FINANCIAL SCHEDULE Definition

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FINANCIAL SCHEDULE, contained in an audited annual report, summarizes the audited financial position of the audited entity. Other application of the term is the scheduling of amounts, not necessarily by date, of major financial events by any given category as to projected receipts, payments, costs, etc.

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TEST COUNT, in inventory audits, is where a test count is inventory counted by the auditors to check the client's count.

ACCOUNTS RECEIVABLE is a current asset representing money due for services performed or merchandise sold on credit.

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