GENERALIZED AUDIT SOFTWARE Definition

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GENERALIZED AUDIT SOFTWARE is packaged computer programs used on a variety of computers during audit field work to read computer files, select information, perform calculations, create data files, and print reports in a format specified by the auditor.

Learn new Accounting Terms

TIME VALUE OF MONEY is the idea that a dollar today is worth more than a dollar in the future, because the dollar received today can earn interest up until the time the future dollar is received.

BAD DEBT is an open account balance or loan receivable that has proven to be uncollectible and is written off.

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