ACCRUAL ACCOUNTING Definition

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ACCRUAL ACCOUNTING see ACCRUAL BASIS OF ACCOUNTING.

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ATTESTATION RISK is the risk the CPA may unknowingly fail to modify the report
on management’s assertion. It is composed of inherent risk, control risk, and detection risk.

TRANSPOSITION ERROR is the unintentional exchange of two elements of an ordered list with all others staying the same. A transposition is therefore a permutation of two elements. For example, the swapping of 2 and 5 to take the list 123456 to 153426 is a transposition. In this example, if the newly ordered list of 153426 was unintentional, it would be commonly called a transposition error. In accounting, an error in copying a number from one place to another is a transposition error.

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