AUDIT STRATEGY is a game plan to attack audit issues before they are raised. Reasons and justifications for all positions must be understood and the foundation laid for taking the position.
DEPRECIATION EXPENSE is the amount deducted from gross profit to allow for a reduction in the value of something because of its age or how much it has been used. When you buy and own equipment, your business may be entitled to deduct a depreciation expense.
X-INEFFICIENCY is the failure to minimize costs or maximize returns. (Sometimes referred to as X-efficiency, but carrying the same meaning.)
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