CMCA Study Guide
Acceleration - ANS-The collection of all checks due through the cease of the financial year.
For instance, if an proprietor's payments on the annual evaluation are due monthly and
become delinquent on the stop of March, all month-to-month payments via December of
that year are due right now
Accrual foundation of accounting - ANS-This technique facts profits whilst it is earned (or
assessed to proprietors) and costs whilst they may be incurred or obtained
Actual cash cost (ACV) - ANS-The depreciated price of an object
Ad hoc committee - ANS-Used while an goal desires attention and no standing
committee inside the enterprise can soak up that difficulty into its scope. Usually those
committees
are used on a quick
-
time period foundation, such as transient oversight of an trouble
or evaluation of the standing regulations of that network
Advertising injury - ANS-language providing insurance to the network affiliation with
recognize to damages resulting in "misappropriation of advertising thoughts or fashion of
doing enterprise" or "infringement of copyright, slogan or identify
Agreed quantity endorsement - ANS-Provides for an agreed upon limit of assets
insurance.
Alternative dispute decision - ANS-Mediation, arbitration and other approaches of resolving
conflicts with the help of a especially skilled neutral third birthday party without the want for a
formal trial or hearing
Appeal - ANS-A request for a evaluation of a case by way of a better authority
—
if approved by using the
governing files or statute
Articles of incorporation - ANS-Bring the business enterprise into life, define its fundamental
functions and powers, indicate whether inventory might be issued, and imply whether or not
there will be a board
of administrators
Assessment - ANS-the owner's monetary obligation to the community
association in the course of a given time period
—
, typically 12 months
Assessment - ANS-the owner's monetary duty to the network affiliation throughout a given
time frame—commonly 12 months. It covers the owner's
percentage of the common cost, additionally known as "common fee liabilities" in some
states
Assets - ANS-whatever owned that has fee. Unlike
business corporations, however, usually now not the real land and homes of the community
affiliation
Assignability provision - ANS-This provision states that neither birthday party may
additionally assign its
responsibilities underneath the contract to another man or woman with out the explicit written
consent of the other birthday party
Audit - ANS-An exam of the accounting information and approaches of an agency
by using a CPA for the purpose of verifying the accuracy and completeness of economic
information
Bad debt write-off - ANS-includes recording an uncollectible debt
as an price of the affiliation
Balance sheet - ANS-a precis of a community's economic position at a
specific point in time
Baseline funding - ANS-The goal of this funding approach is to maintain
the reserve coins
stability above zero
Bid request - ANS-Also referred to as request for proposal (RFP). An announcement that an
organisation is interested in receiving proposals for a specific challenge
Bid specs - ANS-Detailed instructions about the products or services asked through the bid
request. All contract phrases need to be included in the bid request
Board liaison device - ANS-Directors are assigned to positive committees to manual the
committee on Board coverage and techniques and to repo
rt back to the Board.
Directors serving as a liaison have to distinguish their role from the position of the
committee chairperson.
Business judgment rule - ANS-If a board has exercised affordable commercial enterprise
judgment in
making a decision, the court docket will generally no longer c
onsider the board negligent in it
s
fiduciary obligation, nor will the court docket replacement its judgment for that of the board
Acceleration - ANS-The collection of all checks due through the cease of the financial year.
For instance, if an proprietor's payments on the annual evaluation are due monthly and
become delinquent on the stop of March, all month-to-month payments via December of
that year are due right now
Accrual foundation of accounting - ANS-This technique facts profits whilst it is earned (or
assessed to proprietors) and costs whilst they may be incurred or obtained
Actual cash cost (ACV) - ANS-The depreciated price of an object
Ad hoc committee - ANS-Used while an goal desires attention and no standing
committee inside the enterprise can soak up that difficulty into its scope. Usually those
committees
are used on a quick
-
time period foundation, such as transient oversight of an trouble
or evaluation of the standing regulations of that network
Advertising injury - ANS-language providing insurance to the network affiliation with
recognize to damages resulting in "misappropriation of advertising thoughts or fashion of
doing enterprise" or "infringement of copyright, slogan or identify
Agreed quantity endorsement - ANS-Provides for an agreed upon limit of assets
insurance.
Alternative dispute decision - ANS-Mediation, arbitration and other approaches of resolving
conflicts with the help of a especially skilled neutral third birthday party without the want for a
formal trial or hearing
Appeal - ANS-A request for a evaluation of a case by way of a better authority
—
if approved by using the
governing files or statute
Articles of incorporation - ANS-Bring the business enterprise into life, define its fundamental
functions and powers, indicate whether inventory might be issued, and imply whether or not
there will be a board
of administrators
Assessment - ANS-the owner's monetary obligation to the community
association in the course of a given time period
—
, typically 12 months
Assessment - ANS-the owner's monetary duty to the network affiliation throughout a given
time frame—commonly 12 months. It covers the owner's
percentage of the common cost, additionally known as "common fee liabilities" in some
states
Assets - ANS-whatever owned that has fee. Unlike
business corporations, however, usually now not the real land and homes of the community
affiliation
Assignability provision - ANS-This provision states that neither birthday party may
additionally assign its
responsibilities underneath the contract to another man or woman with out the explicit written
consent of the other birthday party
Audit - ANS-An exam of the accounting information and approaches of an agency
by using a CPA for the purpose of verifying the accuracy and completeness of economic
information
Bad debt write-off - ANS-includes recording an uncollectible debt
as an price of the affiliation
Balance sheet - ANS-a precis of a community's economic position at a
specific point in time
Baseline funding - ANS-The goal of this funding approach is to maintain
the reserve coins
stability above zero
Bid request - ANS-Also referred to as request for proposal (RFP). An announcement that an
organisation is interested in receiving proposals for a specific challenge
Bid specs - ANS-Detailed instructions about the products or services asked through the bid
request. All contract phrases need to be included in the bid request
Board liaison device - ANS-Directors are assigned to positive committees to manual the
committee on Board coverage and techniques and to repo
rt back to the Board.
Directors serving as a liaison have to distinguish their role from the position of the
committee chairperson.
Business judgment rule - ANS-If a board has exercised affordable commercial enterprise
judgment in
making a decision, the court docket will generally no longer c
onsider the board negligent in it
s
fiduciary obligation, nor will the court docket replacement its judgment for that of the board
