SLIT Definition

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SLIT is Serial-Lot Item Tracking.

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DEPRECIATION AND AMORTIZATION is the standard line item in an income statement that sums: Depreciation, the non-cash expense of a tangible investment over time and Amortization, the non-cash expenses of an intangible investment over time.

COMPLETENESS deals with whether all transactions and accounts that should be in the financial statements are included. For example, management asserts that all purchases of goods and services are included in the financial statements. Similarly, management asserts that notes payable in the balance sheet include all such obligations of the entity.

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