An exclusive right granted by the federal government to the possessor to publish and sell literary, musical, or other artistic materials for a period of the author’s life plus 50 years, including computer programs. Measure of risk that errors exceeding a tolerable amount will not be prevented or detected by an entity’s internal controls. Percentage of the selling price of the property, paid by the seller. To clear the BALANCES of temporary accounts in order to be ready for the next accounting period. A multicolumn journal used to record business transactions involving the receipt of CASH from other individuals or businesses. Net of cash receipts and cash disbursements relating to a particular activity during a specified accounting period.

Playing an active role in your education, such as taking a hard look at the courses you enroll in and what extracurricular activities you get involved in, helps to position you for a long and successful career. It’s important to recognize that the learning doesn’t end in school; it’s really just the beginning of your lifetime commitment to continual education and development. All of the skills and competencies listed below are https://adprun.net/certified-bookkeeper-certifications-licenses-cpb/ considered important to success. A more comprehensive description of the competencies can be found within the Accounting Education Center. To keep pace with new developments in business and technology, a majority of states require 150 credit hours of education at an accredited college or university as a prerequisite to CPA certification. The CPA credential is a symbol of trust and professionalism in the world of business.

Base Market Value

Shares of a corporation’s stock authorized in its charter but not issued. 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.

This code of ethics requires serving the public interest, integrity, objectivity, and taking due care when providing professional services. Individuals who have received a CPA designation Certified Bookkeeper Certifications & Licenses CPB and CB are trained in generally accepted accounting principles and best practices (including online tools). Typically, they also charge higher fees than non-certified accountants.

Compliance Audit

An amount of something produced, especially during a given period of time. Any amount which may require payment by an entity at a future time. Collective term for written promissory notes that are due in less than one year and are held by the entity to whom payment is promised. Activities that occur only periodically, the data involved are generally not part of the routine flow of transactions. Stock authorized to be issued but for which no PAR VALUE is set in the ARTICLES OF INCORORATION. A STATED VALUE is set by the BOARD OF DIRECTORS on the issuance of this type of stock.

A Certified Public Accountant (CPA) is an experienced financial professional responsible for analyzing financial reports, conducting audits, forecasting revenue, managing accounts, and ensuring compliance with accounting standards. They possess a degree in Accounting, CPA certification, and expertise in financial procedures and software. Here, you will learn more about what a CPA is, the roles and responsibilities of certified public accountants and the process of obtaining a CPA license. 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.