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AUD CPA Glossary
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Account Balances
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One of three categories of financial statement assertions, relating primarily to assets, liabilities, and equity interests.
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Terms in this set (78)
Account Balances
One of three categories of financial statement assertions, relating primarily to assets, liabilities, and equity interests.
Accounting Estimate
An approximation of a financial statement element, item, or account used because data either is not readily available or is dependent upon the outcome of future events.
Accounts Payable Confirmation
A request for independent verification of payables.
Accounts Receivable Confirmation
A request for independent verification of receivables. Note that confirming accounts receivable is a required, generally accepted auditing producre.
Accuracy
A financial statement assertion in the "transactions and events" category indicating that amounts and other data relating to recorded transactions and events have been recorded properly.
