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personal property - movable property which isnt affixed to land real property personal property comprises tangible items likecars cash and computers
personal financial specialist pfs - certified public accountant who specializes in personal financial planning and completes a series of requirements
peer review - process by which an accounting firms practice is evaluated for compliance with professional standards objective is achieved through the
pcaob - public corporation accounting oversight board a private-sector non-profit corporation created by sarbanes-oxley act of 2002 to oversee
q describe passive incomepassive income - includes income derived from such sources like dividends royalties interest rents amounts received from
q what is amount per sharepar value - amount per share set in articles of incorporation of a corporation to be entered in capital stocks account
q what do you understand by partnershippartnership - relationship between two or more persons based on anoral written or implied agreement whereby
comprehensive basis of accounting ocboa - consistent accounting basis other than generally accepted accounting principles gaap used for financial
q what are the organization expendituresorganization expenditures -costs of organizing a business or trade or for profit activity before it begins
ordinary income - one of two classes of income other being capital gains taxed under the internal revenue code factually ordinary income is taxed at
q what do you mean by operating agreementoperating agreement - agreement generally a written document which sets out the rules by which a limited
non-for-profit organizationtax-exempt organization - an incorporated organization that exists for charitable or educational purposes and from that
omission to do something which a reasonable man guided by those ordinary considerations that ordinarily regulate human affairs would do or doing of
q explain the negative assurancenegative assurance - report issued by an accountant based on limited procedures which states that nothing has come to
national association of state boards of accountancy - serves as a forum for 54 state boards of accountancy that administer the uniform cpa
q explain about mutual fundmutual fund - investment companythat usually offers its shares to general public and invests the proceeds in a diversified
q what is materialitymateriality - magnitude of an omission or misstatements of accounting information that in the light of surrounding circumstances
q explain the matching principlematching principle - a basic concept of basic accounting in any one given accounting period you must try to match the
q what do you mean by married taxpayersmarried taxpayers - taxpayers who are married may file a joint return thus combining their income and expenses
q show the management reportmanagements report - management is essential to include in its annual report its assessment of the effectiveness of the
lower of cost or market - valuing assets for financial reporting purposes normallylsquocost is the purchase price of the asset and lsquomarket refers
litigation supportdispute resolution - a service that cpas every so often provide to attorneys -for example expert testimony about the value of a
limited liability partnership llp - general partnership which via registration with an appropriate state authority is able to enshroud all its
limited liability company llc - form of doing business combining limited liability for all owners known as members with taxation as a partnership an
q what is lifetime learning creditlifetime learning credit - this allows a credit for 20 percent of qualified tuition and fees paid by taxpayer with