REPORTING PERIOD Definition

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REPORTING PERIOD see ACCOUNTING PERIOD.

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ACCRUED EXPENSES are expenses incurred during an accounting period for which payment is postponed.

INTEGRATED TEST FACILITY is where a fictitious unit, e.g., an employee or department, is established to where sample transactions are posted to the dummy unit during the normal processing cycle. If test transactions are processed correctly that provides evidence that transactions of other units are processed correctly as well.

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