PAYABLE Definition

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PAYABLE is an amount awaiting payment to be made, e.g. interest payable or taxes payable.

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AFE, dependent upon usage, is an acronym for Authorization for Expenditure or Average Funds Employed.

GENERAL STANDARD, in accounting, there are ten U.S. generally accepted auditing standards. Within those standards there are three general standards: 1. The examination is to be performed by a person or persons having adequate technical training and proficiency as an auditor. 2. In all matters relating to the assignment, an independence in mental attitude is to be maintained by the auditor. 3. Due professional care is to be exercised in performing the examination and preparation of the report.

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