PAYABLE Definition

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PAYABLE is an amount awaiting payment to be made, e.g. interest payable or taxes payable.

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DEFERRED TAXES refers to all deferred taxes.

AUDIT OBJECTIVE is when in obtaining evidence in support of financial statement assertions, the auditor develops specific audit objectives in light of those assertions. For example, an objective related to the completeness assertion for inventory balances is that inventory quantities include all products, materials, and supplies on hand.

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