ABC Definition

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ABC see ACTIVITY BASED COSTING.

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NONCOMPETITIVE BID, in securities, is a bid allowed to be placed on a noncompetitive basis by the U.S. Treasury at one of its securities auctions. A bidder in this case does not specify the price at which it wishes to purchase these securities. However, at the close of bidding, it is awarded all or part of the number of bonds it asked for at the average price of all the accepted competitive bids.

SUCCESSOR AUDITOR is the auditor of a client for the current year when that client had another auditor in prior years. The auditor who no longer audits  that client is the predecessor auditor.

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