TEST COUNT Definition

TEST COUNT, in inventory audits, is where a test count is inventory counted by the auditors to check the client's count.

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CONTINUOUS BUDGET is a budget that rolls ahead each time period (e.g., month) without regard to the fiscal year, i.e., a twelve-month or other periodic forecast is always available; also called a ROLL FORWARD BUDGET.

PERVASIVE is having the ability to permeate. An error is pervasive if it is material to more than one of the primary financial statements.

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