CAPITAL LOSS Definition

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CAPITAL LOSS is the excess of purchase price over selling price when the assets have been held for more than a certain period of time and which is given a special treatment for tax purposes.

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YEN is the currency of Japan. Its subdivisions are 100 sen and 1000 rin.

ENGAGEMENT LETTER is a letter that represents the understanding about the engagement between the client and the CPA. The letter identifies the financial statements and describes the nature of procedures to be performed. It includes the objectives of the procedures, an explanation that the financial information is the responsibility of the company's management, and a description of the form of report.

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