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AccountantTerms
> Accrual Method Of Accounting
Accounts for income and expenses in the 12-month period earned or incurred, which is not necessarily when it is received or paid.
> Cash Letter
A group of checks accompanied by a paper listing sent to a clearinghouse, a Federal Reserve Bank, or another institution. A cash letter contains a number of negotiable items, mostly checks, accompanied by a letter that lists the amounts and instructions for transmittal to another bank. May also be called a transmittal letter.
The following information on CPA can be very helpful and provides general answers to many of your CPA questions:
Commission means any item of value given or received by a licensee to or from any third party in return for suggesting the purchase of any product or service.
A licensee who is not prohibited from receiving a commission and who is paid or expects to be paid a commission shall disclose that fact, in writing, to any person or entity to whom the licensee recommends or refers a product or service to which the commission relates.
A licensee who accepts a fee for recommending or referring any service of another licensee to any person or entity or who pays a fee to obtain a client shall disclose, in writing, the receipt or payment of the fee to the client.
A certified public accountant may practice public accountancy only in a proprietorship, partnership, professional corporation, business corporation, limited liability partnership, or limited liability company.
A fictitious firm name is any firm name that does not consist of the names of one or more present or former owners of the firm. A firm may not use a fictitious firm name unless such name has been registered with and approved by the Board as not being false or misleading.
A certified public accountant shall not knowingly misrepresent facts, and when engaged in the practice of public accounting, including the rendering of tax, management advisory, or other financial services, shall not subordinate his or her judgment to others.
A certified public accountant shall not permit the licensee's name to be used in conjunction with any forecast of future transactions in a manner which may lead to the belief that the certified public accountant vouches for the achievability of the forecast.
Fees shall not be considered as contingent in tax matters if determined based on the results of judicial proceedings or the findings of governmental agencies.
Certified Public Accountants may provide information to the public by advertising as long as the advertisment is not false, deceptive or misleading. It cannot create false or unjustified expectations of favorable results. Nor can the Advertisments imply the ability to influence improperly any court tribunal or regulatory agency or fail to disclose all variables and other relevant factors for soliciting professional engagements.
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You want to hire an accountant that practices GAAP.
Generally accepted accounting principles (GAAP) are the accounting rules used to prepare financial statements for publicly traded companies and many private companies in the United States.
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Latest News
Latest accountant news in Washington and nationwide:
Jul 31, 2006 - FASB To Simplify Accounting For Separately Recognized Servicing Assets And Liabilities
The FASB today issued Statement of Financial Accounting Standards No. 156, Accounting for Servicing of Financial Assets. T... Read more >
Jul 14, 2006 - F.E.R.C, Strengthens Customer Protection, Facilitates Investment In Electricity Industry
The Federal Energy Regulatory Commission today harmonized provisions of two key Energy Policy Act of 2005 rulemakings addr... Read more >
Aug 22, 2005 - Discipline Against The Respondent
On October 29, 2001, bar counsel filed a five-count petition for discipline against the respondent. On February 27, 2002, ... Read more >
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general information related to accounting issues commonly encountered.
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