THE AUDIT OF FINANCIAL SITUATIONS – THE PROFIT AND LOSS ACCOUNT

Lucian C-tin Gabriel Budacia
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Lucian C-tin Gabriel Budacia: Romanian-American University, Bucharest

Romanian Economic Business Review, 2013, vol. 8, issue 2, 7-15

Abstract: From a personal perspective, I believe that all income accounts highlight the fact that, sooner or later, money will enter the enterprise, usually through a banking account or a pay office and all expenses accounts highlight the fact that, sooner or later, money will leave the enterprise, usually from the banking account or the pay office. In the results account we find all the costs and income generated after the consumption of resources (material, financial, informational) of an enterprise throughout a financial exercise. The role of the auditor is to follow the recording of all the income made through sales and to correctly analyse the expenses, in order to determine the real ones.

Keywords: income; expenses; profit; loss; audit (search for similar items in EconPapers)
Date: 2013
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