Explore topic-wise InterviewSolutions in Accounts and Finance.

INFO: Full form for FCIS is Fellow of The Institute of Chartered Secretaries and Administrators in Accounts and Finance category
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INFO: Full form for NWTP is Net Willingness To Pay in Accounts and Finance category
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INFO: Full form for JRTC is Job Retention Tax Credit in Accounts and Finance category
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INFO: Full form for AFCA is Associate of The Association of Financial Controllers and Administrators in Accounts and Finance category
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INFO: Full form for ACWA is Associate of The Institute of Cost and Works Accountants (1919 € in Accounts and Finance category
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A Comprehensive Annual Financial Report is a set of U.S. government financial statements comprising the financial report of a state, municipal or other governmental entity that complies with the accounting requirements promulgated by the Governmental Accounting Standards Board (GASB). GASB provides standards for the content of a Comprehensive Annual Financial Report in its annually updated publication Codification of Governmental Accounting and Financial Reporting Standards. The U.S. Federal Government adheres to standards determined by the Federal Accounting Standards Advisory Board (FASAB).

A Comprehensive Annual Financial Report is compiled by a state, municipal or other governmental accounting staff and audited by an external American Institute of Certified Public Accountants (AICPA) certified accounting firm utilizing GASB requirements. It is composed of three sections: Introductory, Financial and Statistical. It combines the financial information of fund accounting and Enterprise Authorities accounting.

In 2021, the Government Finance Officers Association determined that, when spoken, the four letter acronym for "Comprehensive Annual Financial Report" sounded like an offensive slur used in South Africa (see Kaffir) and decided to deprecate the term.

INFO: Full form for CAFR is Camera Auditorilor Financiari Din Romania in Accounts and Finance category
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INFO: Full form for ASSETS is Service for Self Employment Training and Support in Accounts and Finance category
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INFO: Full form for ASSETS is Assessments Standards Staff Education and Technology Systems in Accounts and Finance category
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INFO: Full form for ATRRS is Accounting Transaction Recording and Reporting System in Accounts and Finance category
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INFO: Full form for AWOP is Average Weight of Purchase in Accounts and Finance category
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INFO: Full form for APBS is Accounting Principles Board Statements in Accounts and Finance category
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INFO: Full form for AMCT is Associate Member of The Association of Corporate Treasurers in Accounts and Finance category
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INFO: Full form for APTF is Accounting Policy Task Force in Accounts and Finance category
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INFO: Full form for AQF is Audit Quality Forum in Accounts and Finance category
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INFO: Full form for APMI is Associate of The Pensions Management Institute in Accounts and Finance category
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INFO: Full form for DASB is Dutch Accounting Standards Board in Accounts and Finance category
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INFO: Full form for OFQ is Out for Quote in Accounts and Finance category
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INFO: Full form for Fifs is Fellow of The Ifs School of Finance in Accounts and Finance category
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INFO: Full form for PO is Production Order in Accounts and Finance category
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INFO: Full form for CSA is Cash Settlement Average in Accounts and Finance category
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INFO: Full form for CARB is Chartered Accountants Regulatory Board (ireland) in Accounts and Finance category
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INFO: Full form for ASCPA is Australian Society of Certified Practicing Accountants in Accounts and Finance category
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INFO: Full form for CTP is Corporate Trade Payment in Accounts and Finance category
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Interest, in finance and economics, is payment from a borrower or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sum (that is, the amount borrowed), at a particular rate. It is distinct from a fee which the borrower may pay the lender or some third party. It is also distinct from dividend which is paid by a company to its shareholders (owners) from its profit or reserve, but not at a particular rate decided beforehand, rather on a pro rata basis as a share in the reward gained by risk taking entrepreneurs when the revenue earned exceeds the total costs.

For example, a customer would usually pay interest to borrow from a bank, so they pay the bank an amount which is more than the amount they borrowed; or a customer may earn interest on their savings, and so they may withdraw more than they originally deposited. In the case of savings, the customer is the lender, and the bank plays the role of the borrower.

Interest differs from profit, in that interest is received by a lender, whereas profit is received by the owner of an asset, investment or enterprise. (Interest may be part or the whole of the profit on an investment, but the two concepts are distinct from each other from an accounting perspective.)

The rate of interest is equal to the interest amount paid or received over a particular period divided by the principal sum borrowed or lent (usually expressed as a percentage).

Compound interest means that interest is earned on prior interest in addition to the principal. Due to compounding, the total amount of debt grows exponentially, and its mathematical study led to the discovery of the number e. In practice, interest is most often calculated on a daily, monthly, or yearly basis, and its impact is influenced greatly by its compounding rate.

