Thursday, November 13, 2008

Triple "A"s - Accountants' Acronyms and Abbreviations

So there are hundreds or maybe thousands of acronyms and abbreviations that accountants use, such as FASB, SAS, etc.

I wanted to list a few of the informal ones and hear some from you:

"SALY" - same as last year, classic one for auditors ... why should we plan, let's just do the same as last year.

"JIC" - just in case .... don't ever throw anything away or delete anything just in case we need it later.

"CYA" - cover your ____ .... make sure you keep things that prove you did what you should have done, so you have proof if anyone challenges you.

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