PERMANENT AUDIT DOCUMENTATION Definition

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PERMANENT AUDIT DOCUMENTATION includes items of continuing accounting significance, such as the analysis of balance sheet accounts and contingencies. Such information from a prior year is used in the current audit and updated each year. Sometimes called the continuing file.

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PROPRIETORS DRAW is when a business proprietor draws money for personal needs, but is taxed on business results (at individuals' marginal rate) regardless of drawings.

OPEN TO BUY is the dollar amount budgeted by a business for inventory purchases for a specific time period.

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