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.
INSPECT / INSPECTION, during an audit, is to scrutinize or critically examine a document. As part of a CPA firm's quality control system, a procedure to monitor the effectiveness of the system.
OBJECT COST is the total cost of producing an item: direct cost (labor & material) + overhead cost = Total Object Cost.
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