Examlex
The auditor must extend the audit procedures in the audit of year-end cash when there are inadequate internal controls.
Fees Earned Account
An income account that records the revenue earned from services provided or fees charged.
Capital Account
An account on the balance sheet representing the cumulative amount of the company's earnings, investment, or losses.
Income Summary
An account in the ledger used to summarize revenues and expenses for a period, helping to determine the net income or loss.
Income Summary Account
A temporary ledger account used to summarize a period’s revenues and expenses before transferring the net result to the company's equity account(s).
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