INCORRECT ACCEPTANCE Definition

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INCORRECT ACCEPTANCE, in accounting, is the risk the sample supports the conclusion that the recorded balance is not materially misstated when it is materially misstated.

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ASSET is anything owned by an individual or a business, which has commercial or exchange value. Assets may consist of specific property or claims against others, in contrast to obligations due others. (See also Liabilities).

IMAD, dependent upon usage, is Input Messaging Accountability Data: A time stamp that is assigned to a Fedwire message when it is processed by the Federal Reserve Bank Funds Transfer application; or, Information Management Assimilation & Delivery; or, Industrial Management and Distribution System.

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