discrepancies

(noun)

Accidental misrepresentations of accounting data.

Related Terms

  • accounting irregularity
  • reconciliation

Examples of discrepancies in the following topics:

  • Discrepancies

    • Accounting discrepancies are unintentional mistakes in the delivery of financial statements.
    • From time to time, discrepancies will arise on financial statements, for a wide variety of reasons.
    • Accounting errors that are not intentional are described as discrepancies (as opposed to an accounting irregularity, which is distinguished from a discrepancy by an intention to defraud).
    • While perhaps common sense, amending a discrepancy as soon as it is identified is important.
    • Recognize the various reasons a discrepancy may occur, and how to prevent them
  • Chapter Questions

    • Why does a statistical discrepancy occur in the balance-of-payments accounts?
  • Return on Total Assets

    • If there is a large discrepancy between the carrying and market value of the assets, the ratio could provide misleading numbers.
  • Balance of Payments

    • Economists add a non-zero amount called statistical discrepancy to force the current account plus financial account to equal zero.
    • Discrepancy arises from measurement errors, and some people and businesses do not report revenue from illegal businesses, evade taxes, or hide their money from their government in another country.
    • Statistical discrepancy was a minus $89.2 billion in 2011.
  • Black-Scholes Formula

    • Empirically, the Black-Scholes formula is relatively accurate, though there are some discrepancies.
  • Answers to Chapter 15 Questions

    • Statistical discrepancy account occurs from errors, omissions, and unreported activities.
  • Understanding Future Stock Value

    • If the valuation of a company is lower or higher than other similar stocks, then the next step would be to determine the reasons for the discrepancy.
Subjects
  • Accounting
  • Algebra
  • Art History
  • Biology
  • Business
  • Calculus
  • Chemistry
  • Communications
  • Economics
  • Finance
  • Management
  • Marketing
  • Microbiology
  • Physics
  • Physiology
  • Political Science
  • Psychology
  • Sociology
  • Statistics
  • U.S. History
  • World History
  • Writing

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