10-K Definition

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10-K is the audited annual report that most reporting companies file with the Securities and Exchange Commission (SEC). It provides a comprehensive overview of the registrants business. The report must be filed within 90 days after the end of the companys fiscal year.

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DIRECT LABOR RATE VARIANCE reveals the difference between the standard rate and actual rate for the actual labor hours worked [(standard rate - actual rate) X actual hours].

DUAL PURPOSE TEST is when audit procedures are classified both as substantive tests and tests of controls. When an audit procedure provides both types of evidence it is a dual purpose test.

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