Accounting Terminolo

Misstatement is not important
If a rational person can conclude after considering the possibility of other inaccurate statements that the statement of error alone or when combined with other erroneous statements will obviously not have an impact on the FINANCIAL STATEMENTS. If a rational person does not come to such a conclusion about a wrong statement, that wrong statement is more than a trivial matter.

Reduction
Complete deduction of the required amount, (usually referred to as ABATEMENT tax deduction or INTEREST reduction within the governing body).

Absorption Costs
Product naming system that provides a segment representing all types of production costs – specific materials, specific function, flexible factory overhead, and fixed factory head – for each product.

Accelerated Decline
Method that records EXPENDITURE greater than STRAIGHT-LINE DEPRECIATION in the early years and depreciation less than the straight line in the later years of the HERITAGE PERIOD.

Account
Official record representing, in words, money or other unit of measurement, certain services, claims for such services, activities or other events that lead to a change in those resources and claims.

Paid account
Amount owed to CREDITOR for goods delivered or services completed.

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