PURCHASE AND INSTALLMENT SALEBACK Definition

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PURCHASE AND INSTALLMENT SALEBACK, in real estate, is a contract purchase of real property upon the completion of construction. The subject property is then immediately sold back on a long-term installment contract.

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EXPECTATION GAP, in accounting, is the gap between an auditors actual standard of performance and the more rigorous public expectation of what an auditors performance should be. The users of financial statements should be allowed to expect that the auditors materiality levels correspond with their own. If this is not the case an expectation gap will arise. Especially if the financial statements contain non-corrected known errors or omissions classified as immaterial by the auditor, but classified as material by the users. The unknown material errors and omissions are still a part of the audit risk.

BENEFIT PERIOD is the projected useful life time period over which an asset will be productive.

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