AUDIT EVIDENCE Definition

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AUDIT EVIDENCE includes written and electronic information (such as checks, records of electronic fund transfers, invoices, contracts, and other information) that permits the auditor to reach conclusions through reasoning.

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INSTALLMENT SALE is selling property and receiving the sales price over a series of payments, instead of all at once at the close of the sale, is an installment sale. As the seller, unless you elect out, you will report the gain on that transaction as you receive it through the series of payments. As the buyer, you will usually pay interest on the unpaid balance.

GENERAL CONTROLS, in accounting, are the policies and procedures to assure proper operation of computer systems, including controls over network operations, software acquisition and maintenance, and access security.

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