Useful Life
The period over which an asset is expected to be available for use, or the number of production units expected from it — the basis for the depreciation charge.
Related terms
- Trial Balance
A listing of every ledger account and its closing balance, which should sum to zero (total debits equal total credits) and tie to the financial statements before any audit work begins on top of it.
- Unmodified Opinion
The audit opinion issued when the financial statements give a true and fair view in all material respects — commonly called a "clean" opinion.
- Variance Analysis
Comparing actual results to a budget or standard, and investigating the difference — in audit, a useful analytical procedure for spotting unusual movements worth explaining.
- Vendor Reconciliation
Agreeing the balance a company's books show for a supplier against that supplier's own statement of account, to surface missing invoices, timing differences or disputes.
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