ARREARS Definition

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ARREARS is an unpaid overdue debt, or the state of being behind in payments, e.g. an account in arrears.

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SUBSTANTIVE AUDIT PROCEDURE is a direct test of a financial statement balance designed to detect material misstatements at the assertion level. Substantive procedures comprise tests of details (classes of transactions, account balances, and disclosures), and substantive analytical procedures.

SPOT RATE is the price at which a currency can be purchased or sold and then delivered within two business days, e.g., spot dollar.

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