A Balance Sheet Audit focuses specifically on verifying the existence, ownership, valuation, and presentation of a company's assets and liabilities as stated in the balance sheet.
A bankruptcy petition is a document filed with the bankruptcy clerk's office to formally initiate a bankruptcy proceeding. It specifies the bankruptcy chapter under which the debtor seeks relief and contains comprehensive information about the debtor’s financial status, creditors, assets, liabilities, and recent asset transfers.
A millionaire is an individual whose net worth exceeds $1 million, typically calculated by totaling their assets and subtracting liabilities. This status often signifies significant financial achievement and can be attained through various means such as inheritance, business success, investments, or a combination of these.
The general basis used in financial statements prepared under historical-cost accounting in which increases or decreases in the market values of assets and liabilities are not recognized as gains or losses until the assets are sold or the liabilities are paid.
Solvency refers to the ability of an individual or an organization to meet its long-term financial obligations and continue its operations in the future. Specifically, solvency can represent a financial state where a person or company can pay their debts as they come due, or the extent to which a bank's assets exceed its liabilities.
Stockholders' equity represents the ownership interest of shareholders in a corporation, calculated as the difference between total assets and total liabilities.
Translation exposure, also known as accounting exposure, is a type of financial risk that results from the translation of an entity's assets and liabilities from one currency to another.
