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Auditing

The systematic review and examination of an individual's or organization’s accounting records to verify their accuracy.

Contributors in Auditing

Auditing

Increasing costs

Accounting; Auditing

Occurs when average costs of a business rise along with the level of output.

Job costing

Accounting; Auditing

An order-specific costing technique, used in situations where each job is different and is performed to the customer's specifications. Job costing involves keeping an account of direct and indirect ...

Lease schedule

Accounting; Auditing

Formal attachment or annex to a master lease that lists and describes the leased item, lease payments, and other terms applicable to the lease. A new lease schedule is executed whenever an item is ...

Lease purchase

Accounting; Auditing

Lease contract under which a portion of the lease payment or rent is applied to the purchase price of the leased asset or property. When the full price is paid up, the title to the item is ...

Lease with option to purchase

Accounting; Auditing

Agreement under which a lessee has the right to purchase the leased item, either at the end of the lease term or within a specified period.

Lease underwriting

Accounting; Auditing

Arrangement under which a lender (such as a bank or leasing company) enters into a lease agreement and assumes the responsibility of arranging any financing required.

Lease with option to renew

Accounting; Auditing

Lease agreement under which a lessee has the right to renew the lease at the end of the lease term, at the same or a different rate.

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