CLOSING ACCOUNT Definition

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CLOSING ACCOUNT is the determining the balance of an account and posting an entry to offset such balance.

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DUE DILIGENCE usually refers to an internal audit of a target firm by an acquiring firm.

ALLOWANCE FOR SAMPLING RISK is the difference between a sample estimate and the projected population characteristic at a specified sampling risk. This allowance
is also the difference between the expected error rate and the tolerable
deviation rate.

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