CHAPS Definition

Bookmark and Share

CHAPS is Clearing house automated payment system. A computerized payment system for clearing checks in the UK.

Learn new Accounting Terms

SIMPLE INTEREST is interest computed on principal alone, as opposed to compound interest which includes accrued interest in the calculation.

COMPLETENESS deals with whether all transactions and accounts that should be in the financial statements are included. For example, management asserts that all purchases of goods and services are included in the financial statements. Similarly, management asserts that notes payable in the balance sheet include all such obligations of the entity.

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.