ACCOUNTING RESEARCH BULLETINS (ARBs) were issued years ago to set generally
accepted accounting principles. Some have not been superseded by pronouncements of the Financial Accounting Standards Board. Those old pronouncements still qualify as generally accepted accounting principles.
SEGREGATION OF DUTIES means assigning different people the responsibilities of authorizing transactions, recording transactions, and maintaining custody of assets. Segregation of duties reduces the opportunities for one person to both perpetrate and conceal errors or fraud.
SIC (STANDARD INDUSTRIAL CLASSIFICATION) is a U.S. Government numerical coding system used in the U.S. to group and classify basically all products and services existing within the U.S. economy.
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