COMPLIANCE AUDIT Definition

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COMPLIANCE AUDIT is the review of financial records to determine whether the entity is complying with specific procedures or rules.

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FOMC see FEDERAL OPEN MARKET COMMITTEE.

JOINT COSTS are costs incurred to produce a certain amount of two or more products where the cost of producing one product cannot be logically isolated and cost allocation is arbitrary. Simplified, they are the costs of a single production process that yields multiple products simultaneously.

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