LIP ACCOUNT Definition

Bookmark and Share

LIP ACCOUNT see LOAN-IN-PROCESS ACCOUNT.

Learn new Accounting Terms

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.

MARKETABILITY is the ability to quickly convert assets to cash at minimal cost.

Suggest a Term

Enter Search Term

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