What Is a Situation Audit

question 92

Essay

What is a situation audit?

---

Definitions:

Unearned Rent Revenue

Income received by a landlord in advance of providing rental space or services, recognized as a liability until the obligation is fulfilled.

Asset

An asset of monetary worth that is possessed or managed by a person, company, or nation, with the anticipation that it will yield benefits in the future.

Liability

A company's legal financial debts or obligations that arise during the course of business operations.

Ending Inventory

Ending Inventory is the total value of all unsold goods that a company has in its possession at the end of an accounting period.