GROSS PROFIT is net sales minus cost of sales.
EXAMINATION, in an audit, is evaluating the preparation of prospective statements, support underlying assumptions, and presentation. The accountant reports whether, in his
or her opinion, the statements conform to AICPA guidelines and assumptions provide a reasonable basis for the responsible party's forecast. The accountant should be independent, proficient, plan the engagement, supervise assistants, and obtain sufficient evidence to provide a reasonable basis for the report.
MARKET SHARE is the percentage of sales a company captures for a particular product line, i.e., the percentage of total industry sales that a particular company controls within a given market.
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