GENERAL ACCOUNTING Definition

Bookmark and Share

GENERAL ACCOUNTING involves the basic principles, concepts and accounting practice, recording, financial statement preparation, and the use of accounting information in management.

Learn new Accounting Terms

CONTINGENCY is an existing condition involving uncertainty as to possible gain (gain contingency) or loss (loss contingency) that will be resolved by future events. Estimates, such as the useful life of an asset, are not contingencies. Eventual expiration of the asset's utility is not uncertain.

UNFAVORABLE VARIANCE is the opposite of favorable variance. See FAVORABLE VARIANCE.

Suggest a Term

Enter Search Term

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