Financial Accuracy

If you do not know your accounting terminology, people can easily distinguish you as useless in the business world. Here are some important terms to know.

Accountants’ Report

Formal document that communicates an independent accountant’s: (1) expression of limited assurance on financial statements as a result of performing inquiry and analytic procedures; (2) results of procedures performed (AGREED-UPON PROCEDURES REPORT); (3) non-expression of opinion or any form of assurance on a presentation in the form of financial statements information that is the representation of management.

Accumulated Depreciation

Total depreciation pertaining to an asset or group of assets from the time the assets were placed in services until the date of the Financial Statement or tax return. This total is the contra account to the related asset account.

Bankruptcy

Legal process, governed by federal statute, whereby the DEBTS of an insolvent person are liquidated after being satisfied to the greatest extent possible by the debtor’s ASSETS. During bankruptcy, the debtor’s assets are held and managed by a court appointed trustee.

Here is some advice on personal finance from Suze Orman. She puts things in plain context that everyone can understand. She explains that it is all about the attitude. You should ask yourself constantly, “Can you afford it?” Here is more from Suze.

Flying is one of the fastest and most convenient ways to travel, but airline fares can be quite expensive. Here are some suggestions on how to save money on your next trip.

First, you should compare low cost carriers with major carriers that fly to your destination. Sometimes the best fares may not be out of the airport closest to you.

Second, you may save some money by purchasing tickets at least 14 days in advance. Also, staying over a weekend or over a Saturday evening can save you money. Ask which days of the week and times of the day have the lowest fares.

Lastly, even if you use a travel agent, you should check airline and internet travel sites looking for special deals. If you are doing your search over the phone, be sure to ask for the lowest fare that arrives at your destination.