ACCRUED LIABILITY Definition

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ACCRUED LIABILITY are liabilities which are incurred, but for which payment is not yet made, during a given accounting period. Some examples in a manufacturing environment would be: wages, taxes, suppliers/vendors, etc.

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DUAL PURPOSE TEST is when audit procedures are classified both as substantive tests and tests of controls. When an audit procedure provides both types of evidence it is a dual purpose test.

UNQUALIFIED OPINION is an independent auditors opinion that a companys financial statements comply with accepted accounting procedures. See QUALIFIED OPINION.

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