Accounting data Includes general and subsidiary ledgers and other records such as worksheets and spreadsheets that support financial statements. It may be in computer readable form or on paper. Accounting estimate An approximation of a financial statement element, item, or account. Accounting estimates are often included in historical financial statements because the measurement of some amounts or the valuation of some accounts is uncertain pending outcome of future events and relevant data concerning events that have already occurred cannot be accumulated on a timely, cost- effective basis. Accounting principles Are alternative ways of reporting and disclosing information in financial statements and related footnotes.
Accounts receivable Debts due from customers from sales of products and services.
Normally reported as a current asset. Accounting entries made at the end of an accounting period to allocate items between accounting periods. Adverse An audit opinion that the financial statements taken as a whole are not presented in conformity with generally accepted accounting principles. Advisory Services are a type of consulting service in which the CPA develops the findings, conclusions, and recommendations presented for client consideration and decision making. This differs from attestation services where the CPA expresses a conclusion about the reliability of a written assertion that is the responsibility of another.