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In financial accounting, a liability is a quantity of value that a financial entity owes. More technically, it is value that an entity is expected to deliver in the future to satisfy a present obligation arising from past events. [1] The value delivered to settle a liability may be in the form of assets transferred or services performed.
A responsibility center is an organizational unit headed by a manager, who is responsible for its activities and results. [1] In responsibility accounting, revenues and cost information are collected and reported on by responsibility centers. [2] Typical examples of responsibility centers are the profit center, [3] cost center and the ...
De Officiis (On Duties, On Obligations, or On Moral Responsibilities) is a 44 BC treatise by Marcus Tullius Cicero divided into three books, in which Cicero expounds his conception of the best way to live, behave, and observe moral obligations. The posthumously published work discusses what is honorable (Book I), what is to one's advantage ...
Monitor management's response to all audit findings; (e) Manage complaints concerning accounting, internal accounting controls or auditing matters; (f) Receive regular reports from the chief executive officer, chief financial officer and the company's other control committees regarding deficiencies in the design or operation of internal ...
Historical Cost Accounting, i.e., financial capital maintenance in nominal monetary units, is based on the stable measuring unit assumption under which accountants simply assume that money, the monetary unit of measure, is perfectly stable in real value for the purpose of measuring (1) monetary items not inflation-indexed daily in terms of the ...
A debt collection bureau in Minnesota. Debt collection or cash collection is the process of pursuing payments of money or other agreed-upon value owed to a creditor. The debtors may be individuals or businesses. An organization that specializes in debt collection is known as a collection agency or debt collector. [1]
[1] Cicero, an early Roman philosopher who discusses duty in his work "On Duties", suggests that duties can come from four different sources: [2] as a result of being a human; as a result of one's particular place in life (one's family, one's country, one's job) as a result of one's character; as a result of one's own moral expectations for oneself
Professional responsibility is a set of duties within the concept of professional ethics for those who exercise a unique set of knowledge and skill as professionals. [ 1 ] Professional responsibility applies to those professionals making judgments, applying their unique skills , and reaching informed decisions for, or on behalf, of others, as ...