ACCOUNTING CYCLE is the sequence of steps in preparing the financial statements for a given period. It refers to the fact that because financial reports are given each period (usually a year) there are a set of steps (cycle) taken each period that result in the reports and preparation for the next period or cycle. The term cycle is used because every period there is a start and an end. The cycle usually starts with the budget, goes through the journal entries, adjusting entries, posting to the accounts, financial reports, and closings.
CONSULTING SERVICES performed by CPAs include consultations, advisory services,
implementation services, product services, transaction services, and staff and support services.
OPPORTUNISM is a condition of self-interest seeking with guile whereby one party has information that the other party does not.
Enter a term, then click the entry you would like to view.