REVENUE RESERVE Definition

REVENUE RESERVE is a fund that is not a CAPITAL RESERVE, i.e. the funds are distributable.

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BIG 4 usually refers to the largest accounting firms: Deloitte & Touche, Ernst and Young, KPMG, and PricewaterhouseCoopers.

DUAL PURPOSE TEST is when audit procedures are classified both as substantive tests and tests of controls. When an audit procedure provides both types of evidence it is a dual purpose test.

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