D

Date of Auditors"/Accountants" Report - Last day the AUDITORS perform fieldwork and the last day of responsibility relating to significant events subsequent to the financial statement date.

Death Benefit - Amounts received under a life insurance contract and paid by reason of the death of the insured. (Although most death benefits are paid at termination of life, certain plans now pay accelerated death benefits while the insured is still alive, i.e.: an AIDS patient might possibly receive accelerated death benefit)

Debit - Entry on the left side of a DOUBLE-ENTRY BOOKKEEPING system that represents the addition of an ASSET or expense or the reduction to a LIABILITY or REVENUE. (See CREDIT.)

Debit Balance - BALANCE remaining after one or a series of bookkeeping entries. This amount represents an ASSET or an expense of the entity. (See BALANCE.)

Debt - General name for money, notes, BONDS, goods or services which represent amounts owed.

Debt Security - Document which is evidence of an obligation or LIABILITY.

Debt Service Fund - Fund whose PRINCIPAL or INTEREST is set aside and accumulated to retire DEBT.

Debtor - Party owing money or other ASSETS to a CREDITOR.

Decedent - Individual who has died.

Defalcation - To misuse or embezzle funds.

Default - Failure to meet any financial obligation. Default triggers a CREDITOR"S rights and remedies identified in the agreement and under the law.

Defeasance - Annulment of a contract or deed; a clause within a contract or deed that provides for annulment.

Deferred Charge - Cost incurred for subsequent periods which are reflected as ASSETS.

Deferred Income - Income received but not earned until all events have occurred. Deferred income is reflected as a LIABILITY.

Deferred Income Taxes - ASSETS or LIABILITIES that arise from timing or measurement differences between tax and accounting principles.

Deficiency in Design - This exists when a control necessary to meet the control ive is missing or an existing control is not properly designed so that even if the control operates as designed, the control ive is not always met.

Deficiency in Operation - This exists when a properly designed control does not operate as designed, or when the person performing the control does not possess the necessary authority or qualifications to perform the control effectively.

Deficit - Financial shortage that occurs when LIABILITIES exceed ASSETS.