Term
Accounting Independence
(1) |
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Definition
| Separation of the record-keeping function of accounting form the functional areas that have custody of physical resources. |
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Term
| Accounts Payable Subsidiary Ledger |
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Definition
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Term
Accounts Receivable Subsidiary Ledger
(4) |
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Definition
Accoutn recod that shows activity by detail for each account type, and containing, at minimum: Customer Name
Customer Address
Current Balance
Available Credit
Transaction dates
Invoice Numbers
Credits for Payments
Returns and Allowances |
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Definition
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Term
Adjusted Trial Balance
() |
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Definition
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Term
American Competitiveness and Corporate Accountability Act of 2002
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Definition
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Definition
Formal contract between the seller and the shipping company that transports the goods to the customer.
This document establishes legal ownership and responsibility for assets in transit. |
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Definition
| Coding Scheme that assigns ranges of values specific attributes such as account classifications. |
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Term
Cash Disbursements Journal
(5) |
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Definition
| Contains the voucher number authorizing each check and provides an audit trail for verifying the authenticity of each check written. |
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Cash Receipts Journal
(4) |
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Definition
| Records the include the details of all cash receipts transactions, including cash sales, miscellaneous cash receipts, and cash received. |
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Term
Committee of Sponsoring Organizations of the Treadway Commission (COSO)
() |
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Definition
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Term
Control Activities (COSO 1992 and 2004)
(3) |
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Definition
Policies and procedures to ensure that appropriate actions are taken to deal with the organization's risk.
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Term
Control Environment (COSO 1992)
(3) |
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Definition
| The foundation of internal control. |
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Term
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Definition
| Cycle composed of the production system and the cost accounting system. |
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Definition
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Term
Customer Purchase Order (Sales Order)
(4) |
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Definition
| Source document that captures such vital information as the name and address of the customer making the purchase; the customer's account number; the name, number, and description of the product; the quantities and unit price of the items sold;and other financial information. |
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Term
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Definition
| Facts, which may or may not be processed (edited, summarized, or refined) and which have no direct effect on the user. |
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Term
Data Flow Diagram (DFD)
(2) |
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Definition
| Use a set of symbols in a diagram to represent the processes, data sources, data flows, and process sequences of a current or proposed system. |
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Definition
| Flowchart of the relationship among processes and the documents that flow between them. |
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Term
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Definition
| Acquisition of materials, property, and labor in exchange for cash. |
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Term
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Definition
| False Statement or Disclosure |
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Term
Financial Transaction
(1) |
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Definition
| Economic event that affects the assets and equities of the organization, is measured in financial terms, and is reflected in the accounts of the firm. |
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Term
Fixed Asset Subsidiary Ledger
() |
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Definition
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Term
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Definition
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Term
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Definition
| Triad of factors associated with management and employee fraud: Pressures, Opportunity, Rationalization. |
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Definition
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Definition
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Term
General Ledger/Financial Reporting System (GL/FRS)
(1) |
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Definition
| System that produces traditional statements, such as income statements, balance sheets, statements of cash flows, tax returns, and other reports required by law. |
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Term
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Definition
| Codes used to represent complex items or events involving two or more pieces of related data. |
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Term
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Definition
| Facts that cause the user to take an action that he or she otherwise could not, or would not, have taken. |
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Term
Information and Communication
(COSO 1992 and 2004)
() |
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Definition
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Term
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Definition
| Set of formal procedures by which data are collected, processed into information, and distributed to users. |
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