CASE is an acronym for the Committee on Accounting for Smaller Entities. This organization focuses on the creation and adaptation of accounting standards and practices to better suit the needs of smaller entities, ensuring that they are adequately represented and that their financial reporting is manageable and effective.
A specialist committee established by the Accounting Standards Board to advise on the application of accounting standards to smaller entities.
A tax term that allows a current deduction for business expenses; contrasted with capital expenditures. An ordinary and necessary business expense of a sole proprietor would appear on Schedule C of Form 1040.
A bookkeeping system that records only one aspect of each transaction, either a debit or a credit. Unlike double-entry bookkeeping, it does not balance. Single-entry bookkeeping is simpler and often used by small businesses.
Single-entry bookkeeping is an accounting system that records each transaction only once, without balancing debits and credits.
