BSP Definition

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BSP is Business Service Provider, Billing and Settlement Plan (airlines), Business Systems Planning, or Bank Settlement Plan.

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PEER REVIEW, in accounting, is a practice monitoring program in which the audit documentation of one CPA firm is periodically reviewed by independent partners of other firms to determine that it conforms to the standards of the profession.

 

OPEN BALANCE EQUITY is an account that is automatically created by QuickBooks whenever a company is created.  It is an equity account similar to Retained Earnings or Owner Capital. The Open Balance Equity account is basically a "plug" account used by QuickBooks to balance a transaction (basic accounting debits=credits). QuickBooks will enter a balance in the Open Balance Equity account for two reasons: beginning account balances or forced adjustments.

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