AUDIT ADJUSTMENT Definition

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AUDIT ADJUSTMENT is a correction of a financial information misstatement identified by the auditor, whether recorded or not.

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BALLOON PAYMENT is a final loan payment that is considerably higher than prior regular payments, in order to pay off the loan.

GROSS MARGIN is the ratio of gross profit to sales revenue. (sometimes used as a synonym for gross profit). For a manufacturer, gross margin is a measure of a companys efficiency in turning raw materials into income; for a retailer it measures their markup over wholesale. GROSS MARGIN is gross income divided by net sales, expressed as a percentage.

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