Examlex
Define the following terms:
-Auburn System
Legal Entities
Entities recognized by law that have rights and responsibilities, such as corporations, partnerships, and sole proprietorships.
Accounting Entities
Organizations, businesses, or units for which separate financial statements are prepared, distinct from any other economic activities.
Generally Accepted Accounting Principles
A standard framework of guidelines for financial accounting that includes the details, complexities, and legalities of business and corporate accounting.
Audit
An evaluation, typically by an independent entity, to ensure that an organization's financial records and statements are accurate and in accordance with laws and regulations.
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