CMCA TERMS - FINANCIAL
STATEMENTS, AUDITS, INCOME TAXES
AND INVESTMENTS
Accural Basis Accounting - ANS-reporting profits whilst it's far earned and charges whilst they
are incurred
Assets - ANS-Include anything owned that has price. Unlike commercial corporations, however,
the real land and buildings of the community affiliation aren't generally shown as this.
Audit - ANS-An examination of the accounting information and approaches of an agency by
using a CPA for the cause of verifying the accuracy and completeness of monetary statistics
Balance Sheet - ANS-Summary of a network's economic function at a selected factor in time
Cash foundation of accounting - ANS-This technique information profits while it's miles accrued
and costs whilst they are paid
Certificate of deposit - ANS-When a CD is reinvested together with its amassed hobby, the
remaining yield will be higher than the stated fee of hobby
Commercial Reporting Method - ANS-Combines working and reserve sports inside the same
column, in preference to fund reporting, which includes preparing separate columns for
operating, reserve and any unique budget.
Compilation - ANS-A presentation of economic statements by a CPA with out the assurance that
the data conforms to GAAP
CPA (Certified Public Accountant) - ANS-an accountant who has passed certain examinations
and met statutory and licensing requirements of a US kingdom
Engagement Letter - ANS-When your network hires a CPA, he or she can ship a letter that
describes the nature of the work to be accomplished, type of report to be prepared, fee for
offerings and time frame for the task
FDIC (Federal Deposit Insurance Corporation) - ANS-a government corporation that ensures
investors' deposits in member institutions
STATEMENTS, AUDITS, INCOME TAXES
AND INVESTMENTS
Accural Basis Accounting - ANS-reporting profits whilst it's far earned and charges whilst they
are incurred
Assets - ANS-Include anything owned that has price. Unlike commercial corporations, however,
the real land and buildings of the community affiliation aren't generally shown as this.
Audit - ANS-An examination of the accounting information and approaches of an agency by
using a CPA for the cause of verifying the accuracy and completeness of monetary statistics
Balance Sheet - ANS-Summary of a network's economic function at a selected factor in time
Cash foundation of accounting - ANS-This technique information profits while it's miles accrued
and costs whilst they are paid
Certificate of deposit - ANS-When a CD is reinvested together with its amassed hobby, the
remaining yield will be higher than the stated fee of hobby
Commercial Reporting Method - ANS-Combines working and reserve sports inside the same
column, in preference to fund reporting, which includes preparing separate columns for
operating, reserve and any unique budget.
Compilation - ANS-A presentation of economic statements by a CPA with out the assurance that
the data conforms to GAAP
CPA (Certified Public Accountant) - ANS-an accountant who has passed certain examinations
and met statutory and licensing requirements of a US kingdom
Engagement Letter - ANS-When your network hires a CPA, he or she can ship a letter that
describes the nature of the work to be accomplished, type of report to be prepared, fee for
offerings and time frame for the task
FDIC (Federal Deposit Insurance Corporation) - ANS-a government corporation that ensures
investors' deposits in member institutions
