ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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PUBLIC ACCOUNTING Definition
PUBLIC ACCOUNTING means the performance of or offering to perform any engagement that will result in the issuance of an attest report that is in accordance with professional standards. "Practice of public accounting" also means the performance of or offering to perform services other than those described above, such as consulting services, personal financial planning services, or the preparation of tax returns or the furnishing of advice on tax matters by a sole proprietorship, partnership, limited liability company, professional association, corporation, or other business organization, that advertises to the public as a "certified public accountant" or "public accountant."
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NON-FIXED ASSET is normally equipment and furnishings with an original purchase value less than some pre-determined value (e.g., < $1,000 in acquisition cost assets are considered to be non-fixed assets). These items are not assigned asset inventory tags. Typical examples of non-fixed asset items are calculators, typewriters, chairs, desks, filing cabinets, shelving units and small tools.
SMALL BUSINESS a business that is privately owned and operated, with a small number of employees and relatively low volume of sales. Small businesses are normally privately owned corporations, partnerships, or sole proprietorships. The legal definition of "small" varies by country and by industry. In the United States the Small Business Administration establishes small business size standards on an industry-by-industry basis, but generally specifies a small business as having fewer than 100 employees.
