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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GOODWILL / INTANGIBLES is the total value of all intangible assets, e.g. goodwill, patents, copyrights, etc.

RESIDUAL EQUITY THEORY is the theory that common stockholders are considered to be the real owners of the business, i.e., Assets - Liabilities - Preferred Stock = Common Stock.

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