IMPREST Definition

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IMPREST see PETTY CASH.

Learn new Accounting Terms

FISCAL QUARTER is any of the four financial accounting quarters within a fiscal year. See FISCAL YEAR.

SUBSTANTIVE AUDIT PROCEDURE is a direct test of a financial statement balance designed to detect material misstatements at the assertion level. Substantive procedures comprise tests of details (classes of transactions, account balances, and disclosures), and substantive analytical procedures.

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