ACCRUED ASSETS Definition

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ACCRUED ASSETS are assets from revenues earned but not yet received.

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ENTITY CONCEPT is the concept that financial accounting and reporting relates only to the activities of a specific business entity and not to the activities of the owners of that entity.

PERMANENT AUDIT DOCUMENTATION includes items of continuing accounting significance, such as the analysis of balance sheet accounts and contingencies. Such information from a prior year is used in the current audit and updated each year. Sometimes called the continuing file.

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