ITEMIZED STATEMENT Definition

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ITEMIZED STATEMENT is a record or transmittal that details product or services rendered and the costs incurred and payments received.

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PAID-UP CAPITAL is the total amount paid by shareholders for their shares of capital stock.

PRINCIPLES-BASED ACCOUNTING provides for few exact rules and little implementation guidance. Instead, general principles are put forward and companies must ensure that their financial statements fairly and accurately represent these principles. Proponents argue that this type of system does not allow for less than ethical financial engineering, where complex transactions are undertaken in order to get around following specific rules-based accounting standards. Critics believe a principles-based system allows too much leeway for companies, because they generally do not have to follow specific rules, only wide-arching principles. See also RULES-BASED ACCOUNTING.

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