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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
q what is leveraged leaseleveraged lease - transaction under which lessor borrows funds to acquire property which is leased to a third party property
q what do you eman by leaselease - conveyance of buildings orland equipment or other assets from one person lessor to another lessee for a specific
for purposes of rules which apply to top heavy plans a key employee1 an officer of employer earning more than 1300002 an individual who owns more
q what are junk bondsjunk bonds - debt securities issued by companies with higher than normal credit risk considered lsquonon-investment grade bonds
q what do you mean by issuerissuer - this term means an issuer securities of which are registered under section 12 of securities exchange act of 1934
investment tax credit - this is a component of general business credit and comprises the following1 energy credit2 rehabilitation credit3
international accounting standards committee the iasc - is an independent private sector body formed in 1973 with objective of harmonizing the
q internal control over financial reportinginternal control over financial reporting - a process designed by or under supervision of companys
q written inquiries for financial informationinquiry - a procedure which comprises seeking information both financial and non-financial of
q what is inheritance in gross incomeinheritance - as distinguished from a bequest or devise an inheritance is property attained through laws of
fund accounting - method of accounting and presentation whereby liabilities and assets are grouped according to the purpose for that they are to be
q what do you mean by franchisefranchise - legal arrangement whereby owner of a franchisor trade name contracts with a party who wants to use the
q show the foreign tax creditforeign tax credit - a us taxpayer who pays or accrues income tax to a foreign country may elect to credit or deduct
foreign currency translation - restating foreign currency in equivalent dollars unrealized losses or gains are postponed and carried in stockholders
foreign corporation - a corporation that isnt organized under the laws of ones territories or states taxing of foreign corporations relies on whether
q what do you mean by fiscal yearfiscal year - period of 12 consecutive months chosen by an entity as its accounting period that may or may not be a
q what is financial statementsfinancial statements - presentation of financial data involving balance sheets income statements and statements of cash
financial institution - organization engaged in any of the many aspects of finance involving thrift institutions commercial banks securities brokers
q explain about financial accounting standardsfinancial accounting standards - official promulgations also called statements of financial accounting
q explain about fiduciaryfiduciary - person who is responsible for administration of property owned by others corporate management is a fiduciary