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Accounting, Payroll & Pension Issues/Acronyms (CIP and FF) from a Chart of Account

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Expert: - 7/21/2008


Question
Hi Arthur,

I'm translating a chart of accounts into Spanish and have a couple of acronyms unknown to me... CIP and FF. They appear in the following phrases:

CIP-Furniture Owned
CIP-Leasehold Imp
FF-Revaluation Reserve
Depr-FF-Owned

I wonder if you could help me! I need to know what they mean or where I can search their meaning.

Thanks a lot for your time!!

Patricia

Answer
CIP = abbreviation for construction in progress or construction in process. There are capital assets which are being built and are not in use yet.

FF = typically an abbreviation for furniture and fixtures, a general classification of fixed assets which are not "real" property, not part of the building.

For CIP, check out http://en.wikipedia.org/wiki/Construction_in_Progress  

Accounting, Payroll & Pension Issues

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Arthur Naman

Expertise

General accounting and bookkeeping questions. How to do monthly bookkeeping, how to prepare financial reports. How to reconcile accounts.

I cannot answer questions pertaining to pension or retirement planning.

This is not a forum to have homework answered. Please do your own homework.

Experience

30 years' experience doing tax and accounting work

Education/Credentials
MPA from Univ. of Texas at Austin, MBA Golden Gate Univ, San Francisco CA

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