20 Terms
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Auditing
The systematic review and examination of an individual's or organization’s accounting records to verify their accuracy.
Industry: Accounting
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Auditing
treasury stock
Accounting; Auditing
is stock of the corporation that has been issued and later reacquired. It is not an asset. It is a reduction of stockholders' equity. Treasury stock can be recorded at either its cost or its par ...
trend analysis
Accounting; Auditing
An analysis of the change in something over time. Analytical procedures, which compare financial statement ratios of different years, are an example of trend analysis.
trial balance
Accounting; Auditing
A statement of open debit and credit accounts in a ledger to test their equality.
turnover
Accounting; Auditing
Inventory turnover is a measure of the time from receipt of inventory to its sale. It is found by dividing cost of sales by average inventory. Receivables turnover is a measure of the time it takes ...
unqualified
Accounting; Auditing
An audit opinion that the financial statements are in conformity with U.S. GAAP.
update
Accounting; Auditing
If an auditor notices events that affect financial statements on which an audit report has been issued, they are considered when updating the report on the prior statements. If those statements are ...
user auditor
Accounting; Auditing
A "service auditor" is the auditor of an organization that provides services such as data processing or pension trust administration to other organizations (the users). Auditors of the users (user ...
