REVIEW Definition

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REVIEW is an accounting service providing some assurance to the Board of Directors and interested parties as to the reliability of financial data without the CPA conducting an examination in accordance with generally accepted accounting standards. The AICPA auditing standards board formulates review standards for public companies while the AICPA Accounting and Review Services Committee provides review standards for non-public businesses.

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DEBT INSTRUMENT is a written promise to repay a debt. Examples: notes, bills, bonds, CDs, GICs, commercial paper, and bankers acceptances.

DAIRY QUEEN ACCOUNTING is a figure of speech from the steel industry meaning that some people dont know if they are doing accounting for Dairy Queen or a steel mill.

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