ACCOUNT Definition

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ACCOUNT is the detailed record of a particular asset, liability, owners equity, revenue or expense.

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UNAUDITED OPINION is a qualified opinion by a Certified Public Accountant who has not audited the relevant financial statements.

UNIT-OF-WORK-PERFORMED METHOD is where revenue and cost of sales are recorded as units of work are delivered. This is most suitable to production-type contracts where many units of a product are produced in a continuous process, e.g. automobile manufacture.

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