BREAK-EVEN POINT is the volume point at which revenues and costs are equal; a combination of sales and costs that will yield a no profit/no loss operation.
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.
TRANSACTION FILE is a collection of transaction records. The data in transaction files is used to update the master files, which contain the data about the subjects of the organization (customers, employees, vendors, etc.). Transaction files also serve as audit trails and history for the organization.
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