BOY Definition

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BOY is Beginning Of Year.

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INDEPENDENT AUDIT is an examination of financial statements conducted by an outside CPA (one not employed by the firm being examined) according to generally accepted auditing standards (GAAS) for the purpose of expressing an opinion as to whether the statements are a fair presentation in accordance with generally accepted accounting principles (GAAP).

CONTRA REVENUE ACCOUNT is an account that is offset against a revenue account on the income statement.

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