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Depreciation of intangible assets is the process by which the cost of such an asset is gradually written off as an expense or written off over time. Appropriation accounts show how companies and governments allocate their funds. Asset Retirement Obligations (ARO) are legal obligations associated with the disposal of long-lived tangible assets when a company must ultimately remove equipment or hazardous materials from a leased area. There are three main types of audit: external audit, internal audit and Internal Revenue Service (IRS) audit. The main responsibility of the auditor is to determine whether the financial statements comply with generally accepted accounting principles (GAAP). The auditor’s report is drawn up on the basis of an audit of the procedures and records used for the preparation of financial statements or reports. Available-for-sale securities (AFS) are debt or equity securities purchased for the purpose of selling before maturity. Average inventory age shows how many days on average it takes a company to sell its inventory. Average collection period refers to the length of time it takes a business to collect receivables. The average cost method is a method of calculating the value of mutual fund positions to determine profit or loss for tax reporting purposes.