DUAL PURPOSE TEST Definition

Bookmark and Share

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.

Learn new Accounting Terms

FLAT LEASE is a lease where the cost is fixed for a specific period of time.

IMPLICIT RATE OF INTEREST is when the stated interest rate is not indicative of the market rate at the time a note is negotiated, the value of the asset (cash or non-cash) or service exchanged for the note establishes the market rate.

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.