Auditing

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

Income

Accounting; Auditing

1. The flow of cash or cash-equivalents received from work (wage or salary), capital (interest or profit), or land (rent). 2. Accounting: (1) An excess of revenue over expenses for an accounting ...

Method of arriving at the appraisal value of a property on the basis of its opportunity cost. It compares the net income the property would earn if rented out over its remaining useful life with the ...

Income deduction

Accounting; Auditing

Expenses not related to an organization's business expenses and are listed in the last section of the company's income statement prior to calculating net income. These expenses are not under the ...

Bank endorsement

Accounting; Auditing

An individual will authorise payment to an unknown party. The most common is writing a cheque endorsed with the word "cash" on it.

Income tax

Accounting; Auditing

Annual charge levied on both earned income (wages, salaries, commission) and unearned income (dividends, interest, rents). In addition to financing a government's operations, progressive income ...

Income statement

Accounting; Auditing

A summary of a management's performance as reflected in the profitability (or lack of it) of an organisation over a certain period. It itemises the revenues and expenses of past that led to the ...

Income summary account

Accounting; Auditing

Temporary account into which revenue and expense accounts are closed at the end of an accounting period. The resulting balance equals the net income or loss from the operations of the business.