MISSTATEMENT Definition

Bookmark and Share

MISSTATEMENT is a difference between the amount, classification, presentation, or disclosure of a reported financial statement item and the amount, classification, presentation, or disclosure that is required for the item to be in accordance with the applicable financial reporting framework.

Learn new Accounting Terms

NON-DISCRETIONARY ACCRUAL is a mandatory expense/asset that is recorded within the accounting system that has yet to be realized. An example of this would be payroll taxes.

ORDER ENTRY, normally, is a computerized relational database that, at a minimum, generates schedules and maintains estimates, sales orders and backlogs. Invoices may also be created automatically if linked to Accounts Receivable. More advanced order entry systems are usually fully integrated with the accounting system.

Suggest a Term

Enter Search Term

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