MATERIAL MISSTATEMENT Definition

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MATERIAL MISSTATEMENT is accidental or intentional untrue financial statement information that influences a companys value or price of stock.

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INCOME GEARING RATIO is Interest Expense / Operating Profit.

INTEGRATED TEST FACILITY is where a fictitious unit, e.g., an employee or department, is established to where sample transactions are posted to the dummy unit during the normal processing cycle. If test transactions are processed correctly that provides evidence that transactions of other units are processed correctly as well.

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