ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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INCORRECT REJECTION Definition
INCORRECT REJECTION, in accounting, is the risk the sample supports the conclusion that the recorded balance is materially misstated when it is not materially misstated.
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RISK-FREE RATE is the rate of return available in the market on an investment free of default risk.
FRESH START ACCOUNTING, upon emergence from bankruptcy, the consolidated financial statements of the "Successor Company" apply the provisions of fresh start accounting in accordance with Generally Accepted Accounting Principles (GAAP). Under fresh start accounting, a new reporting entity, the 'Successor Company', is deemed to be created, and the recorded amounts of assets and liabilities are adjusted to reflect their fair value. As a result, the reported historical financial statements of the 'Predecessor Company' generally are not comparable to those of the "Successor Company".