Oklahoma Society of CPAs
Never Underestimate the Value
Never Underestimate the Value
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Instructions: Enter a search word or term and click go or click on a letter or number below. Click italicized words in definitions to pop up a definition of the italicized word.
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See National Association of State Boards of Accountancy.
National Association of State Boards of Accountancy (NASBA)
serves as a forum for the 54 State Boards of Accountancy, which administer the uniform CPA examination, license Certified Public Accountants and regulate the practice of public accountancy in the United States.
Negative Assurance
Report issued by an accountant
based on limited procedures that states that nothing has come to the accountant's attention to indicate that the financial information is not fairly presented.
Negligence
The omission to do something which a reasonable man, guided by those ordinary considerations which ordinarily regulate human affairs, would do, or the doing of something which a reasonable and prudent man would not do. Negligence is the failure to use such care as a reasonably prudent and careful person would use under similar circumstances; it is the doing of some act which a person of ordinary prudence would not have done under similar circumstances or failure to do what a person of ordinary prudence would have done under similar circumstances. The term refers only to that legal delinquency which results whenever a man fails to exhibit the care which he ought to exhibit, whether it be slight, ordinary, or great. It is characterized chiefly by inadvertence, thoughtlessness, inattention, and the like, while "wantonness" or "recklessness" is characterized by willfulness. The law of negligence is founded on reasonable conduct or reasonable care under all circumstances of particular care. Doctrine of negligence rests on duty of every person to exercise due care in his conduct toward others from which injury may result.
Net Assets
Excess of the value of securities
owned, cash, receivables, and other assets
over the liabilities
of the company.
Net Income
Excess or deficit
of total revenues
and gains
compared with total expenses and losses for an accounting
period. (See income
and loss
.)
Net Lease
In addition to the rental payment, the lessee
assumes all property charges such as taxes, insurance, and maintenance.
Net Sales
Sales at gross invoice amounts less any adjustments for returns, allowances, or discounts taken.
Net Worth
Similar to equity,
the excess of assets
over liabilities.
No-Par Stock
Stock authorized to be issued but for which no par value
is set in the articles of incorporation.
A stated value
is set by the board of directors
on the issuance of this type of stock.
No-Par Value
Stock or bond that does not have a specific value indicated. (See Stated Value.)
Non Routine Transactions
Activities that occur only periodically, the data involved are generally not part of the routine flow of transactions.
Not-for-Profit Organization/Tax-Exempt Organization
An incorporated organization which exists for educational or charitable purposes, and from which its shareholders or trustees do not benefit financially. Also called not-for-profit organization.
Notional
Value assigned to assets
or liabilities
that is not based on cost or market (e.g., the value of a service not yet rendered).
* Definitions courtesy of the New York State Society of CPAs
