RESERVE ACCOUNTS Definition

Bookmark and Share

RESERVE ACCOUNTS, generally, are those accounts where retained earnings are set aside to satisfy dividends, improvements, contingencies, retirement of preferred stock, etc.

Learn new Accounting Terms

COLLUSION is a secret agreement between two or more parties to commit fraud or deceit.

GASB 34 is Government Accounting Standards Board Statement 34. GASB 34 provides the broadest changes in government accounting practices since the inception of Generally Accepted Accounting Practice (GAAP) for governmental agencies dating back to the 1930s. The principal change that GASB 34 requires of government entities is the reporting of the value of capital assets on Consolidated Annual Financial Reports (CAFR).

Suggest a Term

Enter Search Term

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