GAAP – Page 8 – itho's internet resources

Understanding Contingent Liabilities: Definition and Key Examples

By Itho November 20, 2003

[ad_1] What Is a Contingent Liability? A contingent liability is a potential obligation that hinges on the outcome of future uncertain events. These liabilities, such as pending lawsuits or product…

Current Assets: What It Means and How to Calculate It, With Examples

By Itho November 20, 2003

[ad_1] What Are Current Assets? The current assets account is a balance sheet line item that's listed under the Assets section which accounts for all company-owned assets that can…

Audit Risk Model: Explanation of Risk Assesment

By Itho November 20, 2003

[ad_1] What Is an Auditor's Report? An auditor's report is a written letter from the auditor containing their opinion on whether a company's financial statements comply with generally accepted accounting…

Barter (or Bartering) Definition, Uses, and Example

By Itho November 20, 2003

[ad_1] What Is Barter? Bartering involves the provision of a good or service by one party when payment is made in the form of providing another good or service from…

Bad Debt: Definition, Write-Offs, and Methods for Estimating

By Itho November 19, 2003

[ad_1] What Is Bad Debt? Bad debt is an amount of money that a creditor must write off if a borrower defaults on a loan. If a creditor has…

What Is a Chief Financial Officer (CFO)? Role and Responsibilities

By Itho November 19, 2003

[ad_1] What Is a Chief Financial Officer? A chief financial officer (CFO) is the person in charge of all of the financial activities of a company. The CFO's duties include…