ACCOUNTING PERIOD Definition

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ACCOUNTING PERIOD is the time period for which accounts are prepared, usually one year.

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DETECTION RISK is the risk that audit procedures will lead to a conclusion that material error does not exist when in fact such error does exist.

PERIODIC VALUATION allows for the determination on future dates the value of assets, portfolios, etc. with the idea of setting a new standard cost or value to those assets. Such revaluations, up or down, are then posted as the new standard cost or value. See REVALUATION.

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