Examlex
What potential problems may arise when an auditor considers the relationship between payroll and inventory valuation?
Undeposited Funds
An accounting term referring to payments received but not yet deposited in a bank account.
Accounts Receivable
Balances due to a company for goods or services delivered or used but not yet paid for by customers.
Customer Payments
Monies received from customers as payment for goods or services provided by a business.
Subchapter S Corporation
A type of corporation in the United States that meets specific Internal Revenue Code requirements, allowing it to pass income directly to shareholders and avoid double taxation.
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