BOND Definition

BOND is a commonly used form of long term debt.

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SUCCESSOR AUDITOR is the auditor of a client for the current year when that client had another auditor in prior years. The auditor who no longer audits  that client is the predecessor auditor.

GENERAL JOURNAL is the most basic of journals. It is a chronological list of transactions. It has a very specific format for recording each transaction. Each transaction is recorded separately and consists of: 1.) a date; 2.) any and all accounts to receive a debit entry are listed first with an amount in the appropriate column, then; 3.) any and all accounts to receive a credit entry are indented and listed next with an amount in the appropriate column; 4.) a clear description of the transaction. At least one line is then skipped to visually separate recorded transactions.

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