Auditing

Auditing

The systematic review and examination of an individual's or organization’s accounting records to verify their accuracy.

Industry: Accounting

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Auditing

Junior capital pool (JCP)

Accounting; Auditing

A company that issues stock options in lieu of being an operational business structure. This practise is only regulated in Canada.

Minimum amount of money that financial institutions such as banks, building societies, credit unions, and insurance companies are required by law to keep as security. Legal reserves must be kept in ...

Legal tender

Accounting; Auditing

Denomination of a country's currency that, by law, must be accepted as a medium for commercial exchange and payment for a money debt. While usually all denominations of the circulating paper money ...

Legacy asset

Accounting; Auditing

An asset that has been in a company for such a long time that it actually has lost its original value, it's outdated, obsolete or has lost its productivity; a legacy asset can become a liability if ...

Legal weight

Accounting; Auditing

Weight of an article and its immediate wrapping or packaging sold with the article as a unit. For example, the legal weight of a can of sardines is the weight of sardines plus the weight of can. ...

Legal defeasance

Accounting; Auditing

If outstanding debts occurred on a bond, the lender has the ability to make sure the debts are paid before the lender considers the bond paid in full.