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

Realisation

Accounting; Auditing

1. Conversion of assets, goods, or services into cash or receivables through sale. Also called actualization. 2. In accrual basis accounting, recognition of revenue upon its occurrence, when the ...

Realised profit/loss

Accounting; Auditing

Actual gain or loss that occurs when an asset (whose price as changed since it was purchased) is converted into cash at fair market value in an arms length transaction. Also called realised ...

Reasonable cost

Accounting; Auditing

That, in its amount and nature, is consistent with what a reasonable person would incur in the conduct of the same business in the same or similar circumstances.

Realisation factor

Accounting; Auditing

Ratio of actual performance time to standard time, expressed as a decimal fraction.

Reasonable test

Accounting; Auditing

A measurement to determine the validity of an action or process.

Are transactions between people who have no relationship other than that of buyer and seller. The price is the true fair market value of the goods or services sold. If you buy or sell something to a ...