How to Audit Accounts Receivable?
Accounts receivable are a crucial component of a successful business. It’s essential to keep a close watch over the accounts that your customers owe to you and audit them regularly …
How to Calculate Cannibalization?
In business, cannibalization is when one product or service takes sales away from another product or service within the same company. While it may seem counterintuitive, cannibalization can be good …
An Overview of the Periodicity Assumption in Accounting
The periodicity assumption is an accounting principle that states that a company’s economic activities can be divided into distinct periods. It is one of the basic assumptions upon which financial …
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What do You need to Know About Computer-Assisted Audit Techniques (CAATs)?
As technology continues to play a larger role in our everyday lives, it’s no surprise that businesses are turning to computer-assisted audit techniques (CAATs) to help them properly audit their …
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Understanding the Basics of Performance Materiality in Audit
According to the Institute of Internal Auditors (IIA), performance materiality is “the amount or magnitude of an item or misstatement that could influence the decisions of users relying on the …
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What is the difference between purchase returns and allowances?
In accounting, there is a difference between purchase returns and allowances. Returns are when the buyer sends back goods they bought from the seller, while allowances are reductions in the …
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Does Walmart Have No Interest Financing? (5 Best Alternatives Include)
Short answer: no. You cannot get any interest financing from Walmart. If you’re looking for a store that offers this type of financing, you might want to check out Best …
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What is a Walkthrough Test in an Audit?
Blog Introduction: A walkthrough test is an audit procedure used to understand a company’s internal control structure and operations. It tests the effectiveness of the internal controls in place and …
Does google store financing affect credit scores?
A reader recently asked us whether Google storing financing information affects credit scores. To get to the bottom of this, we reached out to a credit expert for advice. Here’s …
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How To Calculate Variable Overhead Rate Variance?
In order to calculate the variable overhead rate variance, you will need to determine the total variable overhead for the period and then compare that amount to the budgeted variable …
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