SUMMARY ACCOUNT Definition

SUMMARY ACCOUNT is a ledger account (such as a control account) whose balance represents the total of other account balances.

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DEFERRED TAXES refers to all deferred taxes.

GENERALLY ACCEPTED AUDITING STANDARDS (GAAS), in the US, are the broad rules and guidelines set down by the Auditing Standards Board of the American Institute of Certified Public Accountants (AICPA). In carrying out work for a client, a certified public accountant would apply the generally accepted accounting principles (GAAP) if they fail to do so, they can be held to be in violation of the AICPAs code of professional ethics.

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