ACCOUNTING EVENT is when the assets and liabilities of a business increase/decrease or when there are changes in owners equity.
GROSS SURPLUS RATIO measures the margin on each dollar of operating revenue for the entity in question. The operating results before interest and depreciation, or gross surplus, are calculated as a percentage of total operating revenue. The gross surplus ratio shows the gross surplus as a percentage of the entitys turnover. If the percentage is high this could be interpreted as a sign that the entity is operating efficiently.
COMPLIANCE AUDIT is the review of financial records to determine whether the entity is complying with specific procedures or rules.
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