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

MONETARY COMPENSATORY AMOUNTS (MCA), in the European Community, is a complex system of subsidies and levies with the intent of smoothing currency-related distortions in EC cross border farm trade.

MARGIN OF SAFETY, in accounting, is how much output or sales level can fall before a business starts making a loss. In investing, it is the difference between the intrinsic value of a stock, i.e. value based on stock valuation and what the company is actually worth and the price that the market sets on a stock, i.e. a stock price is a matter of the market participants opinions.

Suggest a Term

Enter Search Term

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