OCCURRENCE Definition

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OCCURRENCE deals with whether recorded transactions have occurred during a given period. For example, management asserts that sales in the income statement represent the exchange of goods or services with customers for cash or other consideration.

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CONTRACT RATE OF INTEREST is the interest rate specified in a contract.

MANAGEMENT'S SPECIALIST is an individual or organization possessing expertise in a field other than accounting or auditing, whose work in that field is used by the entity to assist the entity in preparing the financial statements.

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