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q define the 401 plan401k plan - employee benefit plan authorized by internal revenue code section 401k whereby an employer establishes an account
extent of tests of control -every year auditor should obtain sufficient evidence about whether companys internal control over financial reporting
q what is exposure draftexposure draft - document issued by american institute of certified public accountants aicpa financial accounting standards
experienced auditor - an auditor who has a reasonable understanding of audit activities and has studied companys industry as well as accounting and
q show the expatriation taxexpatriation tax - individuals who loose or terminate their residency within 10 year period immediately preceding the
q what do you understand by exempt organizationexempt organization - organization that is normally exempt from paying federal income tax exempt
exclusions - income item that is excluded from a taxpayers gross income by internal revenue code or an administrative action common exclusions
q what is capitalized interestcapitalized interest - interest cost incurred during time required to bring an asset tothe condition and location for
q show the capitalized costcapitalized cost - expenditure identified with services or goods acquired and measured by theamount of cash paid or market
q describe about capital stockcapital stock - ownership shares of a corporation authorized by its articles ofincorporation money value assigned to a
q what is capital gaincapital gain - portion of total gain recognized on the sale or exchange of a no inventoryasset that isnt taxed as ordinary
q what is bequestbequest - a gift by will of personal property if bequest is money to the extent its paid out ofincome from property it is taxable to
q what do you mean by bankruptcybankruptcy - legal process governed by federal statute whereby the debts of an insolventperson are liquidated after
q what is balance sheetbalance sheet - basic financial statement generally accompanied by appropriate disclosures which describe the basis of
q what is backup withholdingbackup withholding -payers of interest dividends and other reportable payments shouldwithhold income tax equal at a rate
q what do you mean by auditors reportauditors report - written communication issued by an independent certified public accountant cpa describing the
q explain the auditing standardsauditing standards - guidelines to which an auditor adheres auditing standards encompassauditors professional
q what is audit samplingaudit sampling - application of an audit procedure to less than 100 of items within anaccount balance or class of
q show the audit documentationaudit documentation -written record of the basis for auditors conclusions which provides the support for auditors
q what is assetasset - an economic resource which is expected to be of benefit in the future probable futureeconomic benefits attained as a result of
assertion -implicit or explicit representations by an entitys management which are embodied infinancial statement components and for which auditor
q assembly of financial statementsassembly of financial statements -providing of various accounting or data-processingservices by an accountant
q what do you mean by earnings per shareanti-dilution - condition which may increase computation of earnings per share epsor decrease loss per share
q report to stockholders of a companyannual report - report to stockholders of a company that includes companys annualaudited balance sheet and
analytical procedures - substantive tests of financial information that examine relationships among data as a means of obtaining evidence such