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Industry records represent those records that are common and apply only to a specific industry or set of industries. Examples include but are not limited to medical industry records (e.g., the Health Insurance Portability and Accountability Act), pharmaceutical industry records, and food industry records.
Accounting documents or document records regroup every document that plays a role in the preparation of financial statements for a company, like income statements and balance sheets. They include records of monetary transactions, assets and liabilities, ledgers, journals, etc. Accounting documents and records are the physical objects upon which ...
[2] Financial statements may be used by users for different purposes: Owners and managers require financial statements to make important business decisions that affect its continued operations. Financial analysis is then performed on these statements to provide management with a more detailed understanding of the figures.
Accounting, also known as accountancy, is the process of recording and processing information about economic entities, such as businesses and corporations. [1] [2] Accounting measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators. [3]
Microsoft Needs Smart Watch All the other major tech companies want to build a smart watch to compete with smartphones and tablets, so why shouldn't Microsoft Corp. (NASDAQ: MSFT). It needs a ...
The opinion given on financial statements will depend on the audit evidence obtained. A statutory audit is a legally required review of the accuracy of a company's or government's financial statements and records. The purpose of a statutory audit is to determine whether an organization provides a fair and accurate representation of its ...
Costs of audit services can vary greatly dependent upon the nature of the entity, its transactions, industry, the condition of the financial records and financial statements, and the fee rates of the CPA firm. [9] [10] A commercial decision such as the setting of audit fees is handled by companies and their auditors. Directors are responsible ...
Explore the dynamic landscape of business, finance, and entrepreneurship with our comprehensive coverage from top Business news providers. From industry trends to market insights, our Business ...