INFO: Full form for FCFR is Free Cash Flow Release in Accounts and Finance category
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INFO: Full form for XH is Extra High in Accounts and Finance category
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INFO: Full form for DINK is Double Incomes No Kids in Accounts and Finance category
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INFO: Full form for FCA is Fellow of The Institute of Chartered Accountants In England and Wales in Accounts and Finance category
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INFO: Full form for FCA is Fellow of The Institute of Chartered Accountants In Ireland in Accounts and Finance category
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INFO: Full form for IWTC is In-work Tax Credit in Accounts and Finance category
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INFO: Full form for DOCA is Deeds of Company Arrangement in Accounts and Finance category
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INFO: Full form for AISMA is Association of Independent Specialist Medical Accountants in Accounts and Finance category
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INFO: Full form for LSCA is London Society of Chartered Accountants in Accounts and Finance category
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INFO: Full form for EDPAA is Edp Auditors Association in Accounts and Finance category
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Foreign Sales Corporation (FSC) was a type of tax device allowed under the United States Internal Revenue Code that allowed companies to receive a reduction in U.S. federal income tax for profits derived from exports.

The FSC was created in 1984 to replace the old export-promoting tax scheme, the Domestic International Sales Corporation, or DISC. An international dispute arose in 1971, when the United States introduced legislation providing for DISCs. These laws were challenged by the European Community under the GATT. The United States then counterclaimed that European tax regulations concerning extraterritorial income were also GATT-incompatible. In 1976, a GATT panel found that both DISCs and the European tax regulations were GATT-incompatible. These cases were settled, however, by the Tokyo Round Code on Subsidies and Countervailing Duties, predecessor to today's Subsidies and Countervailing Measures (SCM), and the GATT Council decided in 1981 to adopt the panel reports subject to the understanding that the terms of the settlement would apply. The WTO Panel in the 1999 case later ruled that the 1981 decision did not constitute a legal instrument within the meaning of GATT-1994, and hence was not binding on the panel.

The European Union (EU) launched legal proceedings against the U.S. law in the World Trade Organization (WTO) in 1999, claiming the U.S. law allowed an export subsidy. In March 2000, the Appellate Body of the WTO found that the FSC provisions of U.S. law constituted a prohibited export subsidy under the General Agreement on Tariffs and Trade (GATT) Uruguay Round code on Subsidies and Countervailing Measures. In 2000, the U.S. Congress enacted the FSC Repeal and Extraterritorial Income Exclusion Act of 2000, (ETI) repealing sections 921 through 927 of the Internal Revenue Code dealing with FSCs. The Act included new laws, however, to exclude extraterritorial income from taxation (the Extraterritorial income exclusion).

The European Union (EU) challenged ETI in 2001, claiming the new law did not properly implement the earlier WTO decision. The EU argued that the ETI effectively retained the export subsidy, albeit under a different name. The WTO found the ETI to be a prohibited export subsidy. The United States did not meet the deadline to implement this decision and, on 30 August 30, 2002, the WTO approved the European Union request for over US$4 billion in retaliatory tariffs. Most observers viewed it as unlikely that the European Union would implement the sanctions, since the disruption that would be caused to transatlantic trade would rebound on European companies; it is likely rather than the EU will seek to use the threat of sanctions as a bargaining chip to obtain concessions from the US in other areas.

In Ford Motor Co. v. United States, 132 Fed.Cl. 104, 110 (2017), the U.S. Court of Federal Claims stated:

In 1971, Congress “provided special tax treatment for export sales made by an American manufacturer through a subsidiary that qualified as a ‘domestic international sales corporation’ (DISC).” Boeing Co. v. United States, 537 U.S. 437, 440 (2003) (footnote omitted). That authority was largely replaced by provisions regarding foreign sales corporations (“FSC”), id. at 442, as set forth in the Deficit Reduction Act of 1984, Pub. L. No. 98-369, Title VIII, § 801(a), 98 Stat. 494, 985 (codified at I.R.C. §§ 921-27, repealed by the FSC Repeal and Extraterritorial Income Exclusion Act of 2000, Pub. L. No. 106-519, § 2, 114 Stat. 2423). A qualifying FSC presented tax advantages for its parent company within the United States because a portion of the FSC’s export income was exempt from taxation. See Staff of S. Comm. on Finance, Deficit Reduction Act of 1984, Explanation of Provisions Approved by the Committee on March 21, 1984, S. Print No. 98-169, Vol. I, at 636; see also I.R.C. §§ 921(a), 923 (specifying the particular portion of a FSC’s foreign trade income that would be excluded from gross income). The parent company of a FSC could use those tax benefits by selling its products to the FSC for resale in foreign markets, or by paying the FSC a commission for selling the parent’s products in foreign markets. See I.R.C. §§ 925(a), (b)(1); Abbott Labs. v. United States, 84 Fed. Cl. 96, 102 (2008) (detailing the FSC scheme), aff’d, 573 F.3d 1327 (Fed. Cir. 2009). The remaining foreign trade income that was not exempt from taxation, when distributed to a parent company as a dividend, would generally not be subject to an additional tax on that distribution. See I.R.C. § 245(c)(1)(A). “The net effect of this scheme was to shift a prescribed amount of profit on export sales from an entity with a 35 percent effective tax rate to an entity (the FSC) with an effective tax rate of approximately 12 percent.” Abbott Labs., 84 Fed. Cl. at 100 (citing Staff of Joint Comm. on Taxation, 98th Congress, General Explanation of the Revenue Provisio reference

INFO: Full form for FSC is Financial Services Commission (korea) in Accounts and Finance category
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INFO: Full form for GP is Guide Price in Accounts and Finance category
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