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Accounting glossary - dictionary_9

Tham khảo tài liệu 'accounting glossary - dictionary_9', tài chính - ngân hàng, kế toán - kiểm toán phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | http www.ventureline.com glossary.asp adjusting entry serves to correctly allocate an expense so the financial statements are correct. For example X Company has a payroll department and cuts checks every two weeks after tabulating hours and calculating net pay. A large number of allocations have to be made to various withholding accounts. The accountants don t want to interfere with the operations of the payroll department. And the employees also want the department to run efficiently so they can get their pay checks on time. At the end of the year the accountants need to appropriately allocate payroll expenses plus taxes due and payable. Rather than interfere with the payroll department the calculation is made on paper or computer and entered as an adjusting entry. It is marked to be reversed. After the closing entries are made the first entries of the new year are the reversing entries. They undo the effects of the adjusting entry. If the adjusting entry is not reversed the books will not be correct. Both the accountants and payroll department will be making entries related to payroll. The reversing entry effectively allows the accountants to make adjusting entries without causing the books to be incorrect the payroll department continues to make routine entries and doesn t need to make any special entries or allocations. REVERSION ASSET see ASSET REVERSION. REVIEW is an accounting service providing some assurance to the Board of Directors and interested parties as to the reliability of financial data without the CPA conducting an examination in accordance with generally accepted accounting standards. The AICPA auditing standards board formulates review standards for public companies while the AICPA Accounting and Review Services Committee provides review standards for non-public businesses. REVOCABLE LETTER OF CREDIT is a letter of credit which can be cancelled or altered by the drawee buyer after it has been issued by the drawee s bank. REVOLVING COLLATERAL are