- Industry: Accounting
- Number of terms: 7464
- Number of blossaries: 0
- Company Profile:
The schedule at the beginning of audit documentation that summarizes the detailed schedules.
Industry:Accounting
(limit check). A computer program step that compares data with predetermined limits as a reasonableness test (hours worked over 60 per week).
Industry:Accounting
The availability of cash or ability to obtain it quickly. Debt paying ability.
Industry:Accounting
speeds the availability of funds from cash collections by reducing the time from the customer mailing the check until the funds are available to spend. Remittances are sent to a bank near the customer and the bank deposits funds speedily to the payee's account.
Industry:Accounting
management controls are controls on management, controls for giving solutions to management problems.
Industry:Accounting
A letter addressed to the auditor, signed by the client's chief executive office and chief financial officer. During an audit, management makes many representations to the auditor. Written representations from management in the letter confirm oral representations given to the auditor, document the continuing appropriateness of such representations, and reduce the possibility of misunderstanding.
Industry:Accounting
Information important enough to change an investor's decision. Insignificant information has no effect on decisions, so there is no need to report it. Materiality includes the absolute value and relationship of an amount to other information.
Industry:Accounting
A condition in which internal controls do not reduce to a relatively low level the risk that material errors or fraud may occur and not be detected in a timely period by employees in the normal course of their duties.
Industry:Accounting
Written records supporting journal entries. Credit memos support credits, while debit memos support debit entries.
Industry:Accounting
