ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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YEAR-END ADJUSTMENT Definition
YEAR-END ADJUSTMENT is the process of adjusting the entry to an account at the end of the calendar or fiscal year in order to properly state it for financial statement preparation purposes. The various required adjustments include accrual or deferral of a revenue or expense item, reclassification, to conform book figures to phyiscal inventory counts, and reflecting unusual transactions.
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FORWARD LOOKING STATEMENTS, within the meaning of the U.S. Private Securities Litigation Reform Act of 1995,are statements made that are not historic and are thereby predictive. You can identify forward-looking statements by use of the words 'believe', 'expect', 'anticipate', 'intend', 'estimate', 'assume', 'project' and other similar expressions that predict or indicate future events and trends or that do not relate to historical matters. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
RETAINAGE, in a construction contract, is the money earned by a contractor but not paid to the contractor until the completion of construction or another predetermined date. The retainage is held back as assurance for the quality of the contractors work.