Payables are debts that must be settled in a year or more depending on their nature. Businesses thrive through the trading of goods or offering services. Such operations require support from suppliers or service providers. Raw materials or any business inputs are obtained on … [Read more...] about Trade Payable vs Non Trade Payable
Fictitious Assets
Fictitious assets are expenses presented as assets. Preliminary expenses are an example of this asset. The presentation is for disclosure purposes. What's the Fictitious definition? Fictitious means unreal or not true Fictitious assets are So, we can infer … [Read more...] about Fictitious Assets
Test of Details
Definition: Test of details is a substantive procedure. It's a response to the risk assessment. Substantive procedures help the auditors to Test of details is testing the financial information by diving into the details of Here, we perform testing by verifying all the … [Read more...] about Test of Details
Performance Materiality Definition, Example, and Calculations
Definition: Performance materiality (PM) Refer below to understand this statement with an example. Factors Considered for Calculating Performance Materiality: Performance Materiality (PM) is calculated as a percentage of materiality. The Percentage is … [Read more...] about Performance Materiality Definition, Example, and Calculations
Another word for Auditing
What to know Another word for Auditing? Read on to find out more. Auditing means verification of books of accounts. So, the auditor verifies if the financials are free from errors. The following words are used as synonyms for the word audit. The above terms … [Read more...] about Another word for Auditing