ACRONYMS
IRC
What is an acronym for Internal Revenue Code?
This type of financial statement does not require an accountants' report.
What is financial statement preparation?
With this method of accelerated depreciation I must elect out by class.
What is bonus depreciation?
I would use this software when preparing a Financial Statement Preparation.
What is it depends?; could be Engagement or Doc.It...
If you babysit someone's bearded dragon, if you're not careful, you might have a house full of these.
What are crickets?
GAAP
What is an acronym for generally accepted accounting principals?
If a client owes us a lot of money or for a long period of time, we would be unable to perform this type of engagement, because we are not this.
What is a reviewed financial statement, because we are not independent.
Best practice would be NOT to use this description for an asset that you are adding to Lacerte.
What is furniture, equipment, stuff....be specific as you can?
This is the method I use when adding a vehicle to Lacerte.
What is it depends?; additional information would be needed to made an informed decision.
Using the TPT rate table, I will need these two things to determine my tax rate.
What is Location and Business code?
Cinde will often reference this speaker, (who tends to put the fear of God in her) when discussing accounting best practices,
Who is Wallie, or Walter Haig?
MRRA
What is an acronym for Maintenance, Repairs, Replacements or Alterations?
Before issuing a financial statement to a client, (or most any type of service,) we must first have one of these on file.
What is an engagement letter?
Payment made to a partner in a partnership that are posted to the income statement are called this, and a schedule, broken out by partner should be part of your workpapers,
What are guaranteed payments?
I would use this method of accelerated depreciation, if I added a new asset to the books.
What is it depends?; I should check with the PIC to determine what is best for this client.
If my payroll liability in under this amount, I can pay with my quarterly report.
What is $2,500.00?
Everyone one of these must stand alone!
What is a workpaper?
SSARS
What is an acronym for Statements on Standards for Accounting and Review Services?
A type of special purpose financial statement.
What is income tax basis or modified cash basis financials?
This is the IRC code for tangible personal property.
What is Sec. 1245 property?
When preparing a financial statement for a client, I would use this accounting framework.
What is it depends?; this information is a responsibility of management, and I would need to look at the engagement letter or discuss with a member of management to determine the framework to be used for building the financial statement.
When determining my deposit frequency for 2019, I would look at the last two quarters in 2017 and the first two quarters of 2018, which also know as this.
What is the lookback period?
If you "Love My Qc'er" you would do this before you pushed your project to Accounting QC.
What is a thorough self review?