producing more income on financial statements than it does in reality. If the company overstates its revenues, it would drive up the firm’s share price and create a false image of financial health.

  • The goods on hand at any one time that are available for sale to customers in the regular course of business.
  • Mixing ASSETS, e.g. customer-owned SECURITIES, with those owned by a firm in its proprietary accounts.
  • 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.
  • Method of recording financial transactions in which each transaction is entered in two or more accounts and involves two-way, self-balancing posting.
  • Ownership shares of a CORPORATION authorized by its ARTICLES OF INCORPORATION.

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. Written promise to pay a specified amount to a certain entity on demand or on a specified date.

General term referring to the organized trading of securities through the various EXCHANGES and the OVER-THE-COUNTER MARKET. Statements issued by the AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS (AICPA) that specifically relate to REVIEWS and COMPILATIONS. Difference between two prices, usually a buying and selling price. Transfer of all, or a portion of, a subsidiary’s stock or other ASSETS to the stockholders of its PARENT COMPANYon a PRO RATA basis.

BOND issued by a government or public body, the INTEREST on which is typically exempt from federal taxation. Public place where products or services are bought and sold, directly or through intermediaries. SEC requirement in financial reporting for an explanation by management of significant changes in operations, ASSETS, and LIQUIDITY. 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.

Current Asset

Price paid by a real estate limited partnership, when acquiring a lease, including legal fees and related expenses. 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. Tangible property held for sale, or materials used in a production process to make a product. Method that determines the discount rate at which the present value of the future CASH FLOWS will exactly equal investment outlay. System whereby individuals and companies that are concerned about potential hazards pay premiums to an insurance company, which reimburses them in the event of loss.

Firm, acting as underwriter or agent, that serves as intermediary between an issuer of SECURITIES and the investing public. EXPENDITURE used to purchase goods or services that could produce a return to the investor. FINANCIAL STATEMENTS that report the operations of an entity for less than one year. A way of measuring the degree of protection that a CREDITOR has from a DEBTOR’s DEFAULT on interestpayments. EXPENDITURE directed to a particular ASSET to improve its performance or useful life. A technique for analyzing FINANCIAL STATEMENTS that involves the computation of changes in both dollar amounts and percentages from the previous year to the current year.

The transferor was INSOLVENT at the time or was rendered insolvent by that transfer or related series of transfers. 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.

The Securities and Exchange Commission (SEC) may well charge that CEO with fraud. However, it is not accounting fraud because no financial records were falsified. In a double-entry accounting system, if the balance in the account Prepaid Insurance is overstated (too much is being reported) it is likely that the account Insurance Expense is understated (too little is being reported). 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.

Free Cash Flow

Method of ACCOUNTING and presentation whereby ASSETS and LIABILITIES are grouped according to the purpose for which they are to be used. Transportation charges on merchandise sold; an operating expense. 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. Inventory cannot be valued lower than the “floor” which is the netrealizable value of the inventory less an allowance for a normal profit margin.

Routine Transactions

Organization which is generally exempt from paying federal income tax. Exempt organizations include religious organizations, charitable organizations, social clubs, and others. Transfer of money, property or services in exchange for any combination of these items. Activities that involve management judgments or assumptions in formulating account balances in the absence of a precise means of measurement.

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. Similarly, individual awards a quick guide to breakeven analysis 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.

Date of Auditors’/Accountants’ Report

Suppose a company has current assets of $1 million, and its current liabilities are $5 million. If the company overstates its current assets and understates its current liabilities, it is misrepresenting its liquidity. The company could state that it has $5 million in current assets and $500,000 in current liabilities. Then, potential investors will believe that the company has enough liquid assets to cover all of its liabilities.

Allowance for Doubtful Accounts

Ratio measure of the profits achieved by a firm through its basic operations. An indicator of management’s general effectiveness and efficiency. A measurement of PROFITABILITY that relates the amount earned by a business to the stockholders’ investments in the business. PROFIT on a securities or capital INVESTMENT, usually expressed as an annual percentage rate.

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