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Materiality
Importance/significance of an amount, transaction.
Assets
Economic resources.
Basic Accounting Equation
Resources of the company = creditors' and owners' claims to those resources.
Control Activities
Preventative, detective, and corrective.
Purchasing System - Receiving Department - Purchase Order
The receiving department's copy of the P.O. should contain the vendor's name and the date that the order was placed.
FOB Shipping Point
The seller transfers title to the buyer once the merchandise is shipped.
Contingent Liabilities must be recorded if...
the future event is probable and the amount owed can be reasonably estimated.

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