A liability account which is expected to carry a debit balance. It decreases other liabilities on the balance sheet by...

A financial statement that is prepared for the sole purpose of comparing financial results of a current period with those...

A journal entry that is made in order to correct an accounting error. Correcting entries are an adjustment to an...

One of multiple ways of a management's intervention to correct an accounting error (particularly, immaterial error) that, rather than restating...

An obligation (liability) that an entity may, or may not, incur depending on the outcome of an uncertain future event...

An adjustment that is made to an accounting estimate as a result of new information or developments including those relating...

The correction of accounting errors in previously issued financial statements, i.e., errors that arise from faulty data entry, omission, discrepancies,...

An asset that may come into existence on a future date due to a specific past transaction/ event that is...

The legal (contrived/ man-made) basis and manifestation (legal formalities) for establishing an entity's ownership, rights, and interest in assets and...

A disclosure technique that is used for two accounts/ line items, on the statement of financial position, that are directly...