SHORT TERM DEBT Definition

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SHORT TERM DEBT is any debt owed by a company that is due and payable within one year. The debt is often made up of short-term bank loans the company is liable for.

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ACCOUNTING AND REVIEW SERVICES are governed by official pronouncements covering compilation and review engagements. Compilation is presenting in the form of financial statements information that is the representation of management (owners) without expressing assurance. Review is inquiry and analytical procedures to provide the accountant a basis for expressing limited assurance that there are no material modifications that should be made to the statements for them to be in conformity with U.S. generally accepted accounting principles.

PRO-FORMA is to provide in advance to a prescribed form or to describe item, e.g. pro forma financial statement or pro forma invoice.

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