DUAL PURPOSE TEST Definition

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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

BALANCE SHEET GEARING is the ratio of interest-bearing debt to equity.

PLACEMENT is bank depositing Eurodollars with (selling Eurodollars to) another bank is said to be making a placement.

